The Business Corporations Amendment Act, 2005

The Business Corporations Act is amended to:

• Respond to changes in Saskatchewan securities laws by maintaining the exemptions from the financial statement and proxy solicitations under The Business Corporations Act for those corporations which comply with the provisions and regulations under The Securities Act, 1988;
• Reduce the resident Canadian director requirement from a majority to not less than twenty-five per cent;
• Add financial statements and directors' disclosure statements regarding material interests to the list of documents which must be maintained at the corporation's registered office; and
• Include changes to certain administrative provisions.

The Business Corporations Regulations are also amended to:

• Prescribe the qualifications of auditors and individuals who prepare financial statements;
• Add provisions that will allow corporations to communicate with shareholders via e-mail and other electronic means; and
• Set out proxy provisions formerly contained in The Securities Act, 1988.