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NEWS RELEASE

For Immediate Release
2009FIN0022-000781

December 17, 2009

Ministry of Finance

 

 

PROVINCE LAUNCHES REVIEW OF SOCIETY ACT

 

VICTORIA – The Province is embarking on a review of British Columbia’s Society Act to modernize and update the statute that provides rules for the registration and governance of not-for-profit organizations in B.C., Finance Minister Colin Hansen announced today.

 

“As part of the review, we’re inviting input from the more than 26,000 societies registered in B.C.,” said Hansen. “I encourage them and anyone else with interest in the legislation to take part. Their feedback will help determine what changes need to be made.”

 

This review forms part of the Province’s ongoing revision of important framework statutes in the corporate, commercial, real estate, and financial services sectors. In recent years, this process has resulted in several pieces of new or revised legislation.

 

Although the Society Act has occasionally been amended, it is outdated and in need of revision. There has been no comprehensive revision of the act since 1977. Other corporate statutes such as the Business Corporations Act, which governs companies, and the Cooperative Association Act, which governs cooperatives, have been completely rewritten within the last decade.

 

The review will address two fundamental structural questions. The first concerns the nature of the corporate model most appropriate for societies and whether a sophisticated business law framework should be adopted. The second issue concerns the extent to which the act should contain regulatory provisions or other rules that constrain the operation of societies. The deadline for feedback on the first phase of the review is April 1, 2010.

 

British Columbians are invited and encouraged to participate by providing their comments via the following methods:

 

Email: fcsp@gov.bc.ca

 

Mail:

Financial and Corporate Sector Policy Branch

Ministry of Finance

PO Box 9418 Stn Prov Govt

Victoria, B.C.  V8W 9V1

 

Phone: 250 387-1269


 

 

For more information, please visit http://www.fin.gov.bc.ca/society_act_review.htm.

 

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Media Contact:

 

Jamie Edwardson

Communications Manager

Ministry of Finance

250 356-9872

 

For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca.