Clip Money Inc. Announces Completion of Continuance into Ontario
TORONTO, July 11, 2024 (GLOBE NEWSWIRE) — Clip Money Inc. (TSX-V: CLIP) (OTCQB:CLPMF) (“Clip Money” or the “Company”), a company that operates a multi-bank self-service deposit system for businesses, is pleased to announce that it has completed the continuance of the Company (the “Continuance”) from the jurisdiction of Canada under the Canada Business Corporations Act into the jurisdiction of Ontario under the Business Corporations Act (Ontario). Under the Canada Business Corporations Act, at least 25% of the directors of the Company were required to be resident Canadians. The Business Corporations Act (Ontario) does not impose any residency requirements for directors. Given the Company’s increasingly diversified activities and in order to provide the Company with the flexibility to attract and nominate the most suitable candidates for directors from a global talent pool, the Company believes that it was in its best interest to continue into Ontario.