The Ontario Business Corporations Act's Backdoor Requirement for Annual Meetings
|Area||Corporate Finance and Securities|
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.