Drugs and Drug Trafficking Act, 1992 (Act No. 40 of 1992)

Chapter V : Proceeds of Drug Trafficking

General

52. Effect of winding-up of companies or other juristic persons on realizable property
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(1) When any competent court has made an order for the winding-up of any company or other juristic person which holds realizable property or a resolution for the voluntary winding-up of any such company or juristic person has been registered in terms of any applicable law—
(a) no property for the time being subject to a restraint order made before the relevant time; and
(b) no proceeds of any realizable property realized by virtue of section 46 and for the time being in the hands of a curotor bonis appointed under this Chapter,

shall form part of the assets of any such company or juristic person.

 

(2) Where an order mentioned in subsection (1) has been made in respect of a company or other juristic person or a resolution mentioned in that subsection has been registered in respect of such company or juristic person, the powers conferred upon a superior court by sections 42 to 47 and 49(2), or upon a curator bonis appointed under this Chapter, shall not be exercised in respect of any property which forms part of the assets of such company or juristic person.

 

(3) Nothing in the Companies Act, 1973 (Act No. 61 of 1973), or any other law relating juristic persons in general or any particular juristic person, shall be construed as prohibiting any superior court or curator bonis appointed under this Chapter from exercising any power contemplated in subsection (2) in respect of any property or proceeds mentioned in subsection (1).

 

(4) For the purposes of subsection (1),

"the relevant time"

means—

(a) where an order for the winding-up of the company or juristic person, as the case may be, has been made, the time of the presentation to the court concerned of the application for the winding-up; or
(b) where no such order has been made, the time of the registration of the resolution authorizing the voluntary winding-up of the company or juristic person, as the case may be.