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Business Corporations Act

[SBC 2002] CHAPTER 57

Contents
Part 1 — Interpretation and Application
 Division 1 — Interpretation
 1Definitions
 2Corporate relationships
 3When a company is recognized
 Division 2 — Application
 4Special Act corporations
 5Dissolution
 Division 3 — Distribution of Records
 6Mailing of records
 7Sending of records
 8Furnishing of records by registrar
 9Service of records in legal proceedings
Part 2 — Incorporation
 Division 1 — Formation of Companies
 10Formation of company
 11Notice of articles
 12Articles
 13Incorporation
 14Withdrawal of application for incorporation
 15Obligations of completing party
 16Articles on incorporation
 17Effect of incorporation
 18Evidence of incorporation
 19Effect of notice of articles and articles
 20Pre-incorporation contracts
 Division 2 — Corporate Names
 21Name of company
 22Reservation of name
 23Form of name of a company
 24Restrictions on use of name
 25Multilingual names
 26Assumed names
 27Name to be displayed
 28Registrar may order change of name
 29Other changes of name
 Division 3 — Capacity and Powers
 30Capacity and powers of company
 31Joint tenancy in property
 32Extraterritorial capacity
 33Restricted businesses and powers
 Division 4 — Company Offices
 34Registered and records offices
 35Change of registered or records office
 36Change of agent's office
 37Completion of change of address
 38Withdrawal of notice of change of address
 39Transfer of registered office by agent
 40Elimination of registered office
 41Transfer of records office by agent
 Division 5 — Company Records
 42Records office records
 43Records may be kept at other locations
 44Maintenance of records
 45Missing records
 46Inspection of records
 47Repealed
 48Copies
 49List of shareholders
 50Remedies on denial of access or copies
 51Company to file annual report
Part 2.1 — Unlimited Liability Companies
 51.1Definition
 51.11Notice of articles of unlimited liability company must include statement
 51.2Statement on certificate
 51.21Corporate name
 51.3Liability of shareholders of unlimited liability companies
 51.31Alteration of notice of articles to become unlimited liability company
 51.4Alteration of notice of articles to become limited company
 51.5Amalgamations restricted
 51.6Amalgamation resulting in unlimited liability company
 51.7Amalgamation resulting in limited company
 51.8Continuation into British Columbia as unlimited liability company
 51.9Continuation of foreign unlimited liability corporation into British Columbia as limited company prohibited
Part 2.2 — Community Contribution Companies
 51.91Definitions
 51.911Notice of articles of community contribution company
 51.92Community purposes
 51.921Corporate name
 51.93Directors and officers
 51.931Transfer of assets prohibited
 51.94Restrictions on dividends and interest
 51.941Redemption or purchase of shares or reduction of capital
 51.95Distribution of assets on dissolution of community contribution company
 51.951No waiver of financial statements
 51.96Community contribution report
 51.97Alteration of notice of articles to become community contribution company
 51.98Amalgamation resulting in community contribution company
 51.99Amalgamation into foreign jurisdiction and continuation out of British Columbia prohibited
Part 3 — Finance
 Division 1 — Authorized Share Structure
 52Kinds, classes and series of shares
 53Description of authorized share structure
 54Change in authorized share structure
 55Alterations may be expressed in a single resolution
 Division 2 — Share Attributes
 56Share is personal estate
 57Contents of share certificate
 58Special rights or restrictions
 59Classes of shares
 60Shares in series
 61No interference with class or series rights without consent
 Division 3 — Allotment and Issue of Shares
 62Issue of shares
 63Issue price for shares
 64Payment of consideration for shares
 65Deemed receipt of payment
 66Repealed
 67Commissions and discounts
 68Validation of creation, allotment or issue of shares
 69Fractional shares
 70Dividends
 71Discharge for payment
 Division 4 — Capital
 72Capital
 73Special rule
 74Reduction of capital
 75Exception to section 74
