EXPLANATORY NOTE

The purpose of the Bill is set out in the Preamble.

Bill PR63 2022

An Act to revive Superior Corporate Services Limited

Preamble

Mary Kathleen Young has applied for special legislation to revive Superior Corporate Services Limited. The applicant represents that they are the executor and trustee of the estate of Bruce Malcolm Young, who was the director and sole shareholder of the corporation when it was dissolved. The corporation was dissolved under the Business Corporations Act on January 31, 1989 for failure to comply with the Corporations Tax Act. The applicant would like to revive the corporation in order to commence an action on behalf of the dissolved corporation.

It is appropriate to grant the application.

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Corporation revived

1 Superior Corporate Services Limited is revived and is, subject to any property, rights, privileges and franchises acquired by any person after its dissolution, restored to its legal position and subject to all its liabilities, contracts, disabilities and debts, as of the date of its dissolution, in the same manner and to the same extent as if it had not been dissolved, except that any property, rights, privileges or franchises that forfeited to and vested in the Crown upon dissolution, apart from those acquired by any person after its dissolution, remain forfeited to and vested in the Crown and shall not be returned to Superior Corporate Services Limited except in a manner provided in the Forfeited Corporate Property Act, 2015, the Escheats Act, 2015 or the Mining Act or as otherwise directed by the Ontario Superior Court of Justice.

Commencement

2 This Act comes into force on the day it receives Royal Assent.

Short title

3 The short title of this Act is the Superior Corporate Services Limited Act, 2022.