Non-share capital corporations incorporated under the Corporations Act (Ontario) will be governed under a new act next year, the Not-for-Profit Corporations Act, 2010. The new Act comes into force on a day to be named, and it will automatically apply to all non-share capital corporations incorporated under the Corporations Act (Ontario).
The Ontario Ministry of Consumer Services has developed a website to provide information on the new act. The website states that the new act will likely come into effect late in 2012. It states that “time is required to develop regulations and adjust for new processes (e.g., computer hardware and software upgrades are required to accommodate the new incorporation system).”
The information on the website is currently very general. It includes pages on the following topics:
- the not-for-profit reform objectives
- key features of the Not-for-Profit Corporations Act
- organizations affected by the not-for-profit reform
- impact on charities
- information for directors and officers
We are aware that the government is in the process of creating guides on the new Act. Once the guides are finalized, we expect this information to be available on the website.