Rationalisation of Corporate Laws Act, 1996 (Act No. 45 of 1996)5. General application of Close Corporations Act, and preservation of rights of existing close corporations |
| (1) | Notwithstanding the repeal of the laws mentioned in Schedule 2 by section 3, any existing close corporation shall continue to exist as a juristic person. |
| (2) | The Close Corporations Act shall apply to all existing close corporations. |
| (3) | Any reference in the Close Corporations Act, whether express or implied, to the date of incorporation of an existing close corporation, shall be construed as a reference to the date on which such close corporation was incorporated before the commencement of this Act. |
| (4) | Nothing contained in this Act or the Close Corporations Act shall affect any right or privilege acquired or any liability or obligation incurred by any existing close corporation, whether by agreement or otherwise, before the commencement of this Act, or affect the validity of the founding statement of any such existing close corporation in force, or deemed to be in force, at such commencement unless it is inconsistent with the Close Corporations Act. |