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Franais

Business Corporations Act

R.S.O. 1990, CHAPTER B.16

Consolidation Period: From December 31, 2011 to thee-Laws currency date.

Last amendment: See Table of Public Statute Provisions Repealed Under Section 10.1 of theLegislation Act, 2006December 31, 2011.

SKIP TABLE OF CONTENTS

CONTENTS

PART IDEFINITIONS, INTERPRETATION AND APPLICATION1. Definitions and interpretation2. ApplicationPART IIINCORPORATION3. Incorporation3.1 Professional corporations3.2 Application of Act to professional corporations

3.3

Consequences of occurrence of certain events3.4 No limit on professional liability4. Articles of incorporation5. Contents of articles6. Certificate of incorporation7. Certificate of incorporation8. Assignment of number9. Name prohibition

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10. Restrictions on corporate name11. Unauthorized use of Limited, etc.12. Change of name if objectionable13. Corporate seal14. Registered office

15.

Corporate powers16. Capacity to act outside Ontario17. Corporate power18. Where notice is not deemed19. Indoor management rule21. Contract prior to corporate existencePART IIICORPORATE FINANCE22. Shares23. Issuance of shares24. Separate capital account

25.

Special shares in series26. Pre-emptive rights27. Conversion privileges, etc.28. Subsidiaries not to hold shares of holding bodies corporate29. Exception to s. 2830. Purchase of issued shares permitted31. Where s. 30 (2) does not apply32. Redemption of shares33. Donation of share34. Reduction of liability re unpaid share: stated capital35. Amount deducted from account upon purchase, etc., of shares36. Contract with corporation re purchase of its shares37. Commission on sale of shares38. Declaration of dividends39. Corporations with wasting assets40. Lien on share41. Shares personal property42. Restrictions on transfer, etc.43. Bearer debt obligations44. Irredeemable debt obligationPART IVSALE OF RESTRICTED SHARES45. Sale of restricted shares by corporationPART VINDENTURE TRUSTEES46. Trust indentures47. Duty of trustee48. Conflict of interest49. Evidence of compliance50. Trustee not to be receiver

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51. Notice of events of default52. Where list of debt obligation holders to be furnishedPART VICORPORATE SECURITIES53. Application of Securities Transfer Act, 2006

54.

Certificated or uncertificated securities55. Signing of security certificates56. Contents of share certificate57. Certificate for fractional share or scrip certificates58. Overissue67. Effect of registrationPART VIISHAREHOLDERS92. Shareholders liability limited93. Place of meetings94. Shareholders meetings

95.

Date for determining shareholders96. Notice of shareholders meetings97. Shareholders meeting98. Waiving notice99. Proposal100. List of shareholders101. Quorum102. Voting rights103. Manner of voting104. Resolution in lieu of meeting105. Requisition for shareholders meeting106. Requisition by court107. Determination of controversy108. Agreement between shareholdersPART VIIIPROXIES109. Definitions110. Proxies111. Mandatory solicitation of proxy112. Information circular113. Exemption order re ss. 111, 112114. ProxyholderPART IXDIRECTORS AND OFFICERS115. Directors116. By-laws by resolution117. First directors meeting118. Qualifications of directors119. First directors120. Cumulative voting for directors

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8/2/2019 Canada Business Corporations Act

4/203

121. When director ceases to hold office122. Removal of directors123. Entitlement of director124. Vacancies125. Change in number of directors

126.

Place of meetings and quorum127. Delegation by directors128. Validity of acts of directors and officers129. Resolutions in writing130. Liability of directors131. Directors liability to employees for wages132. Disclosure: conflict of interest133. Officers134. Standards of care, etc., of directors, etc.135. Consent of director at meeting136. Indemnification

137.

Remuneration of directorsPART XINSIDER LIABILITY138. Insider liabilityPART XIBOOKS AND RECORDS139. Records140. Records, duties of corporation141. Securities register142. Transfer agents143. Registers, general144. Records open to examination by directors145. Examination of records by shareholders and creditors146. List of shareholders146.1 Proof of status147. Trafficking in listsPART XIIAUDITORS AND FINANCIAL STATEMENTS148. Exemption from audit requirements149. Auditors150. Resignation of auditor151. Auditors attendance at shareholders meetings152. Disqualification as auditor153. Examination by auditor154. Information to be laid before annual meeting155. Preparation of financial statements156. Filing by offering corporation157. Financial statements of subsidiaries158. Audit committee159. Approval by directors

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160. Interim financial statementPART XIIIINVESTIGATION161. Investigation162. Matters that may be covered by court order

163.