 Division 5 — Conversion, Exchange or Acquisition of Shares by Company
 76Conversion or exchange
 77Company may redeem or purchase or otherwise acquire shares
 78Purchase or acquisition prohibited when insolvent
 79Redemption prohibited when insolvent
 80–81Repealed
 82Cancellation and retention of shares
 83Elimination of fractional shares
 Division 6 — Purchase of Shares by Subsidiary
 84Definitions
 85Subsidiary may purchase shares of parent
 86Purchase prohibited when insolvent
 Division 7 — Liability of Shareholders
 87Liability of shareholders
 88Shareholder's liability for partly paid shares of a pre-existing company
 89Liability of former and present shareholders on bankruptcy or winding up
 Division 8 — Trust Indentures
 90Definitions
 91Application
 92Eligibility of trustee
 93Persons holding debentures may request information from trustee
 94Information for trustee
 95Evidence of compliance with trust indenture
 96Contents of evidence of compliance
 97Additional evidence of compliance
 98Notice of default
 99Trustee's duty of care
 100Reliance on statements
 101Trustee not relieved from duties
 Division 9 — Debentures
 102Validity of perpetual debenture
 103Enforcement of contract to take debentures
 104Issue of redeemed debenture
 Division 10 — Receivers and Receiver Managers
 105Powers of directors and officers
 106Duties of receiver and receiver manager
Part 4 — Shares, Registers and Transfers
 106.1Securities Transfer Act applies
 107Shares may be certificated or uncertificated
 108Shares jointly owned
 109Lost or destroyed certificates
 110Signature on share certificate
 111Securities registers
 112Index of shareholders
 113–114Repealed
 115Powers of personal representative
 116–117Repealed
 118Documents for transmission
 119Effect of documents provided
Part 5 — Management
 Division 1 — Directors
 120Number of directors
 121First directors
 122Succeeding directors
 123Consent
 124Persons disqualified as directors
 125Share qualification
 126Register of directors
 127Companies to file notices as to directors
 128When directors cease to hold office
 129Application to remove self as director or officer
 130Memorandum or articles may apply to vacancies among directors
 131Vacancies among directors
 132Vacancies among class or series directors
 133End of term of replacement director
 134Loss of quorum
 135If no directors in office
 Division 2 — Powers and Duties of Directors, Officers, Attorneys, Representatives and Agents
 136Powers and functions of directors
 137Powers of directors may be transferred
 138Application of this Act to persons performing functions of a director
 139Revocation of resolutions
 140Proceedings of directors
 141Officers
 142Duties of directors and officers
 143Validity of acts of directors and officers
 144Corporations may grant power of attorney in writing
 145Corporate representatives
 146Persons may rely on authority of companies and their directors, officers and agents
 Division 3 — Conflicts of Interest
 147Disclosable interests
 148Obligation to account for profits
 149Approval of contracts and transactions
 150Powers of court
 151Validity of contracts and transactions
 152Limitation of obligations of directors and senior officers
 153Disclosure of conflict of office or property
 Division 4 — Liability of Directors
 154Directors' liability
 155Dissent procedure by companies
 156Legal proceedings on liability
 157Limitations on liability
 158Liability if company's name not displayed
 Division 5 — Indemnification of Directors and Officers and Payment of Expenses
 159Definitions
 160Indemnification and payment permitted
 161Mandatory payment of expenses
 162Authority to advance expenses
 163Indemnification prohibited
 164Court ordered indemnification
 165Insurance
 Division 6 — Meetings of Shareholders
 166Location of general meetings
 167Requisitions for general meetings
 168No liability
 169Notice of general meetings
 170Waiver of notice
 171Setting record dates
 172Quorum for shareholders' meetings
 173Voting
 174Participation at meetings of shareholders
 175Pooling agreements
 176Date of resolution
 177Subsidiary not to vote
 178Election of chair
 179Minutes
 180Consent resolutions of shareholders
