A minute book is a crucial document that contains all the essential records and information about a corporation. Traditionally, a minute book has been a physical book or binder where corporate documents such as articles of incorporation, bylaws, shareholder agreements, minutes of meetings, and other official records are kept.
However, with the rise of technology, virtual minute books have become increasingly popular. A virtual minute book is a digital version of a minute book that can be stored and accessed electronically. Instead of having a physical binder, the company’s records are stored on a secure server or cloud-based system.
There are several advantages to using a virtual minute book. For example, it provides secure and easy access to records from anywhere, and multiple authorized users can access the records simultaneously. Additionally, it reduces the risk of loss, damage, or theft of physical records.
It is essential to note that virtual minute books are subject to the same legal requirements and regulations as physical minute books. The Canada Business Corporations Act and provincial corporate legislation mandate that companies must maintain accurate and up-to-date records, regardless of the format in which they are kept.
A corporate lawyer can assist companies in ensuring that their minute book complies with all legal requirements and regulations. They can also provide guidance on whether a virtual minute book is appropriate for a particular business and help set up the virtual minute book.
If you need assistance with your company’s minute book or have questions about virtual minute books, contact Falcon Law PC at 1-877-892-7778 or info@falconlawyers.ca to speak with a knowledgeable corporate lawyer.
