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The US definition requires that the original shareholders remain a majority control of the post-inverted company. In US federal legislation a company which has been restructured in this manner is referred to as an inverted domestic corporation, and the term "corporate expatriate" is also used, for example in the Homeland Security Act of 2002. [1]
The laws in the various jurisdictions governing the duties of directors generally follow that laid out in s. 122 of the CBCA: 122. (1) Every director and officer of a corporation in exercising their powers and discharging their duties shall (a) act honestly and in good faith with a view to the best interests of the corporation; and
The Canada Business Corporations Act (CBCA; French: Loi canadienne sur les sociétés par actions) is an act of the Parliament of Canada regulating Canadian business corporations. Corporations in Canada may be incorporated federally, under the CBCA, or provincially under a similar provincial law.
The Better for People, Smarter for Business Act, 2020 (Bill 213, 2020; French: Loi de 2020 pour mieux servir la population et faciliter les affaires) is a law in the province of Ontario that made a number of changes to regulations in the province.
The Revised Statutes of Ontario (RSO; Quebec French: Lois refondues de l'Ontario, LRO) is the name of several consolidations of public acts in the Canadian province of Ontario, promulgated approximately decennially from 1877 to 1990. [1] [2]
Assets of foreign-controlled corporations rose 8.3% to $1.1 trillion in 2004, while those of Canadian-controlled corporations rose 8.9% to $3.9 trillion. All in all, foreign-controlled profits soared to a record $68 billion that year, up 21.7% from 2003.
Provisions similar to s. 210 of the UK Companies Act 1948 were first introduced into Canadian law through the 1975 passage of the Canada Business Corporations Act. [1] It incorporated recommendations made in 1962 by the UK Jenkins Committee on Company Law for removing the linkage of the remedy with that of winding-up and for broadening its scope. [2]
Canadian securities regulation is managed through the laws and agencies established by Canada's 10 provincial and 3 territorial governments. Each province and territory has a securities commission or equivalent authority with its own provincial or territorial legislation. [citation needed]