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(l) to terminate any lease entered into by the company as lessee by notice in writing to
the lessor, subject however to the following terms and conditions—
(i) nothing in this paragraph contained shall affect any claim by the lessor
against the company for damages he or she may have sustained by reason of
the non-performance of the terms of the lease;
(ii) if the administrator does not, within three months of the commencement of
the reconstruction, notify the lessor that he or she is prepared to continue the
lease on behalf of the company he or she shall be deemed to have terminated
the lease at the end of such three months;
(iii) the rent due under any lease so terminated from the commencement of the
reconstruction to the termination of the lease by the administrator shall be
included in the costs of reconstruction;
(iv) the fact that a lease has been terminated by the administrator shall not
deprive the administrator of any right to compensation for improvements
made during the period of the lease;
(m) to sell, by public auction or otherwise, deliver or transfer the movable and
immovable property of the company.
(2) In addition the administrator shall have the powers specified in sections 224, 228,
229, 230, 231, 232, 233, 234, 235, 237, 239 and 240 of the Act, subject to such modifications
as may be necessary, including in particular the substitution of references therein to the
“court” or “liquidator” by references to the “administrator” and references to “winding-up” or
the “making of a winding-up order” by “reconstruction” or the “commencement of the
reconstruction”.
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Application of certain provisions of the Act to reconstruction
Sections 220, 236, 269, 270, 278 and 290 of the Act shall apply to the proof of claims
against a company under reconstruction, the dissolution of a company under reconstruction,
voidable and undue preferences made by a company before reconstruction, the application of
certain provisions of the law relating to insolvent estates to the company under reconstruction,
the books to be kept by the administrator and the use of the books of the company under
reconstruction by the administrator as evidence, subject to such modifications as may be
necessary, including in particular—
(a) in section 220, in subsection (1) by the deletion of “section one hundred and eightynine” and the substitution of “subsections (4) to (6) of section 21”, and the deletion
of subsection (2);
(b) in section 236, the deletion of “upon the application of the Master,” in subsection (1)
and the deletion of subsection (3), and the substitution of references to the “court”
and “the registrar of the court” by references to the “administrator”, and references
to “winding-up” by “reconstruction”;
(c) in section 269, the deletion of paragraphs (a) and (b) and the substitution of “the
commencement of the reconstruction”;
(d) in section 270 by the deletion of “liquidator” wherever it occurs and the substitution
of “administrator”;
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