The Forfeited Corporate Property Act (FCPA) came into force on December 10, 2016. Its enactment entails a shift in the process for dealing with the remaining property of corporations that have been dissolved.
The FCPA also amends the Business Corporations Act (Ontario) (OBCA), which is the main piece of Ontario legislation governing the incorporation, operation and dissolution of Ontario corporations. Similar amendments have been introduced through the FCPA to the Ontario Corporations Act and Not-for-Profit Corporations Act. These FCPA amendments impose new record-keeping requirements on Ontario corporations with respect to their ownership interests in real property. It appears the purpose of the amendments is to make it easier for the provincial government to locate real property owned by Ontario corporations where the property has reverted to the Crown.
Read the full article: Forfeited Corporate Property Act - Do you have a real estate register
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