What happens if you fail to transition as a member funded society?

On transition, a pre-exiting society which qualifies may become a “member funded society”, a special type of society which is not subject to the reporting, disclosure, and winding up requirements of a typical society. Many societies, particularly closely-held societies, will want this status. It is obtained by adding a statement to the society’s constitution at the time of filing a transition application with the BC Corporate Registry. But if that deadline is missed, an application to the court is necessary. The particular phrasing of the section is unclear, as is…

BC Registries provide more information on transition, digital on-boarding

At a presentation in Vancouver in early July, staff from the BC Registries provided some additional information on the transition process meant to assist those without legal representation to transition their societies. The talk primarily dealt with the new online registries system, as well as an “onboarding” process which will take place in October 2016.

Regulations: Societies Regulations released

The Regulations under the new BC Societies Act (“the Act”) are now available. The Societies Regulation details certain requirements for society names, the default Model Bylaws, various fees, the Reporting Society Provisions, and directions on how to report on remuneration of directors, employees and contractors. It also contains provisions on Directors and Senior Managers who are 16 and 17 years old. The Model Bylaws will be dealt with in another post.

Transition

As of November 28, 2016, current and extra-provincially registered societies must “transition” to the new Societies Act. Don’t panic! There’s lots of time: transition does not need to be completed until November 28, 2018. This article provides the basics of who needs to transition, what they should be doing now, and what needs to be done on transition.