The CBCA Amendments (Sections 2.1, 21.1-21.4, 250 and 261 of the CBCA)
Register of Individuals with Significant Control
Beginning June 13, 2019, each private CBCA corporation will be required to prepare a register of all individuals “with significant control” over the corporation.
An individual with significant control over a corporation includes those that:
(a) are registered holders, beneficial owners, or have direct or indirect control, of:
- shares representing 25% or more of the voting rights attached to all the corporation’s outstanding voting shares; or
- any number of shares that is equal to 25% or more of all of the corporation’s outstanding share measured by fair market value
(b) have any direct or indirect influence that, if exercised, would result in control in fact of the corporation; or
(c) are individuals to whom prescribed circumstances apply.
Two individuals are each considered to be an “individual with significant control” if their shares are held jointly or if they are a party to an agreement under which the right or rights are to be exercised jointly or in concert by those individuals.