Vesting of property of corporation in the Crown and effect of revival under section 136
2023, c.2, s.155; 2023, c.17, s.17
154(1)Subject to subsection 152(2) and section 153, property of a corporation that has not been disposed of at the date of its dissolution vests in the Crown in right of the Province.
154(2)If a corporation is revived under section 136, any property other than money that vested in the Crown pursuant to subsection (1) and that has not been disposed of shall be returned to the corporation and there shall be paid to the corporation out of the Consolidated Fund
(a)
an amount equal to any money received by the Crown pursuant to subsection (1); and
(b)
where property other than money vested in the Crown 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 the Crown, and
(ii)
the amount realized by the Crown from the disposition of that property.
154(3)When a corporation is revived under section 136, any property other than money to be returned to the corporation in accordance with subsection (2) shall vest in the corporation without any deed, bill of sale or other document from the Crown or any action by the Crown.
2000, c.46, s.2; 2023, c.2, s.155; 2023, c.17, s.17