29Commission to determine end of preservation period

29 Commission to determine end of preservation period

(1) A former licensed corporation may, in writing, request the Commission to notify the corporation when the preservation period for the corporation has ended. (2) If the Commission receives a request under subsection (1), the Commission must determine, in writing, the preservation period end day for the former licensed corporation if it is satisfied that all of the following are true: (a) the former licensed corporation has no remaining liability (whether actual, contingent or prospective) to pay compensation or any other amount under the Act in accordance with this section; (b) the principal officer of the former licensed corporation has no remaining functions, obligations or responsibilities as a rehabilitation authority under the Act in accordance with this section; (c) the former licensed corporation has no remaining functions, obligations or responsibilities as a relevant employer under the Act in accordance with this section. (3) The Commission must provide the former licensed corporation with a copy of the determination as soon as practicable after making the determination. (4) However, if, after making the determination, the Commission becomes aware that one or more of the matters mentioned in paragraphs (2)(a), (b) and (c) is or are not true in relation to the former licensed corporation: (a) the Commission must revoke the determination and must notify the corporation of the revocation; and (b) upon revocation: (i) the determination is taken never to have been made; and (ii) the preservation period in relation to the corporation continues to apply. (5) The former licensed corporation may, at any time after being notified of a revocation under paragraph (4)(a), make a further request under subsection (1). (6) The Commission may also make a determination under subsection (2) on its own initiative if it is satisfied that all of the matters mentioned in paragraphs (2)(a), (b) and (c) are true in relation to the former licensed authority, and if it does so: (a) it must provide a copy of the determination to the former licensed authority as soon as practicable after making the determination; and (b) subsection (4) applies in relation to the determination.