All sections · Part XII: Continuation
216 Effect of continuation under this Act
(1) When a foreign company is continued under this Act —
under this Act
(a) this Act applies to the company as if it had been incorporated
under section 10;
(b) the company is capable of exercising all the powers of a company
incorporated under this Act;
(c) the company is no longer to be treated as a company incorporated
under the laws of a jurisdiction outside Seychelles; and
(d) the memorandum and articles filed under section 214(1) become
the memorandum and articles of the company.
(2) The continuation of a foreign company under this Act does not affect —
(a) the continuity of the company as a legal entity; or
(b) the assets, rights, obligations or liabilities of the company.
(3) Without limiting subsection (2), upon continuation of a foreign company
under this Act —
(a) all property and rights to which the company was entitled
immediately before the certificate of continuation is issued are
the property and rights of the company;
(b) the company is subject to all criminal and civil liabilities, and all
contracts, debts and other obligations, to which the company was
subject immediately before the certificate of continuation is
issued;
(c) no conviction, judgment, ruling, order, claim, debt, liability or
obligation due or to become due, and no cause existing, against
the company or against any member, director, other officer or
agent thereof, is released or impaired by its continuation as a
company under this Act; and
(d) no proceedings, whether civil or criminal, pending at the time of
the issue by the Registrar of a certificate of continuation by or
against the company, or against any member, director, other
officer or agent thereof, are abated or discontinued by its
continuation as a company under this Act, but the proceedings
may be enforced, prosecuted, settled or compromised by or
against the company or against the member, director, other
officer or agent thereof, as the case may be.
(4) All shares in the continued company that were issued prior to the issue
by the Registrar of certificate of continuation shall be deemed to have
been issued in conformity with this Act.
under this Act
(a) this Act applies to the company as if it had been incorporated
under section 10;
(b) the company is capable of exercising all the powers of a company
incorporated under this Act;
(c) the company is no longer to be treated as a company incorporated
under the laws of a jurisdiction outside Seychelles; and
(d) the memorandum and articles filed under section 214(1) become
the memorandum and articles of the company.
(2) The continuation of a foreign company under this Act does not affect —
(a) the continuity of the company as a legal entity; or
(b) the assets, rights, obligations or liabilities of the company.
(3) Without limiting subsection (2), upon continuation of a foreign company
under this Act —
(a) all property and rights to which the company was entitled
immediately before the certificate of continuation is issued are
the property and rights of the company;
(b) the company is subject to all criminal and civil liabilities, and all
contracts, debts and other obligations, to which the company was
subject immediately before the certificate of continuation is
issued;
(c) no conviction, judgment, ruling, order, claim, debt, liability or
obligation due or to become due, and no cause existing, against
the company or against any member, director, other officer or
agent thereof, is released or impaired by its continuation as a
company under this Act; and
(d) no proceedings, whether civil or criminal, pending at the time of
the issue by the Registrar of a certificate of continuation by or
against the company, or against any member, director, other
officer or agent thereof, are abated or discontinued by its
continuation as a company under this Act, but the proceedings
may be enforced, prosecuted, settled or compromised by or
against the company or against the member, director, other
officer or agent thereof, as the case may be.
(4) All shares in the continued company that were issued prior to the issue
by the Registrar of certificate of continuation shall be deemed to have
been issued in conformity with this Act.
