At the request of Charitable Gaming Centre Associations, we are once again sharing information on Annual General Meetings under COVID-19. This is frequently a time for AGMs to occur and financial statements to be completed. Due to COVID-19, it likely will not be possible to hold in-person meetings, and it may be difficult to have audited statements completed on time. There are special conditions that have been allowed by both the Ontario government and the Federal government for charities and not-for-profits faced with AGM deadlines.
Not-for-Profits Incorporated Under the Ontario Corporations Act (OCA)
Charitable Gaming Centre Associations in cGaming fall under the Ontario Corporations Act (OCA).
The OCA requires not-for-profits to hold an AGM within 15-months of the previous AGM or within 6-months of their fiscal year-end. As of July 29, 2020, the Ontario Emergency Order ended so AGMs should be held within 90 days of this date. For those not-for-profits whose AGMs fall within the first 30-days after the order is removed, they have a total of 120 days from the removal date to hold their AGM. Also, AGMs may be held virtually as long as by-laws do not prohibit this.
Not-for-Profits Incorporated Under the Canada Not-for-profit Corporations Act (CNCA)
For organizations incorporated under the Canada Not-for-profit Corporations Act (CNCA), also requires an AGM to be held within 15-months of the previous AGM or within 6-months of the fiscal year-end. However, to extend the time-frame for the AGM a request for an extension must be obtained from Corporations Canada. Also, a request must be made to Corporations Canada for delaying the filing of financial statements. AGMs may be held virtually as long as by-laws do not prohibit this.