ONCA finally may actually happen (some day)
Hear Ye! Hear Ye! The sky is (still) falling! A decade ago we sounded the alarms that the not for profit corporations world was radically changing. The feds were revamping their statute and the province was following suit. The sector was being turned on its ear. We said “Run to your lawyer quickly to save you from the impending doom!”. In retrospect, we may have to cut you some slack if you concluded we were crying wolf. However, if you have drifted off over the last decade you may wish to start paying attention again (likely).
To recap, in the first decade of this millennium both the feds and the province introduced new legislation to change the landscape. The feds proclaimed their legislation in 2011 and its transition period ended in 2014. The province also stormed out of the gate and passed the Ontario Not For Profit Corporations Act in 2010 but that statute then ran out of gas. Eight years later it continues to await a proclamation date.
Wait no longer (we think)! We have a new vague promise to report to you. The province now announces that it is “working to bring ONCA into force as early as possible, with a target of early 2020
.” High fives all around! Please disregard all other previously published proclamation date promises. Also, remember that once (or if) that actually happens a three-year transition period will then start within which your corporation may make the necessary changes to its governing documents. So, you may only have five years to get your house in order! Book your appointments with us now!