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 parts apply and you have to figure out what sections apply, where, and how it works.
It's incredibly impractical. The average person cannot read and figure it out. Getting a new statute that clearly applies to non-share capital corporations that can be used for non-profit purposes is a very worthwhile objective and initiative.