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…
Month: June 2016
Senior Managers: What are they?
The new Societies Act introduces “senior managers”, individuals who are appointed by the Board of Directors to manage the activities and internal affairs of a society, or a principal unit of it. Senior manager is a legal status, and does not affect employment rights. One can only be appointed as a senior manager by the society’s Board of directors, and must meet the qualifications which apply to directors of the society under the Act, and any other conditions or restrictions on their appointment as set out in the bylaws. It…