Alberta Proposes Changes To Business Corporations Act

On November 15, 2021, the Government of Alberta introduced Bill 84 (the Bill) for its first reading. The Bill includes significant changes to the Business Corporations Act (the ABCA). The Alberta Government's goal in introducing the amendments to the ABCA is to "modernize corporate legislation to reduce red tape and administrative burdens so innovators, entrepreneurs and job-creators consider Alberta first when looking to incorporate, invest or grow their business".

The amendments to the ABCA include, among other things, the following:

• amendments clarifying directors' responsibilities and protections
• provisions allowing a corporation to waive certain corporate opportunities