Further to last week's
post, the following sets out the immediate impact of the
Societies Act (the "Act") on
existing BC societies and what is require to transition to the
The Act, with a few noted exceptions therein, will apply to all
BC societies on the day it comes into force, being November 28,
2016, and each society will be required to immediately comply and
govern itself in accordance with the Act. Further, any provisions
in a society's bylaws that are inconsistent with the Act will
no longer have any effect as of November 28, 2016. This will be
true regardless of whether a society has transitioned to the Act or
not. All BC societies however, will need to transition to the Act
within two years of the Act coming into force.
In order to transition to the new Act, at a minimum, a society
ensure that the society is up to date
on its annual report filings and filed director and registered
prepare a version of its constitution
that contains only the societies' existing name and
complete a statement of directors and
registered office in a form to be provided by the Corporate
prepare a consolidated set of the
society's bylaws with any provisions previously in the
society's constitution (other than its name and purposes) moved
to the bylaws.
The documents listed as (2) through (4) above will form the
society's transition application, which will be electronically
filed with the Corporate Registry. Approval from a society's
members is not required to transition using the society's
existing bylaws. If a society, however, wishes to update its
current bylaws to ensure that they comply with the Act and take
advantage of the new governance provisions, or if a society wishes
to declare itself a member funded society, it may do so during the
transition process. In order to update, replace or otherwise revise
a society's bylaws or to declare a society a member-funded
society during the transition process a special resolution of the
members is required. This special resolution will be at the lower
threshold of 66%, unless the society's current bylaws provide
for a higher threshold.
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.
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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.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan 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.
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