Marginal note:Unknown claimants
227. (1) On the dissolution of a body corporate under this Act, the portion of the property distributable to a creditor or shareholder who cannot be found shall be converted into money and paid to the Receiver General.
Marginal note:Constructive satisfaction
(2) A payment under subsection (1) is deemed to be in satisfaction of a debt or claim of such creditor or shareholder.
(3) A person who establishes an entitlement to any moneys paid to the Receiver General under this Act shall be paid by the Receiver General an equivalent amount out of the Consolidated Revenue Fund.
- R.S., 1985, c. C-44, s. 227;
- 2001, c. 14, s. 135(E).
Marginal note:Vesting in Crown
228. (1) Subject to subsection 226(2) and section 227, property of a body corporate that has not been disposed of at the date of its dissolution under this Act vests in Her Majesty in right of Canada.
Marginal note:Return of property on revival
(2) If a body corporate is revived as a corporation under section 209, any property, other than money, that vested in Her Majesty pursuant to subsection (1), that has not been disposed of shall be returned to the corporation and there shall be paid to the corporation out of the Consolidated Revenue Fund
(a) an amount equal to any money received by Her Majesty pursuant to subsection (1); and
(b) where property other than money vested in Her Majesty pursuant to subsection (1) and that property has been disposed of, an amount equal to the lesser of
(i) the value of any such property at the date it vested in Her Majesty, and
(ii) the amount realized by Her Majesty from the disposition of that property.
- 1974-75-76, c. 33, s. 221;
- 1978-79, c. 9, ss. 1(F), 70.
229. (1) A security holder or the Director may apply, ex parte or on such notice as the court may require, to a court having jurisdiction in the place where the corporation has its registered office for an order directing an investigation to be made of the corporation and any of its affiliated corporations.
(2) If, on an application under subsection (1), it appears to the court that
(a) the business of the corporation or any of its affiliates is or has been carried on with intent to defraud any person,
(b) the business or affairs of the corporation or any of its affiliates are or have been carried on or conducted, or the powers of the directors are or have been exercised in a manner that is oppressive or unfairly prejudicial to or that unfairly disregards the interests of a security holder,
(c) the corporation or any of its affiliates was formed for a fraudulent or unlawful purpose or is to be dissolved for a fraudulent or unlawful purpose, or
(d) persons concerned with the formation, business or affairs of the corporation or any of its affiliates have in connection therewith acted fraudulently or dishonestly,
the court may order an investigation to be made of the corporation and any of its affiliated corporations.
Marginal note:Notice to Director
(3) A security holder who makes an application under subsection (1) shall give the Director reasonable notice thereof and the Director is entitled to appear and be heard in person or by counsel.
Marginal note:No security for costs
(4) An applicant under this section is not required to give security for costs.
Marginal note:Hearings in camera
(5) An ex parte application under this section shall be heard in camera.
Marginal note:Consent to publish proceedings required
(6) No person may publish anything relating to ex parte proceedings under this section except with the authorization of the court or the written consent of the corporation being investigated.
- R.S., 1985, c. C-44, s. 229;
- 2001, c. 14, ss. 113(F), 135(E).
- Date modified: