OTTAWA - In an attempt to boost the competitiveness of Canadian corporations on a global scale the federal government has made amendments to two Acts. The Canada Business Corporations Act (CBCA) and the Canada Cooperatives Act (CCA) amendments will take effect November 24, 2001. The changes are also expected to promote improved corporate governance and expand shareholder rights.

"These amendments help ensure that Canadian corporate law remains among the most progressive in the world," said the Honourable Brian Tobin, Minister of Industry. "A modern corporate law framework is a fundamental ingredient in increasing innovation, investment, trade and growth in the new economy. The new legislation is widely viewed as a standard-setting initiative."

The CBCA law that provides legal and regulatory frameworks for over 158,000 federally incorporated business also includes SME's. Almost half of Canada's largest companies are incorporated under the CBCA.

Non-financial cooperatives fall under the CCA which provides the framework law for federal incorporation. Modeled after corporation laws the CCA, some of the countries largest companies fall under this Act.

For more information on each of these acts go to:
www.strategis.gc.ca/clpd and www.strategis.gc.ca/corporations.

 

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