EXPLANATORY NOTE

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

Bill PR22 2019

An Act to revive Olympic Floor Cleaning Inc.

Preamble

John Nikitas has applied for special legislation to revive Olympic Floor Cleaning Inc. The applicant represents that he was the president and sole shareholder of the corporation when it was dissolved. The corporation was dissolved under the Business Corporations Act on November 20, 2017 pursuant to articles of dissolution. The applicant would like to revive the corporation in order to deal with certain property that was held in the corporation’s name at the time of the dissolution.

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 Olympic Floor Cleaning Inc. 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 Olympic Floor Cleaning Inc. Act, 2019.