Dissolution by Court order
140(1)The Director or any interested person may apply to the Court for an order dissolving a corporation if the corporation has
(a)
failed for two or more consecutive years to comply with the requirements of this Act with respect to the holding of annual meetings of shareholders;
(b)
contravened subsection 14(2), or section 19, 101 or 103; or
(c)
procured any certificate under this Act by misrepresentation.
140(2)An applicant under this section other than the Director shall give the Director notice of the application, and the Director is entitled to appear and be heard in person or by counsel.
140(3)Upon an application under this section or section 139, the Court may
(a)
order that the corporation be dissolved;
(b)
order that the corporation be liquidated and dissolved under the supervision of the Court; or
(c)
make any other order it thinks fit.
140(4)Upon receipt of an order under this section, section 139 or section 141, the Director shall,
(a)
if the order is to dissolve the corporation, issue a certificate of dissolution; or
(b)
if the order is to liquidate and dissolve the corporation under the supervision of the Court, issue a certificate of intent to dissolve and publish notice of such order in
The Royal Gazette.
140(5)The corporation ceases to exist on the date shown in the certificate of dissolution.
2014, c.50, s.15; 2023, c.2, s.155