A. VERY IMPORTANT LEGAL CHANGES IN 2011
2011 will be a very important year for all associations and charities who were incorporated under the Canada Corporations Act. The new Not-for-Profit Corporations Act is expected to be in force mid-year. This is the first major change in this legislation in almost a century. All these corporations will then have three years in which to take the appropriate steps to review their by-laws and prepare, have approved and file, applications for continuance under the new legislation. If they fail to do so they may be automatically dissolved. Don't let this happen to your organization.
Borden Ladner Gervais LLP (BLG) is preparing a program which will assist all of our clients in creating the appropriate documents and providing advice with respect to how to deal with the new Act. Meanwhile, please take a look at Sylvie Lalonde's article about the new Act in this edition.
B. ONTARIO CORPORATIONS NOT TO BE OVERLOOKED
This fall the Ontario government passed the new Not-for-Profit Corporations Act, 2010 which currently is expected to be in force in 2012. It will require all Ontario incorporated charities and not-for-profit organizations to consider the changes in the law and to determine what changes will be necessary in their letters patent and by-laws in order to continue to comply with the law and take advantage of some new changes. Again, BLG will be "on top of" these changes and available to assist all corporations incorporated under the Ontario Corporations Act. We have included the first in a series of "need to knows" later in this bulletin.
We believe that change brings opportunity. Victoria Prince, our new Not-For-Profit Focus Group National leader, has already put a team of lawyers and clerks together to help our clients incorporated under the Canada Corporations Act and the Ontario Corporations Act deal with the very important challenges of the new corporation legislation. All of the clients will have an opportunity to review their by-laws and their letters patent as they deal with the new law. This will lead them to better governance and will provide them with the opportunity to take advantage of some of the sections of the new legislation. If this is properly handled they will be better armed to move their organization forward to accomplishing its mission.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
