2.1 (1) A social company that was incorporated or continued under this Act shall, no later than the fifth anniversary of the day subsection 4 (1) of Schedule 7 to the Cutting Unnecessary Red Tape Act, 2017 comes into force, apply, pursuant to a special resolution, to be continued, (a)  as a corporation without share capital under the Not-for-Profit Corporations Act, 2010; (b)  as a co-operative corporation under the Co-operative Corporations Act; or (c)  as a corporation with share capital under the Business Corporations Act. 2017, c. 20, Sched. 7, s. 4 (1). Dissolution of company if not continued (2) If a company that is required by subsection (1) to be continued under another Act is not so continued by the fifth anniversary described in that subsection, the company is hereby dissolved on the day after that fifth anniversary. 2017, c. 20, Sched. 7, s. 4 (1). Saving, to apply for continuance (3) If a social company that was incorporated or continued under this Act was dissolved under subsection 317 (9) or a predecessor of that subsection before, on or after the day that the subsection 4 (1) described in subsection (1) comes into force, or if it is dissolved under subsection (2), the company is deemed to exist after its dissolution only for any of the following purposes: 1.  To hold a meeting of the shareholders in order to pass a special resolution to authorize the filing of articles of continuance under one of the Acts listed in subsection (1). 2.  To apply to the court under subsection (7). 3.  To file articles of continuance under one of the Acts listed in subsection (1), not later than 20 years after the date of its dissolution. 2017, c. 20, Sched. 7, s. 4 (1). (4) Repealed: 2023, c. 20, Sched. 5, s. 1 (1). Minister’s consent not required (5) Despite any requirement under this or any other Act, the Minister’s authorization or consent is not required for a company described in subsection (1) or (3) to apply to be continued as provided under those subsections. 2017, c. 20, Sched. 7, s. 4 (1). Letters patent not to be amended (6) A company described in subsection (1) shall not file supplementary letters patent under this Act to amend its letters patent in order to bring them into compliance with the Act under which the company applies to be continued under that subsection. 2017, c. 20, Sched. 7, s. 4 (1). Application to court to waive shareholder approval (7) If a company described in subsection (1) or (3) is unable to obtain a quorum to approve the special resolution required by the applicable one of those subsections, the company may apply to the court for an order waiving the requirement for a special resolution. 2017, c. 20, Sched. 7, s. 4 (1); 2023, c. 20, Sched. 5, s. 1 (2). Same (8) The court may issue the order applied for under subsection (7) on the terms and conditions that the court considers appropriate in the circumstances if the court is satisfied that the company has made reasonable efforts to locate shareholders and to serve them with a notice of meeting. 2017, c. 20, Sched. 7, s. 4 (1). Revival of dissolved company (9) If a social company that was incorporated or continued under this Act was dissolved under subsection 317 (9) or a predecessor of that subsection before, on or after the day that the subsection 4 (1) described in subsection (1) comes into force or if it is dissolved under subsection (2), the company is revived on the date that a certificate of continuance is issued under one of the Acts listed in subsection (1) but the company cannot be revived under this Act on or after the day that the subsection 4 (1) described in subsection (1) comes into force. 2017, c. 20, Sched. 7, s. 4 (1). Same (10) Upon revival, the company is deemed for all purposes to have never been dissolved, subject to any terms, conditions and limitations imposed under the Act under which the company is continued, and any rights acquired by any person during the period of dissolution. 2017, c. 20, Sched. 7, s. 4 (1). Act ceases to apply (11) This Act ceases to apply to a company described in subsection (1) or (3) upon its being continued under another Act. 2017, c. 20, Sched. 7, s. 4 (1). Note: On October 19, 2046, the 25th anniversary of the day subsection 3 (1) of Schedule 7 to the Cutting Unnecessary Red Tape Act, 2017 comes into force, section 2.1 of the Act is repealed. (See: 2017, c. 20, Sched. 7, s. 4 (2)) Section Amendments with date in force (d/m/y) 2010, c. 15, s. 211 (3) - no effect - see 2017, c. 20, Sched. 8, s. 57 - 14/11/2017 2017, c. 20, Sched. 7, s. 4 (1) - 19/10/2021; 2017, c. 20, Sched. 7, s. 4 (2) - 19/10/2046 2023, c. 20, Sched. 5, s. 1 (1, 2) - 04/12/2023 2.1.1 Repealed: 1990, c. C.38, s. 2.1.1 (2). Section Amendments with date in force (d/m/y) 1990, c. C.38, s. 2.1.1 (2) - see 2020, c. 7, Sched. 7, s. 2 - 19/10/2021 2020, c. 7, Sched. 7, s. 2 - 12/05/2020