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Bill PR25, Superior Corporate Services Limited Act, 2023

Fraser, John

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Status

Original

Bill PR25 Original (PDF)

EXPLANATORY

NOTE

The

purpose of the Bill is set out in the

Preamble.

Bill PR25 2023

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.

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

Corporate 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

(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

Guardian 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 .

Date Bill stage Event Outcome Committee

May 30, 2023

First Reading

Report adopted

May 30, 2023

First Reading

Report recommended that the Bill be not reported

Standing Committee on Procedure and House Affairs

May 30, 2023

First Reading

Consideration of a Bill

Standing Committee on Procedure and House Affairs

May 15, 2023

First Reading

Ordered referred to Standing Committee

Standing Committee on Procedure and House Affairs

May 15, 2023

First Reading

Order for Second Reading discharged

May 10, 2023

First Reading

Ordered for Second Reading

May 10, 2023

First Reading

Vote

Carried

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