Adrian Mastracci, president of KCM Wealth Management, says “The new Act allowed a two-year transition period for all BC companies incorporated before March 29, 2004 to comply with the new rules."

Vancouver, BC (March 10, 2006): If you have a British Columbia company that was incorporated before March 29, 2004 you’re in need of some transition.

Adrian Mastracci, investment counsel at Vancouver based “fee-only” KCM Wealth Management comments, “The new Business Corporations Act for British Columbia came into existence on March 29, 2004. It continued many of the provisions of the former Company Act and it also introduced new ones.”

Many BC companies will likely carry on their operations in the same manner. However, there are some required and some optional changes arising from the new legislation.

The new Act allowed a two-year transition period for all BC companies incorporated before March 29, 2004 to comply with the new rules. Hence, the Transition Application must be filed with the Corporate Registry by March 28, 2006.

The registrar may take steps to dissolve a company that does not file a Transition Application.

If this applies to you, or someone you know, check the information and procedures at the Corporate Registry link found at: www.fin.gov.bc.ca/registries/corppg/

Your solicitor can assist in the process of filing the necessary documentation. Just keep the deadline in mind.

You guessed it. Many companies have yet to file. Some may not even know about it.

NOTE: The information provided above is intended for general informational purposes only. It does not constitute advice for anyone's specific situation. Everyone should always first consult directly with their advisors to determine the appropriateness of any information contained above before taking any action. KCM Wealth Management Inc. assumes no responsibility for any loss or damage arising from the use of, or reliance upon the above information.