EXPLANATORY NOTE

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

Bill PR49 2024

An Act to revive Gilda Investments Limited

Preamble

Gilda Lucy Price has applied for special legislation to revive Gilda Investments Limited. The applicant represents that her late mother, Hanka Ann Hilary, was the sole director and shareholder of the corporation when it was dissolved. The applicant further represents that she is the executor of the estate of the late Hanka Ann Hilary. The corporation was dissolved under subsection 241 (4) of the Business Corporations Act on January 21, 1995 for failure to comply with the Corporations Information Act. The applicant represents that the default was inadvertent and that business has been carried on in the name of the corporation despite the dissolution. 

It is appropriate to grant the application.

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

Corporation revived

1 Gilda Investments Limited is revived and is, subject to any rights acquired by any person after its dissolution, restored to its legal position, including all its property, rights, privileges and franchises 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.

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 Gilda Investments Limited Act, 2024.