The
Canada Not-for-Profit Corporations Bill has received its first reading in the
House of Commons. The purpose of the new Act, as explained in a
press release published by
Industry Canada, is as follows:
The proposed Canada Not-for-Profit Corporations Act will enable organizations to incorporate faster. In addition, it would improve their financial accountability, clarify the roles and responsibilities of directors and officers, and enhance the protection of members' rights.
The proposed Canada Not-for-Profit Corporations Act will allow for the repeal of the outdated Canada Corporations Act. It will also provide a modern, efficient corporate governance regime for some 10 share capital corporations created by Special Acts of Parliament by moving them into the Canada Business Corporations Act.
Corporations currently incorporated under the Canada Corporations Act will have three years to apply for corporate status under the proposed Canada Not-for-Profit Corporations Act. There will be no fees for this process".
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