Non-Profit Finances and Borrowing (Societies Act FAQs)

Societies Act FAQs
This page is from the Societies Act FAQs. See the full contents.
Contents
Part 1: Incorporate a Non-Profit
Societies, Charities, and Federal NFPCs Set up a Societies Online Account Choose a Name Draft a Constitution Draft Bylaws Select Applying Directors Member-Funded Societies
Part 2: Manage a Non-Profit
Member Rights and Participation Meetings of Members (AGM, SGM) Directors Meetings of Directors Senior Managers and Officers Recordkeeping & Privacy Finances & Borrowing Audits & Auditor Seal
Part 3: Dissolve a Non-Profit
Dissolution Process
Appendices
Transition
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v • d • e

What are debentures?

A debenture is a debt instrument used to raise capital. Debentures are typically used to raise short term capital for specific purposes (for instance an upcoming expansion). Debentures are “unsecured” by collateral or assets, and are generally backed up by the creditworthiness of the borrower. Under the new Act, societies can borrow funds and issue debentures whenever the directors determine, unless it is prohibited by the bylaws. Under the current Society Act a special resolution was required for a society to issue a debenture. A society that wishes to can continue to limit the borrowing powers of the Board in its bylaws.

v • d • e Societies Act FAQs

Societies, Charities, and Federal NFPCs	What is a society? · What is a charity? · What is a Federal Not-For-Profit Corporation? · Federal NFPCs vs BC Societies

Set up a Societies Online Account	What is BCeID? · What is Societies Online? · How to set up a BCeID Account · How to incorporate a new non-profit · How to access an existing non-profit · How to get a registry key

Choose a Name	How to submit a name request · Society or Association in Name · Using BC in Name

Draft a Constitution	What is a constitution? · Can anything else be in the constitution? · Can the constitution be changed? · What purposes are allowed?

Draft Bylaws	What are bylaws? · What goes in the bylaws? · Using Model Bylaws · Can we write our own bylaws?

Select Applying Directors	Can I apply for incorporation on my own? · Does the registered office need to be staffed?

Member-Funded Societies	What is a member-funded society? · Who can become a member-funded society? · Should we become a member-funded society?

Member Rights and Participation	What are members' rights? · Can anyone become a member?

Meetings of Members (AGM, SGM)	Statutory Requirements · Notice · Quorum · Meeting Rules · Electronice Participation · Member Proposals · Voting & Resolutions · Amending the Bylaws & Constitution · Elections

Directors	Director Eligibility · Director Duties · Director Liability · Paying Directors · Conflicts of Interest · Employing Directors · Lawyers on Boards · Meetings & Consent Resolutions

Senior Managers and Officers	What are senior managers? · Directors vs Officers · Do we need a secretary or treasurer?

Recordkeeping & Privacy	Official Records · Access to Records · Do we need a privacy policy?

Finances & Borrowing	Can we run a business? · What are debentures? · Financial Statements · Accounting Records

Audits & Auditor	Do we need an auditor? · How to appoint an auditor · Who can be an auditor? · What is a review engagement?

Seal	Do we need a seal?

Dissolution Process	How to dissolve a non-profit · What is a qualified recipient?

Appendices	Transition Guide

Non-Profit Finances and Borrowing (Societies Act FAQs)

What are debentures?

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