This Thursday, Bill 85 – An Act to amend various companies statutes and to amend other statutes consequential to the Not-for-Profit Corporations Act, 2010 will enter its Second Reading by the Ontario Legislature and then be referred to a Standing Committee. This Bill, which had its first reading on June 5, 2013, proposes some amendments to the Ontario Not-for-Profit Corporations Act (“ONCA”). This Bill is similar to the earlier version. There has been a significant delay of the implementation of ONCA and passing this Bill will be an important step in moving the process forward.
It is now anticipated that the ONCA may not come into force until January 1, 2015, at the earliest. Once Bill 85 is enacted, according to the Ontario government there must be at least 6 months before proclamation of the ONCA to allow sufficient time for the non-profit sector to get ready for the transition. Because of the possibility of an election, which may delay further any progress in bringing this legislation into force, it is possible that ONCA will not come into force until mid-2015 or later.
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