Executive Summaries Apr 24, 2019
New Requirement for Federal Private Corporations
As of June 13, 2019, each private corporation governed by the Canada Business Corporations Act will be required to create and maintain a new type of register that lists each individual who has a significant control over it (the “ISC Register”).
The intent of the ISC Register is to provide a list of each individual (a) who directly or indirectly is the legal or beneficial owner of, or who controls or directs, 25% or more of (i) the voting shares or (ii) the fair market value of all of the issued and outstanding shares of such a corporation, or (b) who has significant influence over the corporation.
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