Do I need a shareholders’ agreement?

A shareholders’ agreement is strongly recommended for privately held companies where there is more than one shareholder. The following sets out certain issues to consider when determining whether a shareholders’ agreement is needed. The issues set out below are in no …

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SEC adopts rules for resource extraction issuers

The Securities and Exchange Commission (the “Commission”) recently announced it adopted final rules to require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals.

The rules require an …

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SEC adopts amendments to implement changes for Exchange Act registration requirements

Recently, the Securities and Exchange Commission (“SEC”) adopted final rules regarding the thresholds for registration, termination of registration and suspension of reporting under Section 12(g) of the Securities Exchange Act of 1934, as amended (“Exchange Act”).…

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Court declines to intervene on director’s suspension by board when in society’s best interests

The BC Supreme Court has clarified when a suspension of a society’s director is not a removal, and provided an example of when director discipline may occur without the court’s intervention under the provisions of the Society Act, R.S.B.C …

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New take-over bid regime

The Canadian Securities Administrators (the CSA) recently adopted amendments to the take-over bid regime (the Bid Amendments). Except in Ontario, provided all necessary approvals are obtained, the Bid Amendments and Early Warning Amendments will come into force on …

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New report of exempt distribution aims to reduce the compliance burden for issuers

The Canadian Securities Administrators (CSA) recently adopted a new harmonized report of exempt distribution (the New Report). Issuers that rely on certain prospectus exemptions to distribute securities are required to file a report of exempt distribution within …

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Non-status Indians and Métis now federal persons: Duty to consult and accommodate may arise on rights assertion

Métis and non-status Indians are now under federal jurisdiction and may assert Aboriginal rights. This was confirmed by the Supreme Court of Canada in Daniels v. Canada (Indian Affairs and Northern Development), 2016 SCC 12, released April 14, …

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Upholding the end of the bargain, and avoiding penalty and unconscionable claims – Case comment: Do v. Nichols

On March 18, 2016, the British Columbia Court of Appeal released reasons for judgment in Do v. Nichols, 2016 BCCA 128.  This decision provides guidance on how to draft and enforce tough provisions in a contract that can withstand penal …

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Canadian immigration updates: Changes to temporary foreign worker practices

LMIA-EXEMPT WORK PERMIT APPLICATIONS

Employers of foreign nationals should now be aware that as of late 2015, businesses who wish to employ foreign nationals in Canada who are exempt from a Labour Market Impact Assessment (LMIA) must complete an online …

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Budget 2016: Amendments to BC’s property transfer tax regime

On February 16, 2016, Finance Minister Michael De Jong announced the 2016 Provincial Budget. A portion of the Budget calls for amendments to British Columbia’s current property transfer tax regime.

Property transfer tax is a Provincial tax that is imposed …

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