In Virc v. Blair, a recently decided Ontario Court of Appeal case, the Court considered the requirement to make full financial disclosure prior to signing a separation agreement and the parties’ respective obligations to investigate the veracity of said financial disclosure.
Virc was initially decided on a summary judgment motion. The parties had executed a separation agreement which purported to conclusively deal with all support and property issues. Two years later, and after the completion of several business courses, the wife came to the realization that the deal might have been improvident and brought an application to have the agreement set aside. The husband moved for and was granted summary judgment against the wife. Of chief concern to the motion judge was the fact that the wife had apparently failed to question and investigate the financial disclosure that had been provided by the husband during the negotiations.
As it turned out, there was evidence that the husband had inflated the value of his assets at the date of marriage by at least $8,909,292. But
In an effort to modernize its statutes and processes, the Government of Canada has brought about wholesale changes to the Canada Not-For-Profit Corporations Act (“the new NFP Act”). All federal not-for-profit corporations must complete the process to transition to the new rules no later than October 17th, 2014. Any not for profit corporation which fails to make the transition will be automatically dissolved.
The actual transition process itself is straight-forward. A not-for-profit corporation must seek a Certificate of Continuance pursuant to the new NFP Act. This process is similar to the original incorporation process but instead of seeking to be re-incorporated, not for profit corporations (“NFPs”) must instead seek to continue operating under to the new act and obtain a Certificate of Continuance from the federal Government. There is no fee to apply for a Certificate of Continuance.
The new NFP Act requires the creation of new articles. Some of the provisions from an NFP’s previous letters patent, such as the name of the NFP, classes of members of the NFP, and the maximum/minimum