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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]
Downtown Eatery (1993) v Ontario was a case brought to the Court of Appeal for Ontario pertaining to the structure of business hierarchies and relationships as a form of creditor proofing business assets, and specifically the common employer doctrine. [1]: 56 It considered the oppression remedy of the Business Corporations Act.
Canadian corporate law concerns the operation of corporations in Canada, which can be established under either federal or provincial authority.. Federal incorporation of for-profit corporations is governed by Corporations Canada under the Canada Business Corporations Act.
Lightstream Resources Ltd. – oil and gas (dissolved under corporate legislation) Noranda – mining, merged with Falconbridge Ltd. (2005) Saskatchewan Mining Development Corporation (SMDC) – uranium mining, merged with Eldorado Mining and Refining Limited to form Cameco (1988) Teck Cominco – mining; Westcoast Energy – acquired by Duke ...
An oppressed minority shareholder can ask the court to dissolve the corporation or hold the corporation's leaders accountable for their fiduciary responsibilities. [8] Another remedy sometimes used is the court-ordered purchase of shares. [9] As of 1997, the European Union still had not harmonized laws for dealing with shareholder oppression. [10]
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Judicial dissolution, informally called the corporate death penalty, is a legal procedure in which a corporation is forced to dissolve or cease to exist. Dissolution is the revocation of a corporation's charter for significant harm to society. [ 2 ]
An unlimited liability corporation (ULC) within Canadian corporate law is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability model.
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