The Province of New Brunswick is moving toward implementation of the Franchises Act which was passed in 2007 but has yet to be proclaimed in force. The Act and regulations will affect the relationship between franchisors and franchisees and is generally a statute partially protecting the interests of franchisees and deals with areas such as disclosure, duty of fair dealing and remedies which will affect the operation of the Act. For information or to make a submission regarding the regulations which will affect the operation of the Act, visit the Department of Justice and Consumer Affairs website or Le ministère de la Justice et de la Consommation.
On December 19, 2008 the Securities Transfer Act received Royal Assent. The new Act is intended to implement a modern system of rules that will apply when any security instrument (i.e. banknotes, debentures, corporate share certificates, mutual funds, etc.) is purchased, sold or used as a means to secure an obligation. In addition, the new legislation creates a new category of personal property known as “Investment Property” under the Personal Property Security Act and affects the manner in which control over a security instrument is perfected. The new Act offers greater certainty for lenders that offer loans which are collateralized by investment securities and allows for greater certainty and fewer qualifications when lawyers issue corporate opinions.
This is a Cox & Palmer publication prepared by our Corporate & Commercial Group in Fredericton, NB. It is intended to provide information of a general nature only and not legal advice. For assistance with any matter involving your business, call a member of our team: Walter Vail Q.C. (506) 453-9602 Bruce Hatfield Q.C. (506) 453-9674 Matthew Tweedie (506) 462-4750 Deborah Power (506) 453-9645 Aaron Savage (506) 444-9284 Paul White (506) 453-9671
Cox & Palmer publications are intended to provide information of a general nature only and not legal advice. The information presented is current to the date of publication and may be subject to change following the publication date.