www.charitylaw.ca
www.carters.ca
•On December 6, 2012, Nova
Scotia’s Community Interest Companies Act, Bill No.
153 received Royal Assent, allowing businesses to seek
designation as a “community interest company” (“CIC”)
•To qualify for the CIC
designation, a company must:
–have a “community purpose,” that
being a purpose “beneficial to society at large or a segment of society
that is broader than” those related to the CIC
–have at least three directors
who must act in accordance with the company’s community
purpose
•CICs are restricted in their
ability to pay dividends and distribute assets on dissolution, and
must either comply with the rules for non-profit
organizations or pay tax as a for-profit corporation
•The Act will come into force
upon proclamation
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