Changes to Benefit Businesses

Government wants to change three different pieces of legislation to help save businesses time and money.

Changes to the Companies Act, the Co-operative Associations Act and the Corporations Registration Act will allow businesses to create, maintain and store records electronically.

“We are continuing our work to serve the business community and Nova Scotians better,” said Service Nova Scotia and Internal Services Minister, Patricia Arab. “The changes will make it easier for businesses to run their day-to-day operations and save them time and money.”

Other changes will allow electronic certificates to be issued through the new Registry of Joint Stock Companies technology, expected to launch early 2020.

Quotes:

“The ability to maintain a company’s minute books electronically allows easier and faster access to the company’s records.”

– Rob Cowan, partner, McInnes Cooper

Quick Facts:

• every Nova Scotia company is required by law to keep complete corporate records at its registered office
• records include evidence of all-important decisions of directors and shareholders and up-to-date information on the people involved with the company
• changes to the Companies Act and the Corporations Registration Act will allow for electronic storage of books and records
• changes to the Co-operative Associations Act allow for electronic director meetings for co-operatives and unanimous director resolutions in lieu of meetings
• all of these changes could help businesses save more than $2 million

Additional Resources:

News Release: Company Announced to Modernize the Registry of Joint Stock Companies https://novascotia.ca/news/release/?id=20180301003

Service Nova Scotia and Internal Services Twitter: https://twitter.com/ns_servicens