Business Corporations Act
The Business Corporations Act is the main statute governing business corporations existing under Ontario laws. The Act covers, among other things, the incorporation, organization and capacity and powers of corporations that are governed by the Act. The Act also spells out the powers, responsibilities and liabilities of a corporation’s directors, officers and shareholders. The Business Corporations Act does not apply to co-operative corporations (governed by the Co-operative Corporations Act), not-for-profit corporations (governed by the Corporations Act), corporations incorporated under the Canada Business Corporations Act, or corporations created by special statute (i.e., the Housing Development Act). The Social Housing Reform Act specifies that local housing corporations may be created under the Business Corporations Act (section 23). The Business Corporations Act binds local housing corporations incorporated under it; however, Part III of the Social Housing Reform Act prevails over the Business Corporations Act with respect to local housing corporations.