THE COMPANIES ORDINANCE, 1972

Repeal and Modified Application of Enactments

343.—(1) The enactments specified in the Eighth Schedule to this Ordinance are hereby repealed to the extent stated in the second column of that Schedule.

(2) Where any offence, being an offence for the continuance of which a penalty was provided, has been committed under any former enactment relating to companies, proceedings may be taken under this Ordinance in respect of the continuance of the offence after the commencement of this Ordinance, in the same manner as if the offence had been committed under the corresponding provisions of this Ordinance.

344.—(1) After this Ordinance comes into operation Book III Title IX of the Civil Code and Book I Title III of the Commercial Code shall not apply to any company incorporated under this Ordinance or to any existing company, except so far as any provision of that Title is expressly included in the memorandum or articles or in the regulations of the company by being set out or referred to therein and is not inconsistent with the provisions of this Ordinance.

(2)  After this Ordinance comes into operation the Civil and Commercial Pledges (Amendment) Ordinance, 1963 and the Security on Movables Ordinance, 1965 shall not apply to any pledge, mortgage or charge created by a company or an overseas company or affecting any assets of a company or an overseas company :

Provided that in connection with a pledge, mortgage or charge created before the date when this Ordinance comes into operation sections 9 to 12 inclusive of the Security on Movables Ordinance shall continue to apply after that date.

(3)  The Mortgage and, Registration Ordinance is hereby amended as follows—

(a) by adding to section 75 thereof, next before the fullstop appearing at the end thereof, the words and figures "and provided further that the provisions of this section do not apply in relation to any company formed after the commencement of the Companies Ordinance, 1972 and registered under that Ordinance" ;

(b) by inserting in section 90 thereof, next after paragraph (xx) thereof, the following new paragraph- —

"(xxi) All documents and writings, judicial or extra-judicial acts and proceedings specified in any order made by the Governor in Council for the purposes of this paragraph :"