Learn what the new provisions mean.
Ontario’s new Forfeited Corporate Property Act, 2015 ("FCPA"), which addresses what happens to forfeited corporate property once a corporation is dissolved,comes into effect on December 10, 2016(Note: there is a two year grace period prior to the requirement coming into full effect). This law will effectively amend a number of related statutes, including the Ontario Business Corporations Act ("OBCA"), the Corporations Act ("OCA"), as well as the Ontario Not-for-Profit Corporations Act ("ONCA").
Under the new provisions, allcorporationswill be required to keep an updated register of any ownership interests in real property. Where relevant, the required real estate information should also be passed on to any law firm responsible for the maintenance of the corporation’s records.
The register should be kept at the corporation’s registered head office and should include the following information:
• Every ownership interest that the corporation has in land, the date it was acquired and the date it was sold (if applicable);
•Deeds, transfers and any other documents that contain the municipal address of the property;
• Information on the relevant registry or land titles division;
• The PIN (Property Identification Number);
• Full legal description;
• Assessment roll number.
Despite the grace period, it is advisable to begin this process well in advance of December 10, 2018. Cyberbahn will be amending its Minute Books to add registers and a new ‘Registry of Property’ tab in December 2016.
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