As previously reported in this Newsletter, the British Columbia
Ministry of Finance released a White Paper in early August of 2014
containing policy recommendations for a new Society Act to regulate
the governance, organization and operation of non-share capital
entities incorporated in British Columbia.
At a roundtable discussion with stakeholders held on January 26,
2015, British Columbia's Finance Minister, Michael de Jong,
indicated that during the consultation period on the draft
legislation, which ended on October 15, 2014, the Ministry of
Finance received over 7,000 submissions. Minister de Jong
indicated that these submissions primarily commented on section 98
of the draft legislation, which provides members of a society with
the right to go to court if they think they are oppressed or have
been treated unfairly by the society, its directors or other
members, and on section 99 of the draft legislation, which provides
members of the general public with the right to seek a court remedy
if a society is acting in a fraudulent or unlawful manner, or is
otherwise not acting in the public interest.
During the roundtable discussion Minister de Jong indicated that
the government hopes to table the draft legislation by the end of
March, 2015. However, Minister de Jong has not indicated what
changes, if any, will be made to the draft legislation as a result
of the consultation process. While the new legislation could
receive royal assent in 2015, the new legislation will likely not
come into force until the new regulations are finalized.
Pursuant to the draft legislation existing societies will have a
two-year transition period to file a transition application and to
adopt the changes to their constitutions and bylaws required by the
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
While most are well aware that the sale of a business is generally a complex process, even sophisticated business owners are surprised by just how much cost and effort is required to complete the sale.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).