EXPLANATORY NOTE

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

Bill PR44 2024

An Act to revive 2038778 Ontario Ltd.

Preamble

John E. Ruddy has applied for special legislation to revive 2038778 Ontario Ltd. The applicant represents that he was the sole director and shareholder of the corporation when it was dissolved. The corporation was voluntarily dissolved under the Business Corporations Act on February 8, 2019 pursuant to articles of dissolution. The applicant represents that he would like to revive the corporation in order to deal with certain real property held in the name of a third party on behalf of the corporation, which in turn held it in trust for another party.

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

1 2038778 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 2038778 Ontario Ltd. Act, 2024.