On May 1, 2015, Yukon modified its Business Corporations Act, in an effort to attract more benefits and participants to its economy. One amendment to the BCA lets a proxy be given for voting purposes. Another change will allow directors to pursue business opportunities declined by the corporation, a practice off-limits in most other jurisdictions due to the inherent potential for conflicts of interest. One of the changes will allow a corporation to serve as a director of a subsidiary registered in Yukon. The legislation also allows companies to add provisions in their articles of incorporation giving directors blanket approval to sell of all of the company's assets without requiring a shareholder vote. If provided for by a unanimous shareholders agreement, a corporation is not required to have directors at all. There is increased flexibility regarding the location of corporate records offices, including the ability to maintain a records office outside of Yukon so long as it is accessible by electronic means.
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