On April 29, 2016, a new Societies Transitional Regulation was made (OIC 677/2015). The updated regulation clarifies the “individual” special resolution bylaw change interpretation, allows special resolutions under the old Society Act to continue under the new Societies Act, and clarifies that societies cannot alter unalterable provisions or reporting society provisions until a special resolution is passed or consented to after a transition application is filed.
This regulation clarifies what many members of the bar understood to be the transition process and interpretation of the new Societies Act. It is a welcome modification to the previous regulation, which only included a difficult to understand and interpret provision relating to the thresholds required of special resolutions which alter bylaws.
Photo by dvdmnk, used under a Creative Commons License. No changes were made to the original.