Canada: the Canada Not-For-Profit Corporations Act

The Canada Not-for-Profit Corporations Bill (C-62) received its first reading in Canada's House of Commons on June 13. According to a press release issued by Industry Canada (the relevant Government department):

The proposed Canada Not-For-Profit Corporations Act will enable organizations to incorporate faster and improve their financial accountability, clarify the roles and responsibilities of directors and officers, and enhance the protection of members' rights ... [It] will allow for the repeal of the outdated Canada Corporations Act. It will also move share capital corporations created by Special Acts of Parliament into the Canada Business Corporations Act, which will provide a modern, efficient corporate governance regime for the affected companies".

Background information is available here and the Bill's progress can be followed here.