ONCA

The Ontario Not-for-Profit Corporations Act (ONCA) specifies rules in Section 98 about the viewing and copying financial statements. The act emphasizes the importance of maintaining and providing access to financial statements within the context of nonprofit corporations.

The requirement to retain financial statements: According to Section 98(1), the corporation must keep a copy of the financial statements of its subsidiaries and any combined corporate body at its principal office.  

Members' entitlement to inspect: Section 98(2) states that corporation members can access these financial statements for free during regular office hours. Additionally, they can make copies or take parts of it if they request to do so.

Remote Access: Section 98(2.1) allows a corporation to permit members to access financial statements online or through technology without charging them (Section 98(2.2)).

Notification of court request - The corporation must inform the individual requesting to review the financial statements about an application made under subsection (3), and the individual has the right to present themselves and speak in person or through legal representation. 98 (4).

Exception for Subsidiary Corporations: Section 98(5) makes an exception for subsidiary corporations. They are not required to follow these rules if their financial statements are already included with the leading corporation's accounts.

Conclusion:

The Ontario Not-for-Profit Corporations Act establishes crucial regulations to ensure transparency and accountability in nonprofit corporations by requiring the retention of financial statements, granting members free access to examine them during regular hours or remotely through technology without charges, offering a legal avenue for corporations to seek court orders to prevent examination if it poses harm within 15 days, mandating notification to the person making the request and providing an exemption for the subsidiary corporations if their financial statements are already included in consolidated form within the accounts of the holding corporation.

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