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ARTICLE · 07 DECEMBER 2017

Amendments To The Corporations Act

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The Cutting Unnecessary Red Tape Act, 2017 received royal assent on November 14, 2017.

CanadaCorporate/Commercial Law

The (Ontario) Cutting Unnecessary Red Tape Act, 2017 received royal assent on November 14, 2017.  That statute operates to amend a number of other Ontario statutes, including the (Ontario) Corporations Act ("OCA"), ostensibly to remove "red tape". The amendments to the OCA will be of particular interest to not-for-profit corporations that are governed by the OCA, since they serve to modernize key, and often criticized, elements of it. In that sense, the amendments to the OCA are welcome.  However, it is worth lamenting that even with the amendments, the OCA remains a largely antiquated and cumbersome statute. Further, the amendments will likely mean that the implementation of the long-awaited Not-for-Profit Corporations Act, 2010 ("ONCA") will be further delayed. 

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