 181Rules applicable to general meetings apply to other shareholders' meetings
 182Annual general meetings
 183First annual reference date for pre-existing companies
 184Pre-existing reporting company meetings
 185Information for shareholders
 186Powers of court
 Division 7 — Shareholders' Proposals
 187Definitions and application
 188Requirements for valid proposals
 189Rights and obligations arising from proposal
 190No liability
 191Refusal to process proposal
 Division 8 — Insiders
 192Liability of insiders
 Division 9 — General
 193Form and effect of contracts
 194Authentication or certification of records
 195Financial assistance
Part 6 — Financial Records
 Division 1 — Accounting Records
 196Accounting records required
 Division 2 — Financial Statements
 197Exemption
 198Financial statements
 199Approval for publication
 200Waiver of financial statements
 201Financial statements for qualifying debentureholders
Part 7 — Audits
 Division 1 — Definition and Application
 202Definition
 203Application of this Part
 Division 2 — Appointment and Removal of Auditors
 204Appointment of auditors
 205Persons authorized to act as auditors
 206Independence of auditors
 207Remuneration of auditors
 208Capacity to act as auditor
 209Removal of auditor during term
 210Change of auditor by public company
 211Replacement auditor must receive representations
 Division 3 — Duties and Rights of Auditors
 212Auditor's duty to examine and report
 213Qualifications on auditor's opinion
 214Shareholders may require auditor's attendance at general meetings
 215Auditor's information to be presented at general meetings
 216Amendment of financial statements and auditor's report
 217Access to records
 218Information as to foreign subsidiaries
 219Right and obligation of auditors to attend meetings
 220Qualified privilege
 Division 4 — Auditor Certification Board
 221Auditor Certification Board
 222Board function and liability
 Division 5 — Audit Committee
 223Application
 224Appointment and procedures of audit committee
 225Duties of audit committee
 226Provision of financial statements to audit committee
Part 8 — Proceedings
 Division 1 — Court Proceedings
 227Complaints by shareholder
 228Compliance or restraining orders
 229Remedying corporate mistakes
 230Applications to court to correct records
 231Enforcement of duty to file records
 232Derivative actions
 233Powers of court in relation to derivative actions
 234Relief in legal proceedings
 235Applications to court under this Act
 236Court may order security for costs
 Division 2 — Dissent Proceedings
 237Definitions and application
 238Right to dissent
 239Waiver of right to dissent
 240Notice of resolution
 241Notice of court orders
 242Notice of dissent
 243Notice of intention to proceed
 244Completion of dissent
 245Payment for notice shares
 246Loss of right to dissent
 247Shareholders entitled to return of shares and rights
 Division 3 — Investigations
 248Appointment of inspector by court
 249Conditions applicable to court appointed inspectors
 250Appointment of inspector by company
 251Powers of inspectors
 252Exemption from disclosure to inspectors
 253Reports of inspector
 254Inspectors' reports as evidence in legal proceedings
 255Immunities during investigations
Part 9 — Company Alterations
 Division 1 — Memorandum, Notice of Articles and Articles
 256Memorandum and articles of pre-existing company not to be altered
 257Alteration to notice of articles
 258Withdrawal of notice of alteration
 259Alteration to articles
 260Shareholders may dissent
 261Alteration to Table 1 articles
 262Articles issued by company must reflect alterations
 263Change of company name
 264Exceptional resolutions and resolutions respecting unalterable provisions
 265Resolution must be passed by greatest majority
 Division 2 — Conversion
 266Conversion of special Act corporations
 267Articles on conversion
 268Effect of conversion
 Division 3 — Amalgamation
 269Amalgamation permitted
 270Amalgamation agreements
 271Shareholder adoption of amalgamation agreements
 272Shareholders may dissent
 273Vertical short form amalgamations
 274Horizontal short form amalgamations
 275Formalities to amalgamation
 276Amalgamations with court approval
