Projet de loi PR8, Columbus Club of Sault Ste. Marie Act, 1999

Bill Pr8

Bill Pr81999

An Act respecting the Columbus Club of

Sault Ste. Marie Ltd.

Preamble

Columbus Club of Sault Ste. Marie Ltd. ("the Club") has applied for special legislation to enable it to become a corporation without share capital. The Club represents that it was incorporated under the laws of Ontario by letters patent dated May 7, 1915 as a corporation with share capital.

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:

Authorization

1. (1) An application by the Club under subsection 131 (1) (f) of the Corporations Act for conversion into a corporation without share capital shall be authorized by resolution of the board of directors.

Same

(2) Subsection 131 (3) of the Corporations Act does not apply with respect to an application described in subsection (1).

Reserve fund

2. The Club shall establish a reserve fund for the redemption of shares issued before the conversion of the Club into a corporation without share capital.

Commencement

3. This Act comes into force on the day it receives Royal Assent.

Short title

4. The short title of this Act is the Columbus Club of Sault Ste. Marie Act, 1999.

Columbus Club of Sault Ste. Marie Act, 1999

Bill Pr81999

An Act respecting the Columbus Club of

Sault Ste. Marie Ltd.

Preamble

Columbus Club of Sault Ste. Marie Ltd. ("the Club") has applied for special legislation to enable it to become a corporation without share capital. The Club represents that it was incorporated under the laws of Ontario by letters patent dated May 7, 1915 as a corporation with share capital.

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:

Authorization

1. (1) An application by the Club under subsection 131 (1) (f) of the Corporations Act for conversion into a corporation without share capital shall be authorized by resolution of the board of directors.

Same

(2) Subsection 131 (3) of the Corporations Act does not apply with respect to an application described in subsection (1).

Reserve fund

2. The Club shall establish a reserve fund for the redemption of shares issued before the conversion of the Club into a corporation without share capital.

Commencement

3. This Act comes into force on the day it receives Royal Assent.

Short title

4. The short title of this Act is the Columbus Club of Sault Ste. Marie Act, 1999.

EXPLANATORY NOTE

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