Ontario not-for-profit corporations will have 3 years from the date ONCA comes into force to make any necessary changes to their governing documents. At end of the 3 years, the not-for-profit corporations’ letters patent, by-laws and special resolutions will be deemed to be amended to comply with ONCA’s requirements. ONCA has not been brought into force and probably will not be until around 2018.

Not-for-profit corporations should review their documents well before the end of 3-year period to determine whether or not they want to make any changes and whether or not ONCA’s requirements are appropriate for their organization.

Companies that “have objects in whole or in party of a social nature” such at share capital social clubs, will have a 5-year transition period. These companies will be permitted to continue as one of the following types of corporations:

  • Non-share capital corporation under ONCA;
  • Co-operative corporation under the Co-operative Corporations Act; or
  • Share capital corporation under the Ontario Business Corporations Act.

For more information on ONCA see our ONCA directory or contact us at Blumberg Segal LLP.