The NEW NFP Acts  The countdown has begun

The NEW Canada Not-For-Profit (NFP) Corporations Act (NPCA) received royal assent in June 2009. The New Act is now in force and will apply to every new corporation. All corporations incorporated under part II of the Canada Corporations Act (CCA) prior to that time will have to apply for a certificate of continuance by October 14, 2014. Corporations that do not make the transition by the deadline will be assumed to be inactive and will be dissolved.

The NEW Ontario Not-For-Profit Act received royal assent in October 2010. It is anticipated that it will come into force in late 2012.

Existing not-for-profit corporations will have three (3) years after the new Act comes into force to amend their letters patent, bylaws and special resolutions to conform to the new Act. Corporations with social objects are subject to special transitional rules up to five (5) years.

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The New Acts modernize the legal framework for NFPs. They provide a clearer set of rules that govern the internal affairs of not-for-profit corporations with less red tape, simplified processes, more flexibility to make fundamental changes such as amalgamations and a more objective standard for directors in carrying out their board duties and responsibilities.

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