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(4) Stamp duty shall not be chargeable under the Stamp Duties Act [Chapter 23:09] in
respect of any share issued to the State or any other person in accordance with a scheme of
reconstruction.
(5) It shall not be necessary for the Registrar of Deeds to make any endorsement on title
deeds or other documents or in his or her registers in respect of any immovable property, right
or obligation which passes to a reconstructed company from a company under reconstruction,
but the Registrar of Deeds, when so requested in writing by the administrator or interim
board, shall cause the name of the reconstructed company to be substituted, free of charge, for
that of the company under reconstruction on the appropriate title deed or other document or in
the appropriate register.
(6) Any licence, permit or authority held by the company under reconstruction under any
enactment immediately before the transfer of its business to the reconstructed company shall
continue in force on and after that date as if it had been issued or granted to the reconstructed
company to which its business was transferred, and may be amended, renewed or terminated
accordingly.
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Duties of interim board
An interim board shall, subject to the memorandum and articles of the reconstructed
company—
(a) take over from the administrator and assume the management of the company; and
(b) manage the company in such manner as it may consider most economic and most
likely to promote the interests of the members and creditors of the company; and
(c) lodge with the Registrar a copy of the scheme of reconstruction relating to the
company within seven days of its appointment; and
(d) comply with any of the requirements of section 123 of the Act with which the
company would have been obliged to comply if it had not been placed under
reconstruction; and
(e) keep such accounting records and prepare such annual financial statements as the
company or its directors would have been obliged to keep or prepare if it had not
been placed under reconstruction; and
(f) convene the annual general meeting and other meetings of members of the company
provided for by the Act and, in that regard, comply with all the requirements with
which the directors of the company would in terms of the Act have been obliged to
comply if the company had not been placed under reconstruction; and
(g) convene meetings of the creditors of the company by notices issued separately on
the dates on which the notices convening annual general meetings of the company
are issued or on which any interim report is sent out to members and, in the case of a
private company, not later than six months after the end of its financial year; and
(h) submit to meetings of creditors convened under paragraph (g) reports showing the
assets and liabilities of the company and its debts and obligations as verified by the
auditor of the company, and all such information as may be necessary to enable the
creditors to become fully acquainted with the company’s position as at the end of the
financial year or the end of the period covered by any such interim report or, in the
Select target paragraph3
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