An Act to Amend the Business Corporations Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Subsection 136(5) of the Business Corporations Act, chapter B-9.1 of the Acts of New Brunswick, 1981, is amended by adding ", subject to the rights acquired by any person after its dissolution," after "thereafter the corporation or body corporate".

2 Section 154 of the Act is amended by adding after subsection (2) the following:

154(3) When a corporation is revived under section 136, any property other than money to be returned to the corporation in accordance with subsection (2) shall vest in the corporation without any deed, bill of sale or other document from the Crown or any action by the Crown.

3 This Act shall be deemed to have come into force on January 1, 1982.