Nova Scotians Invited to Comment on Companies Legislation

Nova Scotia businesses can look forward to reduced red tape, easier incorporation and registration processes, and other potential improvements resulting from an ongoing review of the Nova Scotia Companies Act.

"From new rules for amalgamating your business to laws on purchasing company shares, Nova Scotians have good reason to participate in the review," said Barry Barnet, Minister of Service Nova Scotia and Municipal Relations.

A discussion paper has been prepared that includes recommendations to amend the Companies Act, and an analysis of other issues including:

• the role of the courts in the amalgamation process;
• how unlimited liability companies can be created;
• the financing of share purchases and authorized capital limits;
• allowing electronic shareholder and director meetings;
• rules governing access to the share register.

"This review is important as business decisions affect most of us in some way in our daily lives," said Mr. Barnet. "We've consulted with representatives from various industries but by inviting everyone to participate we'll ensure that we have a process that works for all Nova Scotia businesses."

A public information session will be held on Monday, Nov. 7, from noon to 2 p.m. at the Art Gallery of Nova Scotia. Registration is available for on-site or teleconference participation by contacting Service Nova Scotia and Municipal Relations at 902-424-5223. Written comments can be submitted to the department by Friday, Nov. 18.

For more information or to obtain a copy of the discussion paper and a summary of the recommendations go to the Registry of Joint Stock Companies' website at <a href="http://www.rjsc.ca">www.rjsc.ca</a or call 902-424-5223.