The ''Canada Business Corporations Act'' (CBCA; ) is an act of the
Parliament of Canada
The Parliament of Canada () is the Canadian federalism, federal legislature of Canada. The Monarchy of Canada, Crown, along with two chambers: the Senate of Canada, Senate and the House of Commons of Canada, House of Commons, form the Bicameral ...
regulating
Canadian business corporations. Corporations in Canada may be incorporated federally, under the CBCA, or provincially under a similar provincial law.
Background
The Act was legislated based on a
task force
A task force (TF) is a unit or formation established to work on a single defined task or activity. Originally introduced by the United States Navy, the term has now caught on for general usage and is a standard part of NATO terminology. Many ...
report organized in 1967 to provide the first comprehensive review of federal corporate law since 1934. It received
royal assent
Royal assent is the method by which a monarch formally approves an act of the legislature, either directly or through an official acting on the monarch's behalf. In some jurisdictions, royal assent is equivalent to promulgation, while in othe ...
on 24 March 1975, and came into force on 15 December 1975.
It provides the basic corporate governance framework for many small and medium-sized Canadian enterprises as well as many of the largest corporations operating in Canada. Nearly 235,000 companies are incorporated under the Act, including over 700 distributing or publicly held corporations. CBCA corporations make up approximately 50 percent of Canada's largest publicly traded business corporations.
As of June 25, 2019, the Act was amended to require that information about the diversity of directors and members of “senior management” be provided to shareholders. Diversity information and the rank of senior management captured by the new reporting requirements will apply to all distributing corporations.
See also
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Canadian company law
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List of acts of the Parliament of Canada
This is an incomplete list of the continuing acts of the Parliament of Canada. Many of these acts have had one or more amending acts.
1867 – 1899
* '' Customs Act'', 1867
* ''Aliens and Naturalization Act'', 1868
* ''Fisheries Act'', 18 ...
Further reading
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References
External links
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Canadian federal legislation
Canadian corporate law
1975 in Canadian law
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