New order extends deadlines for federal businesses, not-for-profits and cooperatives during COVID-19
The Minister of Innovation, Science and Industry has issued an order to extend the deadlines for calling the annual general meeting (AGM) and presenting financial statements for federal business and not-for-profit corporations, as well as cooperatives. The order is retroactive to March 13, 2020, and ends on December 31, 2020. Corporations automatically qualify for the extensions and do not need to apply to Corporations Canada.
Calling annual general meetings
Under normal circumstances, federal business, not-for-profit corporations and cooperatives have to call an AGM within 15 months of the previous AGM, and no more than six months after the organization's last financial year-end. This order extends the time for calling the AGM to the shortest of the following two options:
- 21 months after the previous AGM and no more than 12 months after the last financial year-end; or
- December 31, 2020.
Presenting financial statements
Directors may now present financial statements to shareholders or members at the AGM no more than 12 months after the organization's last financial year-end. This extends the usual requirement by six months.
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