Many owners assume a minute book has to be a leather binder. It does not. Both the federal and Ontario statutes allow electronic records.
What the statutes say
Section 22 of the CBCA and section 139 of the OBCA let a corporation keep its records in a bound or loose-leaf book or by means of any system of mechanical or electronic data processing or any other information storage device, if the records can be reproduced in intelligible written form within a reasonable time, and if adequate precautions are taken against loss, falsification and destruction.
Practical tips
- Keep one master PDF and add signed documents in tab order.
- Use an e-signature tool that produces an audit trail, or scan wet-ink signatures.
- Store a backup in a second location and limit who can edit it.
- Record where the records are kept, since the Acts tie them to the registered office or another place the directors designate.
Sources
This guide is general information, not legal advice. Laws change; confirm current requirements with the statute or a lawyer.