Posted: August 5, 2014
Written by: Andrew Buck
The deadline for continuing federally-incorporated not-for-profit corporations under the Canada Not-for-profit Corporations Act (“CNCA“) is October 17.
Here’s what you need to know:
WHO: Federal non-profit corporations. In other words, corporations governed by Part II of the old Canada Corporations Act.
WHAT: Continuance under the new CNCA. This is the process by which federal non-profits move from the old corporate statute to the CNCA. It’s done by filing articles of continuance, a registered office and first directors form and bylaws with Corporations Canada.
WHEN: Federal non-profits must continue under the CNCA by October 17.
WHY: Corporations that don’t continue before the deadline can be dissolved by Corporations Canada.
Your board and your members must approve the continuance before submitting. That means your corporation, if it hasn’t already continued under the CNCA, will need to get the necessary documents drafted in time to be approved by your board and your members (most likely at your AGM). You’ll also need to leave enough time to give your board and members notice, too.
If you need to continue, or if you have questions about the continuance process, please contact Andrew Buck, Adam Herstein or Brad Madison. We all have experience with CNCA continuances, and we’d be happy to help out.