Home > News > 2010 > November 3, 2010 The Business Corporations Act and the Act respecting the legal publicity of enterprises will come into force February 14, 2011

November 3, 2010
The Business Corporations Act and the Act respecting the legal publicity of enterprises will come into force February 14, 2011

Québec, November 3, 2010 – The Minister of Finance and Minister of Revenue, Raymond Bachand, today announced that the Business Corporations Act and the Act respecting the legal publicity of enterprises will enter into force February 14, 2011.

"The adoption of these two new statutes is the culmination of many months of work that involved a large number of stakeholders in the business and legal communities. When they come into force next February 14, they will be components of the most modern business law framework in Canada. All Québec companies subject to them will benefit,” Minister Bachand noted. 

The Minister specified that the interval between the enacting of the decree and the coming into force of the statutes will facilitate the transition to the new regime, both for businesses and for business law professionals. He also pointed out that businesses incorporated under the Companies Act need take no action once the Business Corporations Act comes into effect. They will be automatically renewed in the new regime under the new legislation.

The Business Corporations Act replaces parts I and IA of the former Companies Act that had not been revised since 1981. The new statute includes measures to improve the protection of minority shareholders as well as simpler and more flexible rules that will reduce the administrative burden on businesses. In particular, it offers the possibility of making use of new technologies to simplify certain procedures, for instance by allowing distance voting for shareholders meetings.

The Act respecting the legal publicity of enterprises consolidates in a single statute the Act respecting the Legal publicity of sole proprietorships, partnerships and legal persons and the Act respecting the enterprise registrar. Among other things, it introduces new rules to facilitate the electronic transmission of documents to the Registraire des entreprises by means of the new online services that will be available on the website of the Registraire. These services will become operational at the same time as the legislation, i.e. February 14, 2011. They will make it possible to incorporate a corporation or register a sole proprietorship online as well as make necessary updates and changes.

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