Clear as mud? Ontario courts provide context regarding waiver of OBCA dissent rights
The article titled “Clear as Mud: Ontario Courts Provide Context Regarding Waiver of OBCA Dissent Rights” from Law360 Canada delves into the complexities surrounding the waiver of dissent rights under the Ontario Business Corporations Act (OBCA). The piece examines recent judicial interpretations, particularly focusing on the Husack v. Husack decision, to shed light on how courts assess the validity of waivers in shareholder agreements.
“Although a waiver of statutory rights must be done by way of clear and direct language, the court in Husack found that the waiver does not need to specifically reference the specific right being waived. Rather, a general waiver of any statutory rights that conflict with the terms of the shareholders’ agreement is sufficient, so long as there is a substantial overlap between the situation that the contractual provision seeks to govern and that for which the statute seeks to provide rights.”
Read the full Law360 article featuring insights from Robins Appleby‘s Business and Transaction team here
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