Bill C-25 Amending Regulations Delayed

Corporations Canada announced on May 6, 2021 that the Regulations Amending Certain Regulations Administered by the Department of Industry (“Amending Regulations”), containing proposed amendments to the Canada Not-for-profit Corporations Regulations (“CNCR”), will not come into force on July 1, 2021, as originally planned. As reported in the April 2021 Corporate Update, the Amending Regulations were published in the Canada Gazette on March 27, 2021, and are related to Bill C-25, An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (“Bill C-25”). The Amending Regulations were introduced to enable certain Bill C-25 provisions to become operational, including amendments to the CNCR concerning the time periods for which the Director must keep and produce certain corporate documents, as well as technical regulatory amendments to the CNCR, such as fixing time periods, changes to the name granting rules, and fixing typographical errors.

Corporations Canada has indicated that further details regarding a new date will follow. They anticipate that the new date will be outside of the proxy season in order to ensure minimum disruption to the election of directors at annual meetings.