The New Canada Not-For-Profit Corporations Act Finally Comes Into Force!

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April 2012 — Since the early 1970s, no less than seven bills were introduced in Parliament and died on the Order Paper. The new Canada Not-for-profit Corporations Act (S.C. 2009, c. 23) (the “New Act”) was assented to June 23, 2009 and came into force on October 17, 2011. In addition, the Canada Not-for-profit Corporations Regulations (SOR/2011-223) (the “Regulations”) were adopted on October 6, 2011 and also came into force on October 17, 2011.

The New Act and the Regulations introduce a new legislative framework for the federal incorporation of not-for-profit corporations and provides for the continuance of share corporations created by Special Acts of Parliament that are currently subject to Part IV of the Canada Corporations Act; these share corporations will be continued under the Canada Business Corporations Act (the “CBCA”).

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Published In: Administrative Agency Updates, Business Organization Updates, International Trade Updates, Nonprofits Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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