EXPLANATORY NOTE

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

Bill PR41 2021

An Act to revive 2560462 Ontario Ltd.

Preamble

Jiacheng Diao has applied for special legislation to revive 2560462 Ontario Ltd. The applicant represents that he was a director of the corporation at the time of dissolution. The corporation was dissolved under the Business Corporations Act on September 28, 2018 for failure to comply with subsection 118 (3) of that Act. The applicant would like to revive the corporation in order to deal with certain outstanding tax matters relating to the corporation and to carry on business in the name of the 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 2560462 Ontario Ltd. 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 2560462 Ontario Ltd. Act, 2021.