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1973 Can. B. Bull. 1 (1973)

handle is hein.barjournals/cdnbb1973 and id is 1 raw text is: CANADIAN BAR DU BARREA9 CANADIEN OTTAWA, CANADA FEVRIER 1973 FEBRUARY COMPANIES' ACT Discuss new legislation in B.C. B.C.'s new Companies Act was The bill also sets statutory pro- on any stock exchange or that is the subject of a full-day panel ses- visions for standards of care expected ordered to be so defined by the B.C. sion at the Mid-Winter meeting. The from company directors, including Securities Commission. Act, introduced in the legislature upgraded conflict of interest clauses. only the afternoon before the panel It also does away with the distinc- file and imake pu be required to session, provides increased protec- tion between public and private com- formation at a records office (which tonod shareholders rights, has wil panies, replacing this with the terms is not necessarily to be the registered gorousis t sur prooisons dill reporting and non-reporting com- office) including : A copy of the tors of companies registered in th certificate of incorporation, the mem- province be Canadian citizens living A reporting company will include orandum of association, the com- in Canada. one which offers shares to the public pany's articles and all subsequent Under the Act shareholders are to be given the right to require a company to buy out their interests at fair market value when they no longer wish to be associated with it because of proposed amalgamations, sale of the business by a liquidator, sale by directors, alteration of corporate memorandums or in the cases of conversion of the company. They are going to be able to ap- peal to the courts for damages in cases where they believe the company or its directors have acted against their interests. Shareholders also will be able to go to court in the company's name for damages from outsiders. Minority shareholders will also get increased rights governing the election of directors. Nominees of V at least 10 per cent of the share- holders entitled to vote shall have R. H. Vogel and J D. MacAlpine of the B C. Branch share a lighter access to the company's proxy moment with Attorney General Alex MacDonald at the Mid-Winter machinery. meeting in Harrison Hot Springs. 1

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