Continuity of corporate funds: funds and accounts under the Act continue corresponding funds under prior companies law. All funds constituted and accounts kept under the Act are deemed to be in continuation of the corresponding funds and accounts that existed under prior ... Summary
Continuity of corporate funds: funds and accounts under the Act continue corresponding funds under prior companies law.
All funds constituted and accounts kept under the Act are deemed to be in continuation of the corresponding funds and accounts that existed under prior companies legislation, preserving their legal identity and treatment when governance transitions to the current statutory regime.
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