2126
Saving for existing liabilities.
8 Edw. 7,
No. 58 of 1911.
COMPANIES.
239. Registration of a company in pursuance of this Part shall not affect the rights or liabilities of the company in respect of any debt or obligation incurred, or any contract entered into by, to, with, or on behalf of, the company before registration.
*
Continuation of existing actions.
8 Edw. 7.
*
240. All actions and other legal proceedings which at the time of the registration of a company in pursuance of this Part are pending by or against the company, or the public officer or any member thereof, may be continued in the same manner as if the registration had not taken place; nevertheless execution shall not issue against the effects of any individual member of the company on any judgment, decree, or order obtained in any such action or proceeding; but, in the event of the property and effects of the company being insufficient to satisfy the judgment, decree, or order, an order may be obtained for winding up the company.
Effect of registration. 8 Edw. 7, c. 69, s. 263.
First Schedule.
Table A.
241. When a company is registered in pursuance of this Part-
(i) All provisions contained in any Act of Parliament, Ordinance, deed of settlement, contract of co-partnery, cost-book regulations, letters patent, or other instrument constituting or regulating the company, including, in the case of a company registered as a company limited by guarantee, the resolution declaring the amount of the guarantee, shall be deemed to be conditions and regulations of the company, in the same manner and with the same incidents as if so much thereof as would, if the company had been formed under this Ordinance, have been required to be inserted in the memorandum, were contained in a registered memorandum, and the residue thereof were contained in registered articles;
(ii) All the provisions of this Ordinance shall apply to the company, and the members, contributories, and creditors thereof, in the same manner in all respects as if it had been formed under this Ordinance, subject as follows:-
(a) the regulations in Table A in the First Schedule shall not apply unless adopted by special resolution;
(b) the provisions of this Ordinance relating to the numbering of shares shall not apply to any joint-stock company whose shares are not numbered;
* As amended by Law Rev. Ord., 1924.