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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