Powers of inspector164. Rights at hearing165. Privileged statements166. Solicitor-client privilege167. Inquiries by DirectorPART XIVFUNDAMENTAL CHANGES168. Amendments169. Proposal to amend articles170. Authorization for variation of rights of special shareholders171. Articles of amendment

172.

Certificate of amendment173. Restated articles of incorporation174. Amalgamation175. Amalgamation agreement176. Submission of amalgamation agreement177. Amalgamations involving holding corporation178. Articles of amalgamation179. Effect of certificate180. Articles of continuance181. Transfer of Ontario corporations181.1 Continuation as co-operative corporation182. Arrangement183. Articles of arrangement sent to Director184. Borrowing powers185. Rights of dissenting shareholders186. ReorganizationPART XVCOMPULSORY ACQUISITIONS187. Application and definitions188. Take-over or issuer bid189. Where corporation required to acquire securities190. Going private transactionPART XVILIQUIDATION AND DISSOLUTION191. Definition192. Application of ss. 193-205193. Voluntary winding up194. Inspectors195. Vacancy in office of liquidator196. Removal of liquidator

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8/2/2019 Canada Business Corporations Act

6/203

197. Commencement of winding up198. Corporation to cease business199. No proceedings against corporation after voluntary winding up

except by leave200. List of contributories and calls

201.

Meetings of corporation during winding up202. Arrangements with creditors203. Power to compromise with debtors and contributories204. Power to accept shares, etc., as consideration for sale of property

to another body corporate205. Account of voluntary winding up to be made by liquidator to a

meeting206. Application of ss. 207-218207. Winding up by court208. Who may apply209. Power of court

210.

Appointment of liquidator211. Removal of liquidator212. Costs and expenses213. Commencement of winding up214. Proceedings in winding up after order215. Orders following winding-up order216. Proceedings against corporation after court winding up217. Provision for discharge and distribution by the court218. Order for dissolution219. Application of ss. 220-236220. Where no liquidator221. Consequences of winding up222. Payment of costs and expenses223. Powers of liquidators224. Acts by more than one liquidator225. Nature of liability of contributory226. Liability in case of contributorys death227. Deposit of money228. Proving claim229. Application for direction230. Examination of persons as to estate231. Proceedings by shareholders232. Rights conferred by Act to be in addition to other powers233. Stay of winding up proceedings234. Where creditor unknown235. Where shareholder unknown236. Disposal of records, etc., after winding up237. Voluntary dissolution238. Articles of dissolution where corporation active239. Certificate of dissolution

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8/2/2019 Canada Business Corporations Act

7/203

240. Cancellation of certificate, etc., by Director241. Notice of dissolution242. Actions after dissolution243. Liability of shareholders to creditors244. Forfeiture of undisposed property

PART XVIIREMEDIES, OFFENCES AND PENALTIES245. Definitions246. Derivative actions247. Court order248. Oppression remedy249. Discontinuance and settlement250. Rectifying error in entering, etc., name251. Notice of refusal to file252. Appeal from Director253. Orders for compliance

254.

Application made without notice255. Appeal256. Offences257. Consent258. Offence259. Limitation260. Information containing more than one offence261. Civil remedy not affectedPART XVIIIGENERAL262. Notice to directors or shareholders263. Notice to corporation264. Waiver of notice and abridgement of times265. Delegation of powers and duties266. Certificate that may be signed by directors, etc.267. Copy of document acceptable268. Proof by affidavit270. Examination, etc., of documents271. Appeal from Commission271.1 Powers of Minister271.2 Directors regulations272. Regulations273. Where articles to be sent to Director273.1 Electronic filers273.2 Fax filing275. Where error in respect of certificate276. Records277. Deemed amendment278. Appointment of Director

