The new Not-for-Profit Corporations Act, 2010, is about to come into effect in Ontario at the end of the year. Why should you care? Well, if you’re a member of a cottager association or a road corporation, the new legislation will affect you. Not-for-profit corporations are currently governed by the Corporations Act, but the new legislation will give these organizations a legal framework designed specifically for not-for-profits.
Some special circumstances exist, however:
share capital social clubs, such as golf clubs or cottager associations, are currently governed under the Corporations Act. They will have up to five years after the new Not-for-Profit Corporations Act comes into force to choose whether they will continue under the new Act or under the Ontario Business Corporations Act (as a share capital corporation) or the Co-operative Corporations Act (as a share capital or non-share capital co-operative corporation).
Read about the transition process and get information for the directors and officers of your corporation on the Ministry of Consumer Services website.
