Difference between revisions of "Transition (Societies Act FAQs)"

Transition (Societies Act FAQs) (view source)

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 When you transition has no effect on when the provisions in the new Societies Act take effect. The changes in the new Act take effect when the new Act takes effect, on November 28, 2016. These changes happen all at once for all societies across BC - the changes are not implemented on a society-by-society basis as each society transitions.Here are some of the changes that will take effect when the new Act comes into effect on November 28, 2016:
-*the default for passing of a special resolution (not a majority vote) will change from 75% to 2/3rds. **However, keep in mind that if your bylaws currently require a 75% threshold to pass a special resolution, this will still be the standard for your society despite the lowered threshold in the new Act.
+*the default for passing of a special resolution (not a majority vote) will change from 75% to 2/3rds.
+**However, keep in mind that if your bylaws currently require a 75% threshold to pass a special resolution, this will still be the standard for your society despite the lowered threshold in the new Act.
 *The requirement for new financial statement disclosure
 **Your financial disclosures will have to be included on your financial statements as soon as the new Act is in force, even before you transition.