Bill 63: Business Corporations Act

On October 7, 2009, the Minister of Finance tabled Bill 63 (the "Bill") which, when passed, will eventually replace the Québec Companies Act ("QCA") as the primary corporate legislation in Québec, thus creating the Québec Business Corporations Act ("QBCA"). The Bill is the product of over a year of consultations with law firms, legal associations, law faculties and other interested parties¹.

The primary objective of the Bill is to rectify the shortcomings of the QCA by modernizing Québec corporate law, following a wave of reforms already undertaken elsewhere in Canada, and by harmonizing the QCA with the legislation of other provinces. The Minister hopes to promote the competitiveness of Québec businesses by offering them an efficient framework for administrative functioning. Given that the QCA has not been substantially amended in nearly thirty years, the reform of Québec corporate law, starting with the tabling of the Bill, is a welcome development for legal