Canadian citizens own various types of property from stock in a corporation to real property and land. The lawyers at McLarty Wolf have a record of successfully resolving a wide variety of litigation matters for a range of Vancouver clients, from landowners to shareholders. Regardless of the issue at hand, our lawyers have a personal commitment to our clients and are here to protect their rights.
Vancouver Statutes Regarding Shareholder Rights
One type of Vancouver property ownership are shares in both publicly traded and private corporations.. In Canada, those corporations can be registered at either the federal level or at the provincial level. If a minority shareholder is concerned that his or her rights have been abused by the directors and majority shareholders of the corporation, he or she can apply to Court for “relief” from “oppression” under the statute that applies to their corporation. The shareholder’s remedies under both statutes are similar but it is important to speak to an experienced Vancouver Shareholder Rights lawyer who can explain what remedies may be available in a specific situation.
Oppression Remedy Under Both the Canada Business Corporations Act and the British Columbia Business Corporations Act
Canada Business Corporations Act
For corporations set up at the federal level, section 241 of the Canada Business Corporations Act gives a “complainant” the right to bring a court action against a corporation where conduct has occurred which is oppressive, unfairly prejudicial or which unfairly disregards the interests of a shareholder, creditor, director or officer. This right is commonly referred to as the “oppression remedy”. When corporate conduct affects the reasonable expectations of shareholders and others, those shareholders may be entitled to a legal remedy.
British Columbia Business Corporations Act
For corporations set up at the provincial level, the British Columbia Corporations Act provides that shareholders and other appropriate persons may apply to court for an ‘oppression remedy’ if the operations of the company, or conduct of its directors, have been conducted in a manner that is: 1) oppressive or 2) unfairly prejudicial to one or more shareholders. The oppression remedy is an equitable remedy, which gives a court a broad, equitable jurisdiction to enforce not just legal rights, but what is fair amongst the parties. What is just and equitable will be determined based upon the reasonable expectations of the stakeholders in the given circumstances.
Remedies Available to Vancouver Shareholders
The statutes set forth a number of different types of remedies available to Vancouver shareholders including:
- Entry of an order to restrain conduct.
- Order appointing a receiver.
- Order setting aside a transaction or contract.
- Order removing a director.
- Order directing an issue, conversion, exchange or purchase of shares
- Direction to compensate an aggrieved person.
- Order to liquidate and dissolve the corporation.
Contact a Vancouver Shareholders Rights Lawyer
If you have an issue with shareholder rights, the lawyers of McLarty Wolf are committed to helping. If you are a shareholder and have been subjected to oppressive or unfairly prejudicial conduct, call McLarty Wolf today to discuss your case with one of our lawyers at 604-688-9542 or send us an email via our online contact form