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–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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