BILL
NUMBER
TITLE CHAPTER
NUMBER
47 BUSINESS CORPORATIONS ACT c. 57

Commencement:
447   This Act comes into force by regulation of the Lieutenant Governor in Council.

Royal Assent – October 31, 2002
  • B.C. Reg. 64/2004 – act in force March 29, 2004



BILL 47 – 2002
BUSINESS CORPORATIONS ACT

Contents

Section
Part 1 -- Interpretation and Application
  Division 1 -- Interpretation
    1 Definitions
    2 Corporate relationships
    3 When a company is recognized
  Division 2 -- Application
    4 Special Act corporations
    5 Dissolution
  Division 3 -- Distribution of Records
    6 Mailing of records
    7 Sending of records
    8 Furnishing of records by registrar
    9 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 Inspection of central securities registers
    48 Copies
    49 List of shareholders
    50 Remedies on denial of access or copies
    51 Company to file annual report
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 Restrictions on power of pre-existing company to allot and issue shares
    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
    78 Purchase or acquisition prohibited when insolvent
    79 Redemption prohibited when insolvent
    80 Shares of pre-existing company to be purchased rateably
    81 Shares of pre-existing company to be redeemed rateably
    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
    107 Right to share certificate
    108 Shares jointly owned
    109 Lost or destroyed certificate
    110 Signature on share
    111 Securities registers
    112 Index of shareholders
    113 Share transferable
    114 Instrument of transfer
    115 Powers of personal representative
    116 Transfer by personal representative
    117 Registration of transfer
    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 restricted and 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 Effect of court orders
    293 Effect of court order if memorandum or notice of articles altered
    294 Effect of court order if articles altered
    295 Effect of court order if amalgamation results
    296 Application of Act to arrangements
    297 Binding effect of arrangements
    298 Withdrawing from arrangements
    299 Withdrawal of arrangement filings
  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 Immunities
    406 Appeal to Appeals Commission
  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 corporate register
    415 Validity of corporate register
    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
  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