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…
Tag: transition application
Regulations: New Societies Transitional Regulation released
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.
Transition: What to know now
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.