Vesting of property of company in Crown and effect of revival
35.5(1)Subject to section 35.3 and section 35.4, property of a company that has not been disposed of at the date of its dissolution vests in the Crown in right of the Province.
35.5(2)If a company is revived under section 35.1, 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 company and there shall be paid to the company 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.
35.5(3)If a company is revived under section 35.1, any property other than money to be returned to the company in accordance with subsection (2) shall vest in the company without any deed, bill of sale or other document from the Crown or any action by the Crown.
2003, c.15, s.3; 2023, c.17, s.36