Monthly Archives - January 2017

What do you need to know if your dissolved Corporation stills holds title to real property? (The New Forfeited Corporate Properties Act)

On December 10, 2016, The Forfeited Corporate Property Act, 2015 (“FCPA”) came into force.  FCA introduced new changes to existing laws applicable to the process for dealing with the remaining property of corporations that have been dissolved. The FCPA also amends the Ontario Business Corporations Act (“OBCA”), the Ontario legislation governing the incorporation, operation and dissolution of Ontario corporations. Similar amendments have been introduced through FCPA to the Not-For-Profit Corporations Act. It seems the determination of the amendments is to make it easier for the Provincial Government to locate real property owned by Ontario corporations where the property has reverted to the Crown. Before the Amendments, Ontario corporations have benefited from a 20-year limitation period to reinstate their corporate status after dissolution. The 20-year limitation has always been matching with the equal time limited to recover real and personal property forfeited to the Crown. While this 20-year dealing applying for revival [...]

January 4, 2017 By Blog 0 Comments Read more...

New Record-Keeping requirements for Corporations – Ownership Interest in Real Property (Changes to Ontario Business Corporations Act)

On December 10, 2016, amendments to the Ontario Business Corporations Act (the “OBCA”) fame into effect that require all corporations incorporated under the OBCA to comply with the new record-keeping requirements with respect to its ownership interests in real property in Ontario. Seemingly, the amendments do not specify that this only applies to registered interests and therefore the amendments will be applicable to registered and beneficial interests of the Corporations in real property.  Ontario Corporations who hold a beneficial interest in real property pursuant to a joint tenancy or joint ownership agreement, or who appoint a trustee corporation to hold legal title to real property, will take notice of these new requirements and obtain a copy of the required documents from the Director, Officer or trustee corporation, even though the registered holder is not incorporated under the OBCA. Unambiguously, Corporations that hold an interest in real property located in Ontario are [...]

January 3, 2017 By Blog 0 Comments Read more...