The Ontario government remains optimistic about the legislation, and anticipates that ONCA will simplify the incorporation process, clarify rules for governing a corporation, enhance members’ rights, as well as give members greater access to financial records.

The legislation, which passed in 2010, will be the legal framework under which most provincially incorporated not‑for‑profit corporations will operate come October 19th. More specifically, it will apply to every corporation that does not have share capital and is incorporated under an act of the Ontario legislature, other than the Co‑operative Corporations Act.

ONCA will bring lots of change to the regulatory landscape, and corporations will have three years after proclamation to comply with the new rules. As a result, provincially incorporated not‑for‑profit corporations will need to review their governing documents, and make any necessary changes within three years, to ensure compliance with ONCA. Continue reading “After over ten years of waiting, the “Ontario Not‑for‑profit Corporations Act” (ONCA) will finally be proclaimed into force on October 19, 2021!”