The Quebec government has deposited new regulations to give effect to measures announced in the March budget.
Among the clarifications are confirming that exemptions for inter corporate transfers are based on 90 per cent issued shares and not voting shares, a trigger on change of control within 24 months of an exempt transfer, clarifying that options to purchase shares are captured within the anti-avoidance provisions as well as clarifying that amalgamations are exempt transfers.… Continue Reading
Lenders should be more aware of the sweeping effects of the British Columbia Real Estate Development Marketing Act (REDMA). Compliance by developers with the REDMA is crucial for lenders because failure to comply can lead to unenforceable purchase contracts.
The REDMA requires a developer to file a disclosure statement before marketing commences. The disclosure statement must, without misrepresentation, plainly disclose all material facts. Before a purchaser enters into a purchase contract with a developer, the developer must provide the purchaser with a copy of the disclosure statement and a reasonable opportunity to review it. Purchasers have a right of … Continue Reading