Industry committee  There are differences between soliciting corporations and non-soliciting corporations mainly in the areas of financial audit requirements--there's a significant difference there--and the makeup of the board of directors. I'm probably forgetting one or two things. The main diffi

Industry committee  I would think that one of the positive things about this legislation is that it takes us out of the realm of an entity. If they don't just do exactly what's described in their objects, then somehow they don't have the legal authority to do it. That is gone with this legislation.

Industry committee  There is a definition of a not-for-profit corporation in the Income Tax Act. The concept of this legislation is non-share capital, meaning members don't have equity in the corporation, with the exception of private golf clubs; they fit in. The requirement of what you can do to be

Industry committee  This is history before my time, but I believe the original act was actually designed to govern all types of corporations. What's cumbersome about it is that some of that was taken out when we passed for-profit corporation legislation. We now have a statute of which only some part

Industry committee  That aspect of the bill is not what is being questioned. There are a few sections--I apologize, I don't have the specific sections, but we can get them to you--where it says that those 150,000 non-voting members have the right to vote about a particular decision. It's questioning

Industry committee  They don't follow the ongoing operation of an entity. They don't vote. This would give them the right to basically veto a decision of the board and the voting membership if they didn't like it. That's what we're questioning. Those are just very specific sections in the act.

Industry committee  We would be happy to do that for you.

Industry committee  Okay.

Industry committee  Thank you.

Industry committee  Between the two organizations, this may be the one consistency, I guess. But the other piece that there was some talk about was the soliciting corporation.

Industry committee  Unless they're very closely held.... There would be a few instances when they wouldn't, but the way it's broadly worded, it appears most would. So why do we need both?

Industry committee  If it's a public benefit organization, a charity, those assets are public; they're not yours. You're supposed to be accountable to the public whether you're a soliciting corporation or not.

Industry committee  My take on it is that if somebody wants to money-launder, they will always find a way. Whether it's this statute or some other statute or finding a way, they will find one. I'm not sure the law can be structured to ensure that this doesn't happen in any kind of scenario. I don't

Industry committee  I would just add that, to be a charity, they would also have to get the approval of the Canada Revenue Agency. So there may be a rush of people trying to incorporate, but whether they'd get through the charitable status is....

Industry committee  It's difficult to imagine. To my mind, when I look at the statute and I see that it might create greater debates between members and directors, my fear is that there will be fewer people willing to stand. There will be a fear that they will be accountable to the whim of someone's