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PART I

DEFINITIONS, INTERPRETATION AND APPLICATION

Definitions and interpretation

1. (1) In this Act,

affairs means the relationships among a corporation, its affiliates and the shareholders,directors and officers of such bodies corporate but does not include the business carried on bysuch bodies corporate; (affaires internes)

affiliate means an affiliated body corporate within the meaning of subsection (4); (membre du

mme groupe)

articles means the original or restated articles of incorporation, articles of amendment, articlesof amalgamation, articles of arrangement, articles of continuance, articles of dissolution, articles

of reorganization, articles of revival, letters patent, supplementary letters patent, a special Actand any other instrument by which a corporation is incorporated; (statuts)

associate, where used to indicate a relationship with any person, means,

(a) any body corporate of which the person beneficially owns, directly or indirectly, votingsecurities carrying more than 10 per cent of the voting rights attached to all voting securities ofthe body corporate for the time being outstanding,

(b) any partner of that person,

(c) any trust or estate in which the person has a substantial beneficial interest or as to which theperson serves as trustee or in a similar capacity,

(d) any relative of the person, including the persons spouse, where the relative has the same

home as the person, or

(e) any relative of the spouse of the person where the relative has the same home as the person;(personne qui a un lien)

auditor includes a partnership of auditors; (vrificateur)

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition ofauditor is repealed and the following substituted:

auditor includes a partnership of auditors and an auditor that is incorporated; (vrificateur)

See: 2011, c. 1, Sched. 2, ss. 1 (1), 9 (2).

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beneficial interest or beneficial ownership includes ownership through a trustee, legal

representative, agent or other intermediary and, in the case of a security, includes the interest ofan entitlement holder, as defined in the Securities Transfer Act, 2006, with respect to thatsecurity, but does not include the interest of an entitlement holder that is a securitiesintermediary, as defined in the Securities Transfer Act, 2006, that has established a security

entitlement, as defined in the Securities Transfer Act, 2006, in favour of its entitlement holderwith respect to that security; (intrt bnficiaire, proprit bnficiaire)

body corporate means any body corporate with or without share capital and whether or not it is

a corporation to which this Act applies; (personne morale)

certified copy means,

(a) in relation to a document of a corporation, a copy of the document certified to be a true copyby an officer thereof,

(b) in relation to a document issued by a court, a copy of the document certified to be a true copyunder the seal of the court and signed by the registrar thereof,

(c) in relation to a document in the custody of the Director, a copy of the document certified tobe a true copy by the Director and signed by the Director or by such officer of the Ministry as isdesignated by the regulations; (copie certifie conforme)

Commission means the Ontario Securities Commission; (Commission)

corporation means a body corporate with share capital to which this Act applies; (socit,socit par actions)

corporation number means the number assigned by the Director to a corporation in accordancewith subsection 8(1) and number in relation to a corporation means the corporation number of

that corporation; (numro de la socit, numro)

court means the Superior Court of Justice; (tribunal)

day means a clear day and a period of days shall be deemed to commence the day following

the event that began the period and shall be deemed to terminate at midnight of the last day ofthe period except that if the last day of the period falls on a Sunday or holiday the period shallterminate at midnight of the day next following that is not a Sunday or holiday; (jour)

debt obligation means a bond, debenture, note or other similarobligation or guarantee of suchan obligation of a body corporate, whether secured or unsecured; (titre de crance)

Director means the Director appointed under section 278; (directeur)

director means a person occupying the position of director ofa corporation by whatever namecalled, and directors and board of directors include a single director; (administrateur)

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electronic signature means an identifying mark or process that is,

(a) created or communicated using telephonic or electronic means,

(b) attached to or associated with a document or other information, and

(c) made or adopted by a person to associate the person with the document or other information,as the case may be; (signature lectronique)

endorse includes imprinting a stamp on the face of articles or other document sent to theDirector; (apposer)

financial statement means a financial statement referred to in section 154; (tat financier)

incorporator means a person who signs articles of incorporation; (fondateur)

individual means a natural person, but does not include a partnership, unincorporatedassociation, unincorporated syndicate, unincorporated organization, trust, or a natural person inhis or her capacity as trustee, executor, administrator or other legal representative; (particulier)

interim financial statement means a financial statement referred to in section 160; (tat

financier priodique)

liability includes a debt of a corporation arising under section 36, subsection 185(29) or clause

248(3)(f) or (g); (passif)

Minister means the Minister of Consumer and Business Services or such other member of the

Executive Council to whom the administration of this Act may be assigned; (ministre)

