The 2019 budget implementation bill (Bill C-97) contains significant amendments to the Canadian Business Corporations Act (CBCA), which should be noted by organizations wishing to acquire Canadian targets. On April 30, 2019, Bill C-97 passed its second reading and was referred to Committee in the House of Commons. The amendments to the CBCA create the following new considerations and/or obligations for the management of corporations governed under the CBCA.
“Best Interests of the Corporation” – more than solely shareholder interests
Bill C-97 aims to consolidate the law on the fiduciary duty of directors and officers by codifying … Continue Reading