Registration under the Companies Act 1985

7 Repeal of 1978 Act: savings, &c.

(1)

Section 5(2) shall not apply to sections 1(1) (continued existence of Corporation) or 19 (short title, &c.) of the M1Commonwealth Development Corporation Act 1978; but this subsection is—

(a)

subject to section 5(3), and

(b)

without prejudice to any provision under or by virtue of which the Corporation may be dissolved.

(2)

Section 6(1) and (2) of the 1978 Act (annual report) shall continue to have effect in relation to the last financial year which ends before registration.

(3)

Any restriction which applies by virtue of section 14 of the 1978 Act (reserve fund) to the fund mentioned in that section shall cease to have effect on registration.

(4)

Section 16 of the 1978 Act (accounts) shall continue to have effect in relation to the last financial year which ends before registration.