On November 14th, Bill 154 received Royal Assent. As noted previously, this omnibus bill made changes to the Corporations Act (Ontario), to social investment provisions in the Charities Accounting Act (Ontario), and other statutes. Some of the more significant changes to the Not-For-Profit Corporations Act, 2010 (“ONCA”) are reported here, none of which are in force today but will be when ONCA comes into force. As you may recall, ONCA was passed in 2010, but it will only come into force on a day to be named. The government plans to bring the ONCA in force in early 2020.
The new requirements may be particularly onerous for corporations like home–builders or condominium developers, or any other corporation which may have hundreds or thousands of ownership interests in land.
Stock options and stock grants have become normal and expected elements of executive compensation in Canada. Stock options are generally granted to executive employees as a means of creating a common purpose or goal between senior employees and the company. The valuation of these options, and the employee’s entitlement to exercise them, has been an issue in many wrongful dismissal actions.
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