Rationalisation of Corporate Laws Act, 1996 (Act No. 45 of 1996)4. General application of Companies Act, and preservation of rights of existing companies |
| (1) | Notwithstanding the repeal of the laws mentioned in Schedule 2 by section 3, any existing company shall continue to exist as a juristic person. |
| (2) | The Companies Act shall apply to all existing companies and all existing defensive names. |
| (3) | Any reference in the Companies Act, whether express or implied, to the date of incorporation or registration of an existing company, shall be construed as a reference to the date on which such company was incorporated or registered before the commencement of this Act. |
| (4) | Nothing contained in this Act or the Companies Act shall affect any right or privilege acquired or any liability or obligation incurred by any existing company, whether by agreement or otherwise, before the commencement of this Act, or affect the validity of the memorandum of association and the articles of association of any such existing company in force, or deemed to be in force, at such commencement unless it is inconsistent with the Companies Act. |