Corporations Canada

ARCHIVED — Coming into Force of Amendments to the Canada Business Corporations Act and Canada Cooperatives Act

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November 21, 2001

Corporations Canada wishes to inform you that the Act to amend the Canada Business Corporations Act and Canada Cooperatives Act (Bill S-11 which received Royal Assent on June 14, 2001) came into force on November 24, 2001.

The Canada Business Corporations Regulations, 2001 and the Regulations amending the Canada Cooperatives Regulations came into force on the same date as the legislative amendments.

The amendments to the Canada Business Corporations Act (CBCA) and the Canada Cooperatives Act (CCA) include changes to:

  • directors' residency
  • shareholder proposals
  • directors' liability
  • electronic document transmission
  • going-private transactions
  • proxy solicitation and proxy circular exemptions

Furthermore, the following provisions have been repealed:

  • insider trading reporting
  • takeover bids

The Canada Business Corporations Regulations, 2001 replace in its entirety the existing Regulations. The regulatory amendments result from the amendments to the CBCA in addition to making changes of a technical nature permitting the modernization of the Regulations. It is to be noted that several regulations have not been amended.

The Regulations amending the Canada Cooperatives Act are amended in order to bring the necessary amendments that derive directly from amendments to the CCA.

All requests for information relating to the legislative and regulatory amendments should be sent to the:

Information and Certification Section
Corporations Canada
Industry Canada
365 Laurier Avenue West
9th Floor, Jean Edmonds Tower South
Ottawa, Ontario K1A OC8
Telephone: 613-941-9042

We would like to thank everyone who has participated in the consultation process. The comments received were very helpful and have permitted us to improve the legislative framework under which corporations and cooperatives are subjected to.

Richard G. Shaw
Director General