Section 228 — Canada Business Corporations Act: Vesting in Crown

Subject to subsection 226(2) and section 227, property of a body corporate that has not been disposed of at the date of its dissolution under this Act vests in Her Majesty in right of Canada. If a body corporate is revived as a corporation under section 209, any property, other than money, that vested in Her Majesty pursuant to subsection (1), that has not been disposed of shall be returned to the corporation and there shall be paid to the corporation out of the Consolidated Revenue Fund an amount equal to any money received by Her Majesty pursuant to subsection (1); and where property other than money vested in Her Majesty pursuant to subsection (1) and that property has been disposed of, an amount equal to the lesser of the value of any such property at the date it vested in Her Majesty, and the amount realized by Her Majesty from the disposition of that property.