BC Societies Act Coming into Force November 28, 2016
On May 14, 2015, the British Columbia Societies Act (Bill 24) (“Act”) received Royal Assent, and on November 28, 2016 the Act, together with the Societies Regulations (“Regulations”), will come into force. With its coming into force the new Act will replace the British Columbia Society Act, and the new Regulations will replace the Society Act Regulations, B.C. Reg. 4/78. Both will impact the law governing societies (not-for-profit corporations) in British Columbia.
The Act introduces a number of changes that will impact corporate and governance procedures for BC societies. The new Regulations address items such as a new model by-law for societies, the maximum fees that may be charged in various scenarios, and how reporting on remuneration of directors, employees and contractors in the financial statements are to be made, amongst other things. Societies established prior to November 28, 2016 will be given two years to transition from the Society Act to the new Societies Act, i.e., November 28, 2018, and in doing so will be required to file an application containing a constitution, by-laws, and statement of directors and registered office of the society.
For additional information see Charity& NFP Law Update for February 2016 as well as the Charity& NFP Law Update for July/August 2014. Full text of the Act and Regulations can be accessed here.