Forfeiture of charter
35(1)Subject to subsections (2) and (3), the Director may forfeit the charter of the company by issuing a certificate of dissolution under this section if a company
(a)
has not commenced operation within three years after the date shown on its charter,
(b)
has not carried on its operations for three consecutive years, or
(c)
is in default in sending any fee, notice or document to the Director required by this Act.
35(2)The Director shall not dissolve a company under this section unless the Director has
(a)
sent by ordinary mail notice of the decision to dissolve the company to the company at its head office or to its mailing address as indicated in the records of the Director, and
(b)
published notice of the decision to dissolve the company in
The Royal Gazette.
35(3)Publication in
The Royal Gazette of the notice of the Director’s decision to dissolve a company shall be deemed to be notice to the company.
35(4)Sixty days after the notice of the Director’s decision to dissolve a company is published in
The Royal Gazette, the Director may dissolve the company.
35(5)Unless cause to the contrary has been shown, the Director may, after the expiry of the period referred to in subsection (4), issue a certificate of dissolution and the company ceases to exist on the date shown in the certificate of dissolution.
R.S., c.33, s.34; 1956, c.24, s.2; O.C. 64-312; 1978, c.D-11.2, s.7; 2002, c.29, s.3; 2003, c.15, s.2