279 Undistributed property of dissolved company

(1) Subject to subsection (2), any property of a company that has not been
disposed of at the date of the company‘s dissolution vests in the

Government of Seychelles.

(2) If a company is restored to the Register, any property, other than money,
that was vested in the Government of Seychelles under subsection (1) on
the dissolution of the company and that has not been disposed of must be
returned to the company upon its restoration to the Register.

(3) The company is entitled to be paid by the Government of Seychelles —

(a) any money received by the Government of Seychelles under
subsection (1) in respect of the company; and


(b) if property, other than money, vested in the Government of
Seychelles under subsection (1) in respect of the company and
that property has been disposed of, an amount equal to the lesser
of —

(i) the value of any such property at the date it vested in the
Government of Seychelles; and

(ii) the amount realized by the Government of Seychelles by
the disposition of that property.