Canada Not-For-Profit Corporations Act

On October 17, 2011, the new Canada Not-for-Profit Corporations Act (CNFP Act) was proclaimed in force. Federally incorporated non-share capital corporations will have three years from October 17, 2011 within which to continue under the CNFP Act. For the next three years, we will have two federal statutes in force: (i) the new CNFP Act, and (ii) Part II of the Canada Corporations Act (CCA), which will continue to govern corporations that have not yet continued under the new CNFP Act. However, all new incorporations must take place under the CNFP Act — no body corporate may be incorporated under Part II of the CCA. Failure to continue within three years under the CNFP Act will result in the involuntary dissolution of the federal CCA corporation.