BC Registry Services: Amendments to Legislation & Regulations

October 29, 2012

Dear Valued Client,

Please see below for a message from BC Registry Services.

Amendments to Various Legislation and Regulations effective November 1, 2012
 
A number of amendments to various legislation and regulations BC Registry Services administer come into effect November 1, 2012. 
 
Business Corporations Act
OIC 682, Approved and Ordered October 11, 2012, brings into force effective November 1, 2012, sections 1(b), 7, 17 to 32, 33(b), 36, 37(a) to (g) and 38 of the Finance Statutes Amendment Act, 2012.  These sections amend the Business Corporations Act.
 
Of note is the amendment to section 355 of the Business Corporations Act which, effective November 1, 2012, requires that court orders be obtained to restore an unlimited liability company.
 
Cooperative Association Act
OIC 682, Approved and Ordered October 11, 2012, brings into force effective November 1, 2012, sections 39 to 44 and 48 to 72 of the Finance Statutes Amendment Act, 2012.  These sections amend the Cooperative Association Act.
 
Of particular interest is the amendment to section 15 of the Cooperative Association Act which removes the requirement that the registrar review associations’ rules to determine if they meet the requirements of the Act.  Instead, the registry will only be the repository of the rules for public access.  Therefore, rules for incorporation and changes to rules from existing cooperative associations that are dated from November 1, 2012, will no longer be examined for compliance.
 
The Finance Statutes Amendment Act, 2012, is available for viewing here
 
Financial Institutions Act
Effective November 1, 2012, various amendments to the Financial Institutions Act, from the Finance Statutes Amendment Act, 2011, and regulatory amendments come into force.  Essentially these amendments remove references to the Company Act and apply the application of the Business Corporations Act to trust companies and insurance companies.
 
Credit Union Incorporation Act
Effective November 1, 2012, various amendments to the Credit Union Incorporations Act, from the Finance Statutes Amendment Act, 2011, and regulatory amendments come into force.  These amendments remove references to the Company Act and import directly into the Act requirements and/or provisions from the Company Act.
 
The Finance Statutes Amendment Act, 2011, is available for viewing here
 
Should you have any questions regarding these amendments, please contact Debbie Turner, A/Deputy Registrar, at [email protected]

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