12Companies Auditors Board to continue in existence

12 Companies Auditors Board to continue in existence

(1) Notwithstanding the repeal of the Companies Ordinance 1962 by the Companies Act 1981, the Companies Auditors Board established by that Ordinance continues in existence for such period as is necessary for the Companies Auditors Board to complete any inquiry under subsection 9(10) of that Ordinance that had been commenced by the Companies Auditors Board but had not been completed before the repeal of that Ordinance and the Companies Auditors Board has, for the purposes of completing such an inquiry, all the powers that it would have had if that Ordinance had not been repealed. (2) Where, pursuant to subsection (1), the Companies Auditors Board completes an inquiry, the Companies Auditors Board shall not exercise any of the powers mentioned in subsection 9(12) of the Companies Ordinance 1962 but shall furnish to the Commission a report on the inquiry.