Bill PR68, James Guy Limited Act, 2017

Bill PR68 2017

An Act to revive James Guy Limited

Preamble

Royal Trust Corporation of Canada has applied for special legislation to revive James Guy Limited. The applicant represents that it is the estate trustee with a will of the estate of Harold James Guy, who was a director and shareholder of the corporation when it was dissolved. The corporation was dissolved under the Business Corporations Act on October 1, 1990 for failure to comply with the Corporations Tax Act. The applicant would like to revive the corporation in order to deal with certain property owned by the corporation at the time of its 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 James Guy 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 James Guy Limited Act, 2017.

EXPLANATORY NOTE

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

Bill PR68 2017

An Act to revive James Guy Limited

Preamble

Royal Trust Corporation of Canada has applied for special legislation to revive James Guy Limited. The applicant represents that it is the estate trustee with a will of the estate of Harold James Guy, who was a director and shareholder of the corporation when it was dissolved. The corporation was dissolved under the Business Corporations Act on October 1, 1990 for failure to comply with the Corporations Tax Act. The applicant would like to revive the corporation in order to deal with certain property owned by the corporation at the time of its 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 James Guy 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 James Guy Limited Act, 2017.