I'd like to take my turn.
My question is one I have asked everyone who has appeared before us recently. The new bill does not contain anything defining what a not-for-profit corporation is. People can say whatever they like, they don't even have to say anything, because they don't need a definition in section 4.
The minister told us that it had become easy to create non-profit corporations, there are far fewer hurdles to overcome to form such an organization. If someone applies to create a not-for-profit corporation, he can get authorization to set it up without having to define its precise purpose.
Witnesses have since told us that, if a body has an operating budget of less than $25,000, no investigation is made and no one will audit the books. Awhile ago, I understood that, if a not-for-profit corporation ceases to exist, the assets can be redistributed to the members or to the corporation without share capital. The money can be taken back.
If someone wants to launder some money, he can take the $25,000 and do what he wants with it, since there won't be an audit. If he dissolves the corporation, he can distribute the money to the members, if there are any. If he is the only one occupying all the positions, he takes the money back and that's that, no one will audit his books.
Could this sort of situation arise?