Amendments to the Business Corporations Act were recently introduced, aiming to modernize and align New Brunswick’s legislation governing corporations with that of other Canadian jurisdictions.

The amendments reflect feedback received during consultations with more than 50 public and private sector organizations and associations, in addition to individuals from the province’s business community.

Service New Brunswick Minister Jill Green said the amendments, once implemented, would: Allow corporations to take advantage of newer, more efficient technologies; harmonize New Brunswick’s corporate legislation with similar laws in other provinces and territories; reduce the regulatory burden on businesses; provide an efficient and globally competitive corporate environment; and ensure the province’s corporate and securities laws complement and reflect modern business practices.

Other amendments to the act were implemented in June, requiring corporations to maintain a registry of individuals who have significant control in their companies and, upon request, make this registry available to law enforcement, taxation authorities and other authorities.