Saturday, October 15, 2011

Canada's New Not-for-Profit Corporations Act In Force October 17, 2011

As reported by Miller Thompson and other Canadian law firms and charity advisers (see, e.g., McMillan's report on the same topic) all federally incorporated non-share capital corporations in Canada will be required to transition into compliance with the new Not-for-Profit Corporations Act over the next three years or face dissolution.  Miller Thompson previously summarized the major changes under the new Act, including stricter governance requirements for "soliciting corporations" and the elimination of the requirement that a corporation limit its activities to those specific objects provided in its Letters Patent.  It is estimated that nearly 19,000 organizations will be covered by the new Act.

LHM

http://lawprofessors.typepad.com/nonprofit/2011/10/canadas-new-not-for-profit-corporations-act-in-force-october-17-2011.html

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