December 21, 2023
On Dec. 4, 2023, the Less Red Tape, More Common Sense Act, 2023 received Royal Assent, bringing an important amendment to the Corporations Act (Ontario) into force.
As set out in a previous BLG Insight: Not-for-Profit Corporations Act, 2010 (ONCA): Understanding share capital social clubs, social companies governed by the Corporations Act (Ontario) have until Oct.19, 2026 to decide whether to continue under the new Not-for-Profit Corporations Act, 2010 (Ontario), the Business Corporations Act (Ontario) or the Co-operative Corporations Act (Ontario) or they will be dissolved.
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