What is the meaning of s. 364(4) of the Corporations Act?
British Columbia, Canada
The following excerpt is from Spearhead Aviation Ltd. v Whistler Heliport Society, 2018 BCSC 1762 (CanLII):
The meaning of s. 364(4) was considered in the decision of this court in Saini v. Grand Forks (City), 2011 BCSC 320, in the context of a tax sale of property owned by a corporation, which had been dissolved and subsequently restored. The court said at paras. 13 and 14: 13 It has been said that a corporation is: ... a legal person and like a human person lives from birth to the moment of death. It is a creature of statute. It is born on incorporation: It dies upon dissolution. 14 The City’s submission that the tax sale is a nullity places a great deal of emphasis on the "death" of the Company on dissolution. However, while a dissolved corporation has been compared to a dead person, the analogy is not entirely apt: Short of the miraculous, a man once dead remains so, while a corporation once dissolved is routinely revived. The state of a company while dissolved but capable of revival has been characterized more aptly as "one of qualified rather than absolute dissolution."
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