February 2010


On June 23, 2009, the Canada Not-for-Profit Corporations Act received Royal Assent heralding a modern governance era for Canadian non-share capital corporations. Government discretion over incorporation and bureaucratic policy on both material and trivial by-law matters has been replaced by a regime more aligned with that which applies to for-profit share capital corporations, a regime that emphasises members' rights rather than government rights and which enables not-for-profit corporations to operate as efficiently as their for-profit counterparts.