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Business Corporations Act

[SBC 2002] CHAPTER 57

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  47  Repealed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

Schedule