Part 10 — Dissolution Division 1 Cancellation of Incorporation
270 Disposal of unclaimed or undistributed assets
company ratably among the members because, after reasonable
inquiry,
(a) the identity of any member is unknown,
(b) the address of any member is unknown, or
(c) any member has failed to claim his or her share of the
property within a reasonable time,
the liquidator shall deliver or convey to the Minister responsible for
the Unclaimed Personal Property and Vested Property Act that
share of the property of the company belonging to the member to
be held in trust for the member in accordance with that Act.
(2) A delivery or conveyance under subsection (1) is a distribution
among the members according to their rights and interests for the
purposes of section 257(1)(d).
(3) If the liquidator is unable to pay all the debts of the company
because, after reasonable inquiry,
(a) the identity of a creditor is unknown, or
(b) the address of a creditor is unknown,
the liquidator shall pay to the Minister responsible for the
Unclaimed Personal Property and Vested Property Act an amount
equal to the amount of the debt due to the creditor to be held in
trust for the creditor in accordance with that Act.
(4) A payment under subsection (3) is a payment in satisfaction of
the debt for the purposes of section 257(1)(d).
RSA 2000
(5) to (9) Repealed 2007 cU-1.5 s69.
RSA 2000 cC-21 s270;2006 c23 s20;2007 cU-1.5 s69