New Corporate Record Keeping Requirements
Recent amendments to the OBCA require companies to maintain a register of interests in land
The Forfeited Corporate Property Act, 2015 (“FCPA”) came in to force on December 10, 2016, and with it were introduced new record-keeping requirements for Ontario corporations. The changes to the Ontario Business Corporations Act (“OBCA”) brought about by the FCPA now impose a requirement for corporations to prepare and maintain a register of ownership interests in land, likely intended to include both legal and beneficial interests.
The register must contain:
- The identity of the property;
- The date the corporation acquired the property, and if applicable, the date the corporation disposed of it;
- The municipal address;
- The Land Titles Division and the Property Identifier Number;
- The legal description; and
- The assessment roll number for taxes.