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Guelph, ON N1H 6N6

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265 Bridge Street
Fergus, ON N1M 1T7

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Fergus, ON N1M 2W7

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Smith Valeriote Lawyers Blog | Smith Valeriote LLP Law Firm Guelph

Changes to corporation record keeping obligations with regard to real estate holdings

As of December 10, 2016, pursuant to s. 140(1) of the Business Corporations Act (Ontario) (“OBCA”), all Ontario Corporations will be required to prepare and maintain, at its registered office, a record of its ownership interests in land in Ontario. Such register must identify the property(ies), show the dates of purchase (and sale) of each property and contain relevant deeds/transfers which include the property’s municipal address, PIN number, legal description, and tax assessment roll number. All corporations created after this date will be subject to the new legislation immediately whilst existing OBCA corporations will have two years to comply with these new requirements. These new records become particularly pertinent when read in conjunction with Section 238(1) of the OBCA which requires the articles of dissolution of a corporation to state that the corporation is no longer a registered owner of land in Ontario and Section 239(1.1) which allows refusal of the dissolution if the Director learns otherwise.

The content of this article is intended to provide a general guide to the subject matter and is not legal advice. Specialist advice should be sought regarding your specific circumstance.

Date:
2016.11.17

Services:
Real Estate Law

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SmithValeriote Law Firm LLP has 30 lawyers servicing the province of Ontario including the communities of Waterloo, Kitchener, Fergus, Cambridge, Elora and Guelph.

Smith Valeriote - Map to Guelph Offices

Guelph Office

105 Silvercreek Pkwy. N.
Suite 100 Guelph, ON N1H 6S4

Phone: 519 837 2100
Fax: 519 837 1617

Toll Free: 1 800 746 0685

Email: guelphinfo@smithvaleriote.com

Smith Valeriote - Map to Fergus Offices

Fergus Office

265 Bridge Street
Fergus, ON N1M 1T7

Phone: 519 843 1960
Fax: 519 843 6888

Toll Free: 1 800 746 0685

Email: fergusinfo@smithvaleriote.com