Province Streamlines and Modernizes Corporate Legislation
Today, the government introduced new legislation to modernize laws for corporations in the province.
The Business Corporations Act, 2020, simplifies and modernizes several provisions to reflect current business practices, replace outdated rules and language, and create efficiencies for Saskatchewan businesses.
“Outdated legislation, regulatory burdens, and red tape hinder the ability of businesses to grow, be competitive, and provide the best service to their customers,” Justice Minister and Attorney General Gordon Wyant said. “As detailed in the Saskatchewan Growth Plan, modernizing business legislation is an important step to strengthening our economy and ensuring the province remains attractive for employers.”
The changes remove unnecessary requirements, do away with outdated regulatory burdens, and implement updated provisions on the use of electronic technology that reflect how business is done in the digital era.
Collectively, this legislation reflects current practices and creates new efficiencies for Saskatchewan businesses.
The proposed updates were identified following a recent review of the current Business Corporations Act. During the review process, government consulted with individuals and organizations with corporate law expertise to determine how to best modernize and streamline the legislation.
This is one of several planned initiatives in this area, with plans to further modernize other pieces of business-related legislation in the future, including The Non-profit Corporations Act, 1995.