What is the Ontario Business Corporations Act?
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This statute covers, among other things, incorporation of the corporation, its capacity and powers, management as well as matters relating to shareholders and various corporate transactions, such as amendments to the corporation’s articles and by-laws, amalgamations, continuances and dissolution.
How do I cite the Canadian Business Corporations Act?
1 This Act may be cited as the Canada Business Corporations Act .
- R.S., 1985, c. C-44, s.
- 1994, c. 24, s. 1(F)
What is Obca?
OBCA means the Business Corporations Act (Ontario), as amended.
Who has signing authority in a company Ontario?
The legal opinion must be on legal letterhead and must be signed by an individual lawyer (not a law clerk or law firm). It must also clearly indicate that the corporations involved comply with Section 6(2) by referring to each clause specifically.
Is an annual return for Ontario corporations required?
Corporations subject to the Ontario Business Corporations Act are required to file a Schedule 546, Corporations Information Act Annual Return for Ontario Corporations, together with their T2 return.
How do you find out if a business is a corporation?
The Secretary of State where the company is incorporated You can find out whether the company is a corporation in good standing and has filed annual reports with the state through the secretary of state where the company is incorporated.
What is the purpose of the Corporations Act?
It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.
Who can bind a corporation in Canada?
The president usually has general authority to bind the corporation and the manager usually has general authority to bind the LLC, but you cannot be positive without seeing the bylaws and/or a resolution for the corporation.
What is Section 212 of the Business Corporations Act?
For a federal incorporation, Industry Canada will dissolve the company according to section 212 of the Canada Business Corporations Act when rights and documents required by law are not filed for a year.
Can you be a director without shares?
Shareholders and directors have two completely different roles in a company. The shareholders (also called members) own the company by owning its shares and the directors manage it. Unless the articles say so (and most do not) a director does not need to be a shareholder and a shareholder has no right to be a director.