The existing societies legislation is outdated. It is being modernized and replaced by a completely new statute and regulations. The new societies legislation will align with modern regulatory approaches in Canada. It will also provide societies with greater accountability and
increased ability to manage their own affairs, by providing clear direction on requirements, duties, and obligations.
The Corporate Statutes Amendment Act, received assent in Dec 2020, amended the new 2018 Societies Act, along with the new regulations, is hoped to be proclaimed on Feb 15, 2021.
