Letters patent for subsisting company
23(1)A company heretofore incorporated for any purpose or object for which letters patent may be issued under this Act, whether under a special or a general Act, and now being a subsisting and valid company, may apply for letters patent to carry on its business under this Act, and the Director may issue letters patent incorporating the shareholders of the said company as a company under this Act.
23(2)Upon the issuing of such letters patent all the rights, property and obligations of the former company are transferred to the new company, and all proceedings may be continued or commenced by or against the new company that might have been continued or commenced by or against the old company.
23(3)It is not necessary in any such letters patent to set out the names of the shareholders.
23(4)After the issue of such letters patent the company shall be governed in all respects by the provisions of this Act, except that the liability of the shareholders to creditors of the old company shall remain as at the time of the issue of the letters patent.
R.S., c.33, s.23; O.C. 64-312; 1978, c.D-11.2, s.7; 2002, c.15, s.12; 2002, c.29, s.3