B.C. Registry Services has announced that, effective July 29, 2013, a new corporate entity can be incorporated in B.C., the community contribution company.
The CCC is a new hybrid type of corporation that allows socially beneficial purposes to be combined with a restricted ability to distribute profits to shareholders. The CCC will be incorporated with the flexibility and certainty of a regular company but will primarily benefit the community by investment in the social enterprise sector.
A community contribution company must have the words “community contribution company” or “CCC” in its name in order to be incorporated. In its articles, it also must have both socially beneficial purposes and a statement restricting the distribution of profits to the shareholders because it has socially beneficial purposes.
For a complete overview of the legislation creating the CCC, please refer to Bill 23 – 2012, Finance Statutes Amendments Act, 2012. Section 8 adds Part 2.2 – Community Contribution Companies to the Business Corporations Act.