p43 s1 bill pr25 Pr25 e.pdf

Ontario — Bills

1ST SESSION, 43RD LEGISLATURE, ONTARIO CHARLES III, 2023 Bill Pr25

An Act to revive Superior Corporate Services Limited Mr. J. Fraser Private Bill 1st Reading May 10, 2023 2nd Reading 3rd Reading Royal Assent Bill Pr25

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, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: Corporation revived Superior Corporat e Services Limited is revived and is, subject to any property, rights, privileges or 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 the 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.

Indemnification of Crown 2

(1) Subject to subsection (2), Superior Corporate Services Limited shall indemnify the Crown and any officer, employee or agent of the Crown, including the Public G uardian and Trustee, in respect of damages, costs or other losses incurred by the Crown as a direct or indirect result of any proceeding or claim relating to any disposition or purported disposition of any of Superior Corporate Services Limited’s property, rights, privileges or franchises that occurred during the period that Superior Corporate Services Limited was dissolved, including any such proceeding or claim commencing or arising before or after the revival of Superior Corporate Services Limited.

Indemnity court review, direction

(2) Any indemnity granted under subsection (1) is subject to review and direction by a court of competent jurisdiction, and the court shall retain its jurisdiction to approve, void, terminate or modify the indemnity on terms it considers just. Commencement This Act comes into force on the day it receives Royal Assent.

Short title The

short title of this Act is the Superior Corporate Services Limited Act, 2023. ______________ EXPLANATORY NOTE The purpose of the Bill is set out in the

Preamble.

Document details

Collection	Ontario — Bills
Citation	p43 s1 bill pr25 Pr25 e.pdf
Type	bill
Volume / chapter	p43 s1 bill pr25 Pr25 e.pdf
Language	en
Format	json
Source	PROVINCIAL
Identifier	19ef9645b037522be12ebb87e7ba3231b11f7730

Source file is stored in the law ingest library (json).