Bill PR49 explained in plain English

Bill PR49 revives the corporation Gilda Investments Limited, which was dissolved in 1995, and restores it to its legal status as it existed before dissolution.

Bill PR49 is a private bill that restores a corporation called Gilda Investments Limited back to life. The corporation was dissolved on January 21, 1995 because it failed to comply with reporting requirements under the Corporations Information Act. Gilda Lucy Price, the executor of her late mother Hanka Ann Hilary's estate, applied for this special legislation to revive the corporation. Her mother was the sole director and shareholder when it was dissolved. The bill states that the failure to comply was unintentional, and that business has continued to be done in the corporation's name even though it was dissolved. If this bill becomes law, the corporation will be restored to the same legal position, property, rights, and privileges it had on the date it was dissolved on January 21, 1995. It will also be subject to all the same liabilities, contracts, debts, and other obligations it had at that time. The bill notes that any rights acquired by other people after the dissolution will not be affected by the revival. This act comes into force immediately upon receiving Royal Assent.