 277Amalgamations without court approval
 278Notice to creditors in relation to an amalgamation without court approval
 279Amalgamation
 280Withdrawal of amalgamation application
 281Registrar's duties on amalgamation
 282Effect of amalgamation
 Division 4 — Amalgamation into a Foreign Jurisdiction
 283Definitions
 284Amalgamations into foreign jurisdictions
 285When amalgamation under this Division prohibited
 286After amalgamation
 287Shareholders may dissent
 Division 5 — Arrangements
 288Arrangement may be proposed
 289Adoption of arrangement
 290Information regarding arrangement
 291Role of court in arrangements
 292Required filings
 293Obligations on company if memorandum altered
 294Obligations on company if articles altered
 295If arrangement includes amalgamation
 296Application of Act to arrangements
 297Binding effect of arrangements
 298Abandoning arrangements
 299Withdrawal of arrangement records
 Division 6 — Compulsory Acquisitions
 300Acquisition procedures
 Division 7 — Disposal of Undertaking
 301Power to dispose of undertaking
 Division 8 — Transfer of Incorporation
 302Application for continuation into British Columbia
 303Continuation
 304Withdrawal of continuation application
 305Effect of continuation
 306Rights preserved
 307Articles for a continued company
 308Application for continuation out of British Columbia
 309Shareholders may dissent
 310When continuation out of British Columbia prohibited
 311After continuation
Part 10 — Liquidation, Dissolution, Restoration and Reinstatement
 Division 1 — Definitions and Application
 312Definitions
 313Application of this Part
 Division 2 — Voluntary Dissolution without Liquidation
 314Authorization for voluntary dissolution
 315Provision for unpaid debts and undelivered assets
 316Application for voluntary dissolution
 317Date of dissolution
 318Withdrawal of application for dissolution
 Division 3 — Voluntary Liquidation
 319Authorization for liquidation
 320Limits on liquidator
 321Statement of intent to liquidate
 322Resignation and removal of liquidators in voluntary liquidations
 323Withdrawal of statement of intent to liquidate
 Division 4 — Powers and Duties of the Court
 324Court may order company be liquidated and dissolved
 325Court orders respecting liquidations
 326Remuneration of liquidator appointed by court
 Division 5 — Liquidators
 327Qualifications of liquidators
 328Validity of acts of liquidators
 329Filing of notices
 330Duties of liquidators
 331Notice to creditors
 332Limitations on claimants
 333Liquidation records office
 334Powers of liquidators
 335Recovery of property by liquidators
 336Right to distribution in money
 337Provision for unpaid debts and undelivered assets
 338Obligation to prepare accounts
 339Limitations on liability
 Division 6 — Corporate Status before Dissolution
 340Capacity of companies in liquidation
 Division 7 — Proceedings for Dissolution
 341Completion of liquidation
 342Court approval of dissolution in court ordered liquidations
 343Application for dissolution
 Division 8 — Effect of Dissolution
 344Effect of dissolution
 345Certificates of dissolution
 346Dissolved companies deemed to continue for litigation purposes
 347Liabilities survive
 348Liability of shareholders of dissolved companies
 349Dissolved company's assets available to judgment creditors
 Division 9 — Discharge of Liquidators of Dissolved Companies
 350Discharge of liquidator by court order
 Division 10 — Records of Dissolved Companies
 351Custody of records
 352Entitlement to inspect records of dissolved companies
 353Remedies on denial of access to or copies of records of dissolved companies
 Division 11 — Restoration and Reinstatement
 354Definitions and interpretation
 355Pre-requisites to application
 356Applications to the registrar for restoration
 357Contents of application to the registrar for restoration
 358Registrar must restore
 359Limited restoration by registrar
 360Applications to the court for restoration
 361Limited restoration by court
 362Filing of restoration application with the registrar
 363Restrictions on restoration
 364Effect of restoration of company
 364.1Reinstatement of registration of foreign entity as extraprovincial company
