24 (1) Subject to subsections (2) and (3), the Minister may, at any time, register a notice on title to forfeited corporate real property indicating that the Crown intends to use the property for Crown purposes. 2015, c. 38, Sched. 7, s. 24 (1). Limitation, certain dissolutions (2) The Minister shall not register the notice before the third anniversary of the prior corporate owner’s dissolution, if it was dissolved under any of the following provisions: 1. Subsection 241 (4) of the Business Corporations Act or any predecessor of it. 2. Subsection 317 (9) of the Corporations Act or any predecessor of it. 3. Subsection 170 (2) of the Not-for-Profit Corporations Act, 2010 or any predecessor of it. 2015, c. 38, Sched. 7, s. 24 (2) and 43 (3). Same, co-operatives (3) The Minister shall not register the notice before the second anniversary of the prior corporate owner’s dissolution if it was a co-operative dissolved under subsection 167 (2) of the Co-operative Corporations Act or any predecessor of it. 2015, c. 38, Sched. 7, s. 24 (3). Exception (4) Despite subsections (2) and (3), the Minister may register a notice under subsection (1) at any time after giving notice of the intention to register the notice in accordance with the regulations, if any, to the prior corporate owner and every person who is named as a director or officer of the prior corporate owner in the most recent notices or returns filed under the Corporations Information Act, or who is named in the prior corporate owner’s articles or letters patent, whichever was most current as of the day before the prior corporate owner was dissolved. 2015, c. 38, Sched. 7, s. 24 (4). Forfeited corporate personal property (5) Subject to subsection (6), the Crown may, at any time, begin to use forfeited corporate personal property for Crown purposes. 2015, c. 38, Sched. 7, s. 24 (5). Limitation, involuntary dissolutions (6) The Crown shall not begin to use forfeited corporate personal property for Crown purposes before, (a) the third anniversary of the prior corporate owner’s dissolution, if it was dissolved under any of the provisions listed in subsection (2); or (b) the second anniversary of the prior corporate owner’s dissolution, if it was a co-operative dissolved under subsection 167 (2) of the
Co-operative Corporations Act or any predecessor of it. 2015, c. 38, Sched. 7, s. 24 (6). Exception (7) Despite subsection (6), the Crown may begin to use forfeited corporate personal property for Crown purposes at any time after the Minister has registered a notice under subsection (1) on title to the forfeited corporate real property in, on or under which the personal property is located. 2015, c. 38, Sched. 7, s. 24 (7). Limitation, municipal tax sale process (8) If a municipality has registered a tax arrears certificate in respect of land under section 373 or 373.1 of the Municipal Act, 2001 or section 344 or 344.1 of the City of Toronto Act, 2006, the Minister shall not register a notice under subsection (1) in respect of the land until, (a) the day the treasurer of the municipality registers a tax arrears cancellation certificate in respect of the land; or (b) the day the tax arrears certificate is deemed to be cancelled under subsection 379 (15) of the Municipal Act, 2001 or under subsection 350 (15) of the City of Toronto Act, 2006. 2015, c. 38, Sched. 7, s. 24 (8); 2017, c. 10, Sched. 4, s. 4. Act no longer applies (9) On and after the day notice is registered on title to real property under subsection (1), or the day the Crown begins to use personal property for Crown purposes under subsection (5), this Act no longer applies to the property, except it continues to apply in respect of the period before the registration of the notice or the beginning of the use. 2015, c. 38, Sched. 7, s. 24 (9). Section Amendments with date in force (d/m/y) 2015, c. 38, Sched. 7, s. 43 (3) - 19/10/2021 2017, c. 10, Sched. 4, s. 4 - 01/01/2018 Disposing of Forfeited Corporate Property