Good Government Bill – Cont’d
Business
Interest
The other major change is the repeal (i.e. cancellation) of the Charitable Gifts Act.
The other major change is the repeal (i.e. cancellation) of the Charitable Gifts Act.
There were also changes to the Charities Accounting Act, providing the PGT and the Court with the necessary tools to look into
the operations
of any business in which a charity has a substantial interest.
![MC900056617[1]](slide0034_image070.gif)
![MC900365816[1]](slide0034_image072.gif)
![MM900046618[1]](slide0034_image073.gif)
The Charitable Gifts Act, which was enacted in 1949 was unique to Ontario, prevented
charities from owning
more than 10% of the shares in a business. Now
charities are able to own a substantial interest in a business.
33