Alberta professionals will welcome Bill 53, the Professional Corporations Statutes Amendment Act, 2009, which received first reading on October 26, 2009. Essentially, the changes remove restrictions (under four separate pieces of legislation) on ownership of shares in a professional corporation by anyone other than the regulated professional:
This long-awaited legislation aligns Alberta with other provinces, notably British Columbia and Ontario. In addition, debate within the Alberta legislature has recognized that the proposed changes would also level the playing field with other non-professional family-owned corporations in Alberta.
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