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ARTICLE · 10 AUGUST 2011

Pending Legislative Changes Affecting Ontario Special Act Non-Share Capital Corporations

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Late last year, the Ontario legislature enacted the "Not-for-Profit Corporations Act, 2010" (the "New Act"). The New Act has not yet been proclaimed in force. Proclamation is expected to be in late 2012.

CanadaCorporate/Commercial Law
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Late last year, the Ontario legislature enacted the Not-for-Profit Corporations Act, 2010 (the "New Act"). The New Act has not yet been proclaimed in force. Proclamation is expected to be in late 2012.

The New Act will replace Part III of the Ontario Corporations Act ("Old Act"), the current general law governing the incorporation of non-share capital corporations in Ontario. While much has been written on the effect that the New Act will have on the 46,000 corporations currently formed under Part III of the Old Act, much less attention has been devoted to the many non-share capital corporations that are formed by various general and special acts of the Ontario Legislature, including the many non-share capital corporations that have been formed over the years by private act (collectively, the "Special Act Corporations").

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