The main goal of reform was to create a new statute dedicated to not-for-profit corporations that is easier to understand and makes it easier for not-for-profit corporations to operate.
The current Corporations Act is cumbersome and antiquated and does not adequately meet the needs of Ontario’s not-for-profit sector. The original version of the Corporations Act was enacted in 1907 with the last major revision in 1953.
The new legislation is structured on four guiding principles: transparency and accountability; flexibility and permissiveness; responsiveness and efficiency; and fairness.
Upon Proclamation the Act will: