On October 6, 2020, the Government of Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020 (“Bill 213) to support the province’s economic recovery and reduce barriers to doing business in Ontario. If it passes, Bill 213 would bring important changes to the Ontario Business Corporations Act (“OBCA”) that, among other things, will:

  • Remove the director residency requirements for private and public OBCA corporations; and
  • Lower the threshold for passing written, ordinary resolutions for privately-held OBCA corporations

Removal of Director Residency Requirements

Currently, the OBCA requires that at least 25% of the … Continue Reading