Bill Pr1 2012
An Act to revive Coutu Gold Mines Limited
Peter Coutu, Patrick Coutu, Christopher Coutu, Enid M. Coutu Geddes, Janet Coutu Barker and Nester J. Erechook have applied for special legislation to revive Coutu Gold Mines Limited. The applicants represent that Peter Coutu, Patrick Coutu, Christopher Coutu, Enid M. Coutu Geddes and Janet Coutu Barker are the beneficial owners of shares in the corporation that were held by their father, Wilfrid H. Coutu, when the corporation was dissolved and, Wilfrid H. Coutu having died on February 29, 1980, which they inherit through the estate of their mother, Enid Mary Coutu, who died on May 14, 2010. The applicants further represent that Nester J. Erechook was a director and shareholder of the corporation when it was dissolved. The corporation was dissolved under The Business Corporations Act, being chapter 53 of the Revised Statutes of Ontario, 1970, on June 21, 1972 for failure to comply with The Corporations Information Act, being chapter 90 of the Revised Statutes of Ontario, 1970. The applicants would like to revive the corporation in order to resume carrying on the business of the corporation before its dissolution, namely mining exploration and investment.
It is appropriate to grant the application.
Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
1. (1) Coutu Gold Mines Limited is revived and is, subject to any rights acquired by any person after its dissolution, restored to its legal position, including all its property, rights, privileges and franchises and subject to all its liabilities, contracts, disabilities and debts, as of the date of its dissolution, in the same manner and to the same extent as if it had not been dissolved.
Restoration to legal position before dissolution excludes forfeited mining lands, rights, licences of occupation
(2) For greater certainty, any mining lands, mining rights or mining licences of occupation held by Coutu Gold Mines Limited as of the date of its dissolution that were forfeited to the Crown under the Mining Act after the date of its dissolution are excluded from the property, rights, privileges and franchises to which the corporation is restored by subsection (1).
2. This Act and the revival of the corporation shall not be construed as being determinative of any person’s rights to the assets or the shares of the corporation, the estate of Wilfrid H. Coutu or the estate of Enid Mary Coutu.
3. This Act comes into force on the day it receives Royal Assent.
4. The short title of this Act is the Coutu Gold Mines Limited Act, 2012.