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•Ontario corporations under the
OCA will have three years from the date of proclamation to
complete their transition under the ONCA, as it will apply to all corporations
on proclamation
•However, unlike the CNCA, an
Ontario corporation under the OCA will not automatically be
dissolved after the expiration of the three-year time frame
•Instead, its letters patent and
general operating bylaw will be deemed to be amended to comply
with the provisions of the ONCA after three years
•However, since deemed compliance
would create considerable confusion, it will be important for
Ontario corporations to transition under the ONCA within
the three-year time limit
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