Business
A.I.S. Resources Announces Continuation of Corporation to the Jurisdiction of British Columbia, Canada
(via TheNewswire) Vancouver, British Columbia / TheNewswire / December 21, 2018 - ...
About this update from Ais Resources Ltd
[{"type":"text","content":"A.I.S. Resources Announces Continuation of Corporation to the Jurisdiction of British Columbia, Canada(via TheNewswire)\n\n \n\n\n\n \nVancouver, British Columbia / TheNewswire / December 21, 2018 - A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the \"Company\" or \"AIS\") announces that the Company has continued as a British Columbia corporation under the provisions of the Business Corporations Act (British Columbia) (the \"BC Act\") and has applied for discontinuance of the Company in the Commonwealth of the Bahamas. The continuance in B.C. (the \"Continuance\") will not affect the Company's status as a listed company on The TSX Venture Exchange or as a reporting issuer under the securities legislation of British Columbia, Alberta and Quebec, and the Company will remain subject to the requirements of such legislation.\n\n \n \nAs management and the head office of the Company is located in British Columbia, management believes that it will be more efficient and cost-effective for the Company to be governed by the laws of British Columbia. Management also believes that the Continuance will provide the Company with increased opportunities and flexibility in obtaining financing.\n\n \n \nThe Company was, until recently, subsisting under the Commonwealth of the Bahamas Companies Act, 1992 (No. 18 of 1992), as amended (the \"Bahamas Act\"). On September 14, 2018 the Company continued its jurisdiction under the Commonwealth of the Bahamas International Business Corporations Act and on December 20, 2018 completed the Continuance under the BC Act. The Company is now subject to the BC Act as through it had been incorporated under the BC Act. Section 305 of the BC Act provides that upon continuance of a foreign corporation as a corporation under the BC Act:\n\n\n \n(a) the BC Act applies to the continued company to the same extent as if the company had been incorporated under the BC Act,\n\n\n \n(b) the continued company has, as its notice of articles, the notice of articles contained in the continuation application,\n\n\n \n(c) the property, rights and interests of the foreign corporation continue to be the property, rights and interests of the continued company,\n\n\n \n(d) the continued company continues to be liable for the obligations of the foreign corporation,\n\n\n \n(e) an existing cause of action, claim or liability to pros...