Corporations Canada Dissolves Part II CCA Corporations
As reported in our February 2017 Charity & NFP Law Update, Corporations Canada released a notice in mid-February, 2017 stating that all corporations operating under Part II of the Canada Corporations Act (“CCA”) were required to complete their transition to the Canada Not-for-Profit Corporations Act (“CNCA”) and receive their certificate of continuance by July 31, 2017, or they would be dissolved. This deadline has since past, and Corporations Canada has now dissolved most Part II CCA corporations that had not continued by the deadline. Corporations Canada is also continuing to work with a small number of corporations that have filed transition applications but have not completed their continuance due to various deficiencies. Apart from this small exception, all federal not-for-profit corporations are now operating under the CNCA or have been dissolved. After all Part II CCA corporations have been continued or dissolved, the process to repeal Part II of the CCA and its regulations can begin. However, Part II CCA corporations dissolved because they failed to transition to the CNCA can apply to be revived and transitioned into the CNCA in one step by submitting Form 4032: Articles of Revival (transition) after having obtained approval from the members. For more information see Corporations Canada’s Revival (transition) guide.