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The Ontario Business Corporations Act's Backdoor Requirement for Annual Meetings

May-19-2010

Lawyer Jonathan Feldman
Area Corporate Finance and Securities

Summary

Article originally published in the Federated Press, Vol. XVI No. 1 of Corporate Financing, 2010

Section 154 of the Ontario Business Corporations Act1 requires the directors of a corporation to "place before each annual meeting," within six months of the corporation's year-end, "the financial statements required to be filed under the Securities Act."  Essentially, this provision indirectly mandates that an annual meeting be held within six months of the year end.

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