Corporations Canada announced yesterday that the Canada Not-for-profit Corporations Act will finally come into force on Monday, October 17, 2011. Information on the new legislation, forms, and a Transition Guide for Federal Not-for-Profit Corporations are available on Corporations Canada's website here.
In order to continue under the new legislation, a corporation will need to replace its letters patent, supplementary letters patent (if any), and by-laws with new charter documents by (a) submitting articles of continuance to obtain a Certificate of Continuance, and (b) creating, approving, and filing new by-laws. The articles of continuance and new by-laws will need to comply with the new legislation.
There are no fees for applying for a Certificate of Continuance or for filing new by-laws.
A corporation must continue under the new legislation by October 17, 2014. If a corporation does not do so, it risks being deemed inactive and being dissolved.
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