Ministry means the Ministry of the Minister; (ministre)

non-resident corporation means a corporation incorporated in Canada before the 27th day ofApril, 1965, and that is not deemed to be resident in Canada for the purposes of theIncome TaxAct(Canada) by subsection 250(4) of that Act; (socit non rsidente)

number name means the name of a corporation that consists only of its corporation numberfollowed by the word Ontario and one of the words or abbreviations provided for in subsection

10(1); (dnomination sociale numrique)

offering corporation means a corporation that is offering its securities to the public within the

meaning of subsection (6) and that is not the subject of an order of the Commission deeming it tohave ceased to be offering its securities to the public; (socit faisant appel au public)

officer means an officer designated under section 133 and includes the chair of the board of

directors, a vice-chair of the board of directors, the president, a vice-president, the secretary, anassistant secretary, the treasurer, an assistant treasurer and the general manager of a corporation,

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and any other individual designated an officer of a corporation by by-law or by resolution of thedirectors or any other individual who performs functions for a corporation similar to thosenormally performed by an individual occupying any such office; (dirigeant)

ordinary resolution means a resolution that is submitted to a meeting of the shareholders of a

corporation and passed, with or without amendment, at the meeting by at least a majority of thevotes cast; (rsolution ordinaire)

person includes an individual, sole proprietorship, partnership, unincorporated association,

unincorporated syndicate, unincorporated organization, trust, body corporate, and a naturalperson in his or her capacity as trustee, executor, administrator, or other legal representative;(personne)

personal representative, where used with reference to holding shares in that capacity, means an

executor, administrator, estate trustee, guardian, tutor, trustee, receiver or liquidator or thecurator, guardian for property or attorney under a continuing power of attorney with authority for

a person who is mentally incapable of managing his or her property; (ayant droit)

prescribed means prescribed by the regulations; (prescrit)

redeemable share means a share issued by a corporation,

(a) that the corporation may purchase or redeem upon the demand of the corporation, or

(b) that the corporation is required by its articles to purchase or redeem at a specified time orotherwise upon the demand of a shareholder; (action rachetable)

registered form means registered form as defined in the Securities Transfer Act, 2006;(nominatif)

registered office means the office of a corporation located at the address specified in its articlesor in the notice most recently filed by the corporation under subsection 14(3); (sige social)

Note: On a day to be named by proclamation of the Lieutenant Governor, the definition of

registered office is amended by striking out subsection 14 (3) and substituting theCorporations Information Act. See: 2011, c. 1, Sched. 2, ss. 1 (2), 9 (2).

regulations means the regulations made under this Act; (rglements)

related person, where used to indicate a relationship with any person, means,

(a) any spouse, son or daughter of that person,

(b) any relative of the person or of the persons spouse, other than an individual referred to in

clause (a), who has the same home as the person, or

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(c) any body corporate of which the person and any of the persons referred to in clause (a) or (b)or the partner or employer of the person, or any combination, beneficially own, directly orindirectly, voting securities carrying more than 50 per cent of the voting rights attached to allvoting securities of the body corporate for the time being outstanding; (personne lie)

resident Canadian means an individual who is,

(a) a Canadian citizen ordinarily resident in Canada,

(b) a Canadian citizen not ordinarily resident in Canada who is a member of a prescribed class ofpersons, or

(c) a permanent resident within the meaning of theImmigration Act(Canada) and ordinarilyresident in Canada; (rsident canadien)

security means a share of any class or series of shares or a debt obligation of a body corporate;

(valeur mobilire)

security certificate means a certificate evidencing a security; (certificat de valeur mobilire)

security interest means an interest in or charge upon the property of a body corporate by way

of mortgage, hypothec, pledge or otherwise, to secure payment of a debt or performance of anyother obligation of the body corporate; (sret)

send includes deliver or mail; (envoyer)

senior officer means,

(a) the chair of the board of directors, a vice-chair of the board of directors, the president, a vice-president, the secretary, the treasurer or the general manager of a corporation or any otherindividual who performs functions for a corporation similar to those normally performed by anindividual occupying any such office, and

(b) each of the five highest paid employees of a corporation, including any individual referred toin clause (a); (cadre dirigeant)

series, in relation to shares, means a division of a class of shares; (srie)

special resolution means a resolution that is,