An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act (S.C. 2018, c. 8)
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Assented to 2018-05-01
PART 1Corporate Governance (continued)
R.S., c. C-44; 1994, c. 24, s. 1(F)Canada Business Corporations Act (continued)
Marginal note:2001, c. 14, s. 135 (Sch., s. 61)(E)
25 Subsections 187(8) and (9) of the Act are replaced by the following:
Marginal note:Issued shares
(8) Subject to subsections (9) and 49(8), a share of a body corporate issued before the body corporate was continued under this Act is deemed to have been issued in compliance with this Act and with the provisions of the articles of continuance irrespective of whether the share is fully paid and irrespective of any designation, rights, privileges, restrictions or conditions set out on or referred to in the certificate representing the share. Continuance under this section does not deprive a holder of any right or privilege that the holder claims under, or relieve the holder of any liability in respect of, an issued share.
Marginal note:Convertible shares
(9) If a corporation continued under this Act had, before it was so continued, issued a share certificate in registered form that is convertible to bearer form, the corporation shall not, if a holder of such a share certificate exercises the conversion privilege attached to the certificate, issue a share certificate in bearer form.
Marginal note:2001, c. 14, s. 97
26 Section 193 of the French version of the Act is replaced by the following:
Marginal note:Opérations de fermeture
193 La société peut effectuer une opération de fermeture. Toutefois, si l’éventuelle législation provinciale en matière de valeurs mobilières s’applique dans son cas, elle ne peut le faire à moins de s’y conformer.
Marginal note:1992, c. 27, par. 90(1)(h); 2001, c. 14, ss. 101(1) and (2)(E)
27 Section 208 of the Act is replaced by the following:
Marginal note:Application of Part
208 (1) This Part, other than sections 209 and 212, does not apply to a corporation that is an insolvent person or a bankrupt as those terms are defined in section 2 of the Bankruptcy and Insolvency Act.
Marginal note:Staying proceedings
(2) Any proceedings taken under this Part to dissolve or to liquidate and dissolve a corporation shall be stayed if the corporation is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in section 2 of that Act.
Marginal note:2009, c. 23, s. 310
28 (1) Subsection 209(1) of the Act is replaced by the following:
Marginal note:Revival
209 (1) When a corporation or other body corporate is dissolved under this Part, section 268 of this Act, section 261 of the Canada Business Corporations Act, chapter 33 of the Statutes of Canada, 1974-75-76, or subsection 297(6) of the Canada Not-for-profit Corporations Act, any interested person may apply to the Director to have the dissolved corporation or other body corporate revived as a corporation under this Act.
Marginal note:2001, c. 14, s. 102
(2) The portion of subsection 209(3) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Certificat de reconstitution
(3) À la réception des clauses de reconstitution, le directeur délivre un certificat de reconstitution au titre de l’article 262 si :
Marginal note:2001, c. 14, s. 102
(3) Paragraph 209(3)(a) of the Act is replaced by the following:
(a) the dissolved corporation or other body corporate has fulfilled all conditions precedent that the Director considers reasonable; and
Marginal note:2001, c. 14, s. 102
(4) Paragraph 209(3)(b) of the French version of the Act is replaced by the following:
b) d’autre part, il n’y a aucun motif valable d’en refuser la délivrance.
Marginal note:2001, c. 14, s. 102
(5) Subsection 209(3.1) of the Act is replaced by the following:
Marginal note:Date of revival
(3.1) The dissolved corporation or other body corporate is revived as a corporation under this Act on the date shown on the certificate of revival.
Marginal note:2001, c. 14, s. 102
(6) The portion of subsection 209(4) of the Act before paragraph (a) is replaced by the following:
Marginal note:Rights and obligations preserved
(4) Subject to any reasonable terms that may be imposed by the Director, to the rights acquired by any person after its dissolution and to any changes to the internal affairs of the corporation or other body corporate after its dissolution, the revived corporation is, in the same manner and to the same extent as if it had not been dissolved,
Marginal note:2001, c. 14, s. 102
(7) Paragraphs 209(6)(a) to (d) of the Act are replaced by the following:
(a) a shareholder, a director, an officer, an employee and a creditor of the dissolved corporation or other body corporate;
(b) a person who has a contract — other than, in Quebec, a contract by gratuitous title — with the dissolved corporation or other body corporate;
(c) a person who, although at the time of dissolution of the corporation or other body corporate was not a person described in paragraph (a), would be such a person if a certificate of revival is issued under this section; and
(d) a trustee in bankruptcy or liquidator for the dissolved corporation or other body corporate.
Marginal note:2001, c. 14, s. 105(2)
29 Paragraph 212(2)(b) of the French version of the Act is replaced by the following:
b) d’avoir publié un avis de son intention dans une publication destinée au grand public.
Marginal note:2001, c. 14, s. 106
30 Paragraph 213(4)(b) of the French version of the Act is replaced by the following:
b) d’intention de dissolution, s’il s’agit d’une ordonnance de liquidation et de dissolution sous la surveillance du tribunal; il en fait publier un avis dans une publication destinée au grand public.
31 Paragraph 221(e) of the English version of the Act is replaced by the following:
(e) keep accounts of the moneys of the corporation received and paid out by the liquidator;
32 Subsection 225(1) of the Act is replaced by the following:
Marginal note:Custody of documents
225 (1) A person who has been granted custody of the documents and records of a dissolved corporation remains liable to produce those documents and records until the end of the prescribed period or of any shorter period fixed by an order made under subsection 223(5).
Marginal note:2001, c. 14, s. 114(2)
33 The portion of subsection 235(3) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Publication
(3) Le directeur publie dans une publication destinée au grand public les renseignements qu’il a obtenus en vertu du présent article lorsque les conditions ci-après sont réunies :
Marginal note:2001, c. 14, s. 115
34 Subsection 237.7(4) of the French version of the Act is replaced by the following:
Marginal note:Définition de marché organisé
(4) Pour l’application du présent article, marché organisé s’entend d’une bourse reconnue à laquelle est cotée la catégorie de valeurs mobilières ou d’un marché qui publie régulièrement le cours de cette catégorie dans une publication destinée au grand public.
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