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ARTICLE · 26 OCTOBER 2020

Government Proposes Changes To Modernize Ontario's Corporate Framework

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On October 6, 2020, the Government of Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020 (Bill). If passed, the Bill will amend the Ontario Business Corporations Act (OBCA)

CanadaCorporate/Commercial Law
Luke Woolford
Luke Woolford
Thea Gaertner
Thea Gaertner
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On October 6, 2020, the Government of Ontario introduced Bill 213, Better for People, Smarter for Business Act, 2020 (Bill). If passed, the Bill will amend the Ontario Business Corporations Act (OBCA) by (1) eliminating director residency requirements for private and public corporations and (2) lowering the approval threshold for written ordinary resolutions of private corporations. These changes are part of Ontario's plan for recovery, renewal and long-term economic growth. The Bill is currently in the second reading stage of the legislative process.

Director Residency Requirement

Currently under the OBCA, at least 25 percent of the directors of a corporation must be resident Canadians. This requirement has often presented a challenge for foreign businesses to incorporate in Ontario, despite having operations, employees and facilities located in Ontario. If enacted, the Bill will eliminate the director residency requirement for both private and

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