 364.2Registrar must reinstate
 364.3Limited reinstatement by registrar
 364.4Restrictions on reinstatement
 365Effect of reinstatement of extraprovincial company
 366Name on restoration
 367Registrar's duties after restoration or reinstatement
 368Corporate assets to be returned to restored company
 Division 12 — Post-restoration Transition for Pre-existing Companies
 369Definition
 370Transition — restored pre-existing companies
 371Post-restoration transition application
 372Alteration to articles of restored company
 373Timing and effect of post-restoration transition
Part 11 — Extraprovincial Companies
 Division 1 — Registration
 374Definitions
 375Foreign entities required to be registered
 376Application for registration
 377Registration as an extraprovincial company
 378Effect of registration
 379Amalgamation of extraprovincial company
 380Extraprovincial companies to file annual report
 381Extraprovincial companies to notify registrar of changes
 382Change of name of extraprovincial companies
 383Cancellation or change of assumed name of extraprovincial company
 384Liability if name of extraprovincial company not displayed
 385Enforcement of duty to file records
 Division 2 — Attorneys for Extraprovincial Companies
 386Attorneys to be appointed
 387First attorneys
 388Authorization of attorneys
 389Appointment of attorneys
 390Withdrawal of appointment
 391Change of address of attorneys
 392Withdrawal of notice of change of address
 393Revocation of appointments of attorneys
 394Withdrawal of revocation of appointment
 395Resignations of attorneys
 396Obligation to maintain head office or attorney
 Division 3 — Cancellation of Registration of Extraprovincial Companies
 397Registrar may cancel registration of defunct extraprovincial companies
 398Lieutenant Governor in Council may cancel registration of extraprovincial companies
 399Registrar's duties on cancellation of registration
 Division 4 — Designated Provinces and Extraprovincial Companies from Designated Provinces
 399.1Definitions
 399.2Power to make regulations
 399.3Registrar may enter into agreement
Part 12 — Administration
 Division 1 — Office of Registrar
 400Appointment of registrar and staff
 401Seal of office
 402Registrar may suspend services and functions
 403Service of records on registrar
 404Examination of registrar
 405Repealed
 406Appeal to court
 Division 2 — Records Filed with or Issued by the Registrar
 407Means of filing
 408Filing of records
 409Future dated filing of records
 410Limitation on future dated filings
 411Default of filing
 412Maintenance of records filed with the registrar
 413Deficient filings
 414Correction of registers
 415Validity of register
 415.1Beginning of date
 416Inspection and copies of records
 417Lost or destroyed records
 418Registrar may issue records
 419Effect of records issued by registrar
 420Correction of certificates and other certified records
 421No constructive notice
 Division 3 — Powers of Dissolution and Cancellation
 422Dissolutions and cancellations of registration by registrar
 423Lieutenant Governor in Council may cancel incorporation of company
 424Publication of notice of dissolution
 Division 4 — Offences and Penalties
 425Offence Act
 426Offences
 427Misleading statements an offence
 428Penalties
 429Remedies preserved
 430Limitation period
 Division 5 — Fees and Regulations
 431Fees
 432Power to make regulations
Part 13 — Reporting Companies
 433Prescribed provisions
 434Obligations of pre-existing reporting companies
 435Lieutenant Governor in Council may make exclusions
Part 14 — Transitional, Repeals and Commencement
 Division 1 — Charter Transition
 436Transition — pre-existing companies
 437Transition application
 438Alteration to articles
 439Timing and effect of transition
 Division 2 — Company Transition
 440Registered and records office of pre-existing company
 441Prescribed address
 442Name of specially limited company
 442.1Pre-existing Company Provisions
 Division 3 — Extraprovincial Company Transition
 443Head office of pre-existing extraprovincial company
 444Attorney for pre-existing extraprovincial company
 Division 4 — General
 445Repeals
 446Portions of this Part repealed
 447Commencement
Schedule