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Canada: Federal entities must follow the usual statutory rules for presenting financials and holding AGMs in 2021

February 2021

5 February 2021 - The recently issued notice by Federal Canada provides that the extension for providing financials and holding annual general meetings (AGMs) ended on 31 December, 2020 and no longer applies. Despite the ongoing pandemic, federally incorporated businesses, not-for-profits and cooperatives will have to follow the usual statutory rules in 2021.

Nonetheless, in order not to contradict the public health advice to practice physical distancing and self-isolation, the Federal Canada has outlined the following three options businesses may use:

  1. Holding virtual or partially virtual AGMs. If the corporation's by-laws prohibit virtual meetings or are silent on holding them, the board of directors may change the by-laws with the change effective until the next meeting of shareholders or members.
  2. Delaying the AGM. It should be highlighted that Federal business corporations and cooperatives will need to obtain court approval in order to delay an AGM.
  3. Passing written resolutions in lieu of AGMs.

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