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They are entitled however if they are declared delinquent, the amount due them shall first be applied to his delinquency plus expenses. Since all issues of shares in Ontario are subject, in the first instance, to the prospectus requirement of the Securities Act, it is important to have at least a basic understanding of the Act and the prospectus exemptions under the Act. Survival of remedies and rights after dissolution. S. (9 Wheat.) 738, 866-67 (1824), dovetailed well with the fiction- concession theory of corporate existence that continued to dominate 19th century legal thinking.

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