October 19, 2021: Changes for Ontario entities

▤ Summary

Automatic application means that there is no need to continue or formally transition an existing organization under the ONCA. For instance, in British Columbia, when the Societies Act came into force, not-for-profits had to complete a transition process involving the refiling of its corporate documents and other steps by 2018. Three years after October 19, 2021, with limited exceptions described below, any non-compliant provision in a constating document will be deemed amended to the extent necessary to achieve compliance. Although there is a three-year period to achieve compliance, begin the review now because many of the new provisions may be unfamiliar to many boards, governance committees, and management teams. Policies and procedures are essential, but the work required to create and maintain them can seem daunting.

▦ Linked Companies

First Reference

$1M to $5M