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S-31.1 - Business Corporations Act

Section 340
Disposition versions

Full text
340. The purpose of the final account is to determine the assets of the corporation at the time the liquidator is appointed and the remaining property to be distributed among the shareholders at the close of the liquidation.
In the final account, the liquidator reports on the disposal of the corporation’s property, the sums realized, the obligations of the corporation that were performed, those of which the liquidator obtained forgiveness and those for which the liquidator otherwise made provision, and the overall manner in which the liquidation was conducted.
The final account must be approved by special resolution of the shareholders. If such approval cannot be given, the liquidation continues under the supervision of the court.
2009, c. 52, s. 340.
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