BCREA’s Position on Society Act Reform
Although still a serviceable piece of legislation for the most part, the Society Act is outdated in some respects and in need of revisions to bring it more in line with modern corporate governance standards and practices. In recent years, BCREA has participated in three consultations about reforming the Society Act. The last two consultations have been initiated by the Financial and Corporate Sector Policy Branch, in the Ministry of Finance; the most recent concluded on October 15, 2014.
In May 2015, Bill 24: Societies Act received Royal Assent. The modernized legislation will better serve the wide variety of societies in this province, and demonstrates the diligence and responsiveness with which advance consultation was undertaken. The Societies Act and regulations took effect on November 28, 2016, and are available through www.bclaws.ca.