Individuals With Significant Control Under The New SBCA

On March 12, 2023, The Business Corporations Act, 2021¹ (the "new SBCA") and The Business Corporations Regulations, 2022,² (the "Regulations") came into force in Saskatchewan. Key highlights of the new SBCA and Regulations are canvassed in a separate blog post which can be found here. One of the most noteworthy changes is the implementation of new rules surrounding individuals with significant control over a corporation. Additional details on individuals with significant control are as follows:

Definition of individuals with significant control

Under the new SBCA, a person is an individual with significant control if:

1. They are the registered or beneficial owner of, or have direct or indirect control over, a significant number of shares of the corporation, meaning that they hold shares that:
   • Carry 25% or more of the voting rights of the corporation's outstanding voting shares; or