Governance update: Canada Not-for-Profit Corporations Act 2011

2019-01-05T12:51:14-05:00October 19th, 2011|Governance|

Industry Canada announced that on October 17, 2011 the new Canada Not-for-profit Corporations Act (NFP Act) came into force. Organizations currently in the process of incorporating may have to submit new forms, and organizations incorporated under the previous legislation will have three years to transition to the Not-For-Profit Act. Boards and their members should review current by-laws and see what changes will be needed to be made in the transition period. As it relates to directors, the Act will a more standard objective in carrying out their duties and responsibilities.