I thank the member.
The member and I actually met in Halifax last year and we had a good conversation there. I'm very pleased that she's now a colleague.
As soon as the act is passed, a notice will be sent by the director of corporations to all active part II Canada Corporations Act corporations, and that's when the three-year transition period starts. Everyone will get a notice and everyone has three years to make the transition.
All a corporation will have to do to continue under the new act is simply file an application. There will be no fee for corporations to transfer to the new legislation and the notice will contain all the necessary information. In other words, you get information about how to make the transition at the time the notice is sent out that there's a new regime in place. The notice that will be sent out will give complete information to the corporations you mentioned on what they have to do to make the transition. They have three years and no cost to do it. So I think it will be relatively easy.