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Industry committee I believe we have the 2005 one. Yes, we have a summary of the 2005 one, which was conducted by Corporations Canada.
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee We had an indication that it might be the case, but we haven't seen a notice of meeting.
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee If you make everybody a soliciting corporation or put them.... First of all, there are only about five rules that are different between the two. A soliciting corporation must have three directors. A non-soliciting corporation can have one. A soliciting corporation has to file it
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee What I'm saying is that if you make everybody soliciting, you're increasing the burden upon non-soliciting corporations.
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee Allow me to back up a bit. A soliciting corporation is actually easier to define. A soliciting corporation is a corporation that receives money from the public, or from a government grant of any level of government, or from another corporation that receives money from the public
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee The bill is very similar, if not exact, to the Canada Business Corporations Act and the Canada Cooperatives Act in that the act itself does not define what the accounting standards are. It really doesn't care. But to the extent that there's a coexistence of corporate entities wit
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee Again, notwithstanding the acts that were cited by the CGAs, it's consistent with other corporate statutes administered by Industry Canada.
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee It's $50,000 and lower that one need not do an audit. First, there are member remedies. The financial statements have to be provided to members, even though they're not audited. This $50,000 would be for soliciting corporations. Those financial statements, even though they may n
March 31st, 2009Committee meeting
Wayne Lennon
Industry committee I'll just say that the act is not intended to have a direct impact on the day-to-day operations of any given corporation. It's a framework law. It sets the broadest parameters for their organization, the relationships between the officers, the directors, their members; a number o
March 5th, 2009Committee meeting
Wayne Lennon
Industry committee There will be model articles provided, model bylaws. The Corporations Canada website, which Coleen can better speak to than I, will be a useful tool for any corporations that are going to be transitioning into this bill.
March 5th, 2009Committee meeting
Wayne Lennon
Industry committee The act is pretty open-ended; it doesn't restrict any method of communication. It does allow the corporations itself to choose the method of communication with the government. As technology evolves, they can use whatever mechanisms are available to them. It's not restrictive in t
March 5th, 2009Committee meeting
Wayne Lennon
Industry committee As the minister said, the filings can be handled electronically. Communications between the corporation and its members can be handled electronically, if the corporation and the members so desire. There's nothing in the act that compels them to do that, but it does permit it. For
March 5th, 2009Committee meeting
Wayne Lennon
Industry committee Under the current law, soliciting corporations, and all corporations, are required to have their financial statements audited, but they're not required to give them to members; they only have to give them a summary or a statement of the financial situation of the corporation. S
March 5th, 2009Committee meeting
Wayne Lennon
Industry committee If you mean the difference between soliciting and non-soliciting, the bill actually does give only minimal standards. There are only five differences between soliciting and non-soliciting corporations. Soliciting corporations have to have three directors instead of one; non-sol
March 5th, 2009Committee meeting
Wayne Lennon