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ARTICLE · 07 JULY 2016

Borrowing Powers Of Not-For-Profits Under New Legislation In B.C.

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The legislation governing British Columbia not-for-profits, known as societies, is changing. On November 28, 2016, a new Societies Act is scheduled to come into force, replacing the current Society Act.

CanadaCorporate/Commercial Law
Mike Todd
Mike Todd
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The legislation governing British Columbia not-for-profits, known as societies, is changing. On November 28, 2016, a new Societies Act (the “New Act”) is scheduled to come into force, replacing the current Society Act (the “Current Act”). The legislation is a welcome modernization of the outdated Current Act, and includes a number of provisions and procedures that will be familiar to those who deal with business corporations incorporated under the British Columbia Business Corporations Act.

Within two years of the New Act coming into force, all existing B.C. societies must transition their constitution and bylaws into a form that complies with the requirements of the New Act. Whether or not they transition, all B.C. societies will be governed by the New Act as of the in force date. The transition is done by filing a transition application online. Any society that has not filed a transition application within the two-year period may be dissolved by the Registrar.

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