Companies Act, 1973 (Act No. 61 of 1973)Chapter III: Types and forms of CompaniesConversion of One Type or Form of Company into Another Type or Form of Company25. Conversion of unlimited company |
| 1) | An unlimited company within the meaning of the repealed Act, in existence at the commencement of this Act, may with the sanction of a special resolution and upon compliance with the requirements of section 26 and the other requirements of this Act, convert itself into any type or form of company provided for by this Act, but such conversion shall not affect the liability of its members in respect of an, debts. liabilities or obligations incurred or contracts entered into by, with or on behalf of the company before the conversion. |
| 2) | Until such conversion has taken place the provisions of the repealed Act shall continue to apply to such unlimited company as if that Act had not been repealed. |
| 3) | If after one year from the date of commencement of this section any such unlimited company which is a private company, has not converted itself as provided for in this section, it shall be obliged thereafter to comply with the provisions of section 302(4) as to the lodging of its annual financial statements with the Registrar, as if it were a public company having shares of par value or shares of no par value, as the case may be. |