Optional transition process to comply with the ONCA within 3 years of proclamation
If no transition process taken, then
Corporation will not be dissolved
LP, SLPs, by-laws and special
resolutions will be deemed amended to
comply with the ONCA, resulting in
non-compliant provisions deemed invalid
Will result in uncertainty in
relation to which provisions remain to
be valid
Need to file articles of
amendment to set out required information,
otherwise provision no effect
Proposed amendments to ONCA in Bill 85 means that articles of amendment will likely need to be filed by most corporations and new by-law will need to be adopted