Amendments to Alberta’s Business Corporations Act (ABCA), which came into force on May 31, 2022 (the ABCA Amendments), introduceda new ability for an Alberta corporation to include a corporate opportunity waiver in its articles or unanimous shareholder agreement, making Alberta the first jurisdiction in Canada to permit such waivers. The introduction of a corporate opportunity waiver is expected to, among other things, minimize litigation risk and improve deal-making speed for private equity and venture capital investors that are active in Alberta. The ABCA Amendments were summarized in the Osler Update titled " A bid to attract business: amendments to Alberta’s Business Corporations Act (osler.com) , published on June 16, 2022. This Osler Update expands on the corporate opportunity waiver with a focus on how this amendment could affect private equity and venture capital investors in Alberta and also how private equity and venture capital funds may think about corporate opportunity waivers in other Canadian jurisdictions. The corporate opportunity doctrine is a manifestation of the duty of loyalty, which has long been recognized by common law and enshrined in most corporate acts in Canada. The corporate opportunity doctrine precludes directors and officers from personally benefitting from, or usurping to another […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
