Section 155D
Effect of migration
of International Business Companies Order, 2000
(1)
When an IBC has migrated under this Part –
(a)
the Companies Act applies to the IBC as if it had been incorporated under section 16 of that Act on the approved date for migration;
(b)
the IBC is capable of exercising all the powers of a company incorporated under the Companies Act;
(c)
the Memorandum and Articles approved under section 155B(3)(c)
become the Memorandum and Articles of the IBC; and
(d)
the IBC is forthwith removed from the register maintained under this
Order.
(2)
The migration of an IBC under this Part shall not affect its property or liabilities in any way nor shall the migration affect the continuation of any proceedings which are pending by or against the IBC.
(3)
Without limiting subsection (2) –
(a)
no conviction, judgment, ruling, order, claim, debt, liability or obligation due or to become due, and no cause existing, against the IBC or against any member, director, officer or agent thereof, is released or impaired by its migration as a company under this Part; and
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(b)
no proceedings, whether civil or criminal, pending immediately before 25th December, 2017 or such other date as determined by the Authority by or against the IBC, or against any member, director, officer or agent thereof, are abated or discontinued by its migration as a company under this Part, but the proceedings may be enforced, prosecuted, settled or compromised by or against the IBC or against the member, director, officer or agent thereof, as the case may be.
(4)
All shares in an IBC migrated under this Part that were outstanding before migration is deemed to have been issued in conformity with the Companies Act.