Non-Resident Bodies Corporate (Special Provisions) Decree

Chapter number: 
148
In force: 
No

 

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CONSOLIDATED TO 30 JUNE 2012

 

LAWS OF SEYCHELLES

CHAPTER 148

NON RESIDENT BODIES CORPORATE (SPECIAL PROVISIONS) DECREE

[REPEALED]

Dec 45 of 1978

Act 3 of 1986

 

This Act was repealed with effect from 27th December, 1994 by Act 25 of 1994.

For convenience of users section 2 of Act 25 of 1994 relating to transitional provisions is hereby reproduced.

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Non-Resident Bodies Corporate (Special Provisions) Decree

2.      (1)     The Non-Resident Bodies Corporate (Special Provision) Decree 45 of Decree, 1978 is hereby repealed.

(2)     Notwithstanding the repeal of the Non-Resident Bodies Corporate (Special Provision) Decree, 1978 a body corporate incorporated, continued, amalgamated or created, or a foundation created or continued, under the Decree that was in existence at the time of the repeal of the Decree -

  1. shall, unless sooner dissolved under the Decree, continue to exist under the Decree for a period of 180 days from the date of the coming into force of this Act and be deemed to be wound up and dissolved under the Decree on the day next following the last day of the period of 180 days;

2        shall, where it is dissolved under paragraph (a) by reason of the effluxion of the period specified in the paragraph, continue to be liable for all its debts, liabilities and obligations and any proceedings pending at the time by or against the body corporate or foundation shall not be abated but may be continued or settled and any settlement, judgment, order, conviction made in respect thereof may be enforced by or against the body corporate or foundation as if it had not been dissolved.

(3)     Where a body corporate or foundation referred to in subsection (2) which is deemed to be wound up and dissolved under the subsection continues to operate, otherwise than for purposes specified in subsection (2)(b), after the period of 180 days referred to in the subsection, each of the directors, officers or agent of the body corporate or foundation who knowingly permits the body corporate or foundation to continue to operate shall be liable to a penalty of R1000 for each day or part thereof during which the body corporate or foundation continues to operate.

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