www.carters.ca
www.charitylaw.ca
–Consequences of
being a PBC
§Not more than one-third of the
directors of a PBC may be employees of the corporation or of any
of its affiliates
§Higher thresholds
for dispensing with the auditor
and/or review engagement requirements
(see later in presentation)
§On liquidation,
the articles must provide for the distribution
of any remaining property on dissolution
◦Charitable
corporation - to a charitable corporation with similar
purposes to its own or to a government or government
agency,
◦Non-charitable
corporation - to another PBC with similar purposes or to a
government or government agency
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