What's New : Corporate & Commercial Lawyer
Ontario non-share capital Corporation Law that is legislation governing charities and not-for-profit organizations is in process of a major overhaul, in some respects similar to Federal legislation already in force. New Ontario legislation is anticipated to be enacted within the next year, although no precise date has been given.
Many Ontario non-share corporations will need significant revision to their constating documents to be in compliance with the new Act. Further, restructuring options may exist now which may no longer exist once the new Ontario Act comes into force. Accordingly, these Ontario corporations should seek legal advice well in advance of the enactment date, which is not precisely known at this time.