The answer is that you don't have to do both, and you shouldn't do both. There are already securities transfer laws passed recently in the various provinces, starting in 1990, and in 2007 in Ontario and Alberta. All the other provinces have now come on board, except for a couple of maritime provinces and the territories.
Securities transfers are dealt with as property. They're instruments or property transferred in the system. As with personal property security laws, that's provincial law.
This bill proposes to take a part of that, a slice of the not-for-profit corporations, and treat that as federal law. Transferable membership interests remain in provincial law, but these transferable debt obligations of federal instruments--you wouldn't even be able to know that it is a federal issuer of this debt obligation, since it has the same name as a provincial one--are going to be treated both under this federal law and under the more modernized provincial law, which makes no sense.