Ontario Barrister and Solicitor Practice Exam

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What is incorrect about continuance under the OBCA?

It requires a special resolution of shareholders
It must be authorized by an ordinary resolution of shareholders
It involves changing the corporate jurisdiction
It does not have to be authorized by an ordinary resolution of shareholders

The correct answer is: It does not have to be authorized by an ordinary resolution of shareholders

Continuance under the OBCA (Ontario Business Corporations Act) requires a special resolution of shareholders. This means that a specific number or percentage of shareholders must approve the decision for the continuance to be valid. Option B, on the other hand, incorrectly states that it only requires an ordinary resolution of shareholders. Option C is also incorrect because continuance does not involve changing the corporate jurisdiction, as it is simply a transfer of the corporation from one jurisdiction to another.