95002 Corporate Search
Bulletin information:
Issue Date: March 30, 1995
Legislation: Business Corporations Act
Bulletin content:
Section 244(3) of the Business Corporations Act which was added by Bill 175 was proclaimed in force on March 1st, 1995.
The subsection provides that the interest of a dissolved corporation which is forfeited to the crown is not effective against a purchased for value to the land if the forfeiture occurred more than 20 years prior to the registration of the purchaser’s transfer or deed.
Companies Branch has issued the following notice for the benefit of the legal profession:
“Real estate practitioners should review this amendment, which comes in to force on March 1, 1995, to determine whether or not a corporate search is necessary for any new transactions where a previous corporate owner was dissolved at least 20 years before a purchaser’s deed or transfer is registered.”
This provision will not have any effect on registry office registration procedures.
This Bulletin is for information purposes only. If you receive any enquiries in regard to this matter, you should refer the party to the above section and should not offer any opinion on the status of the corporate search.
Original signed by:
Ian Veitch, Director of Land Registration
Katherine M. Murray, Director of Titles