In light of the COVID-19 pandemic, the Government of Ontario has acted to support business corporations, not-for-profit corporations, insurers, and share capital social clubs by issuing an Emergency Order (the Emergency Order) to provide flexibility for corporate meetings.
The Emergency Order is in effect province-wide and is retroactive to March 17, 2020, the day the Declaration of Emergency came into effect. The ability to hold virtual meetings and the extended timeframe for AGMs applies to corporations under the Ontario Business Corporations Act (OBCA), and the Corporations Act (CA) is set out in the Emergency Order.
The Emergency Order will:
- Allow all corporations under the Corporations Act and Business Corporations Act to hold meetings of directors, shareholders, and members virtually (i.e., electronically or by telephone).
- Extend the timeframe by which corporations under the Corporations Act and Business Corporations Act must hold Annual General Meetings (AGMs) in certain circumstances related to the emergency
The Emergency Order is available for download from the website of the Government of Ontario.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004. This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.