13Acts of Minister under Companies Ordinance deemed to be acts of Ministerial Council or Commission etc.

13 Acts of Minister under Companies Ordinance deemed to be acts of Ministerial Council or Commission etc.

(1) In this section:

the Act means the Companies Act 1981.

the Ordinance means the Companies Ordinance 1962.

(2) Where the Minister had given consent under subsection 22(1) of the Ordinance to the registration of a company or an intended company by a specified name and the company had not been registered by that name before the commencement of the Act, the consent shall be deemed to have been a consent to the reservation or registration of that name in respect of that company or intended company given by the Ministerial Council under subsection 38(2) of the Act. (3) A licence issued under section 24 of the Ordinance or the corresponding provision of a previous law of the Territory and in force immediately before the commencement of the Act continues in force as if:

(a) it were a licence issued by the Commission under section 66 of the Act; and

(b) in the case of a licence exempting a company from complying with provisions of the Ordinance—it exempted the company from complying with the corresponding provisions of the Act;

and a reference in the Act to a licence under section 66 of the Act shall be construed as including a reference to a licence to which this subsection applies. (4) A declaration made by the Minister under paragraph 38(7)(b) or (c) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission under paragraph 97(7)(b) or (c), as the case may be, of the Act. (5) A notice by the Minister published under subsection 38(8) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a notice by the Commission published under subsection 97(9) of the Act. (6) Where the Minister had, under subsection 44(3) of the Ordinance, exempted an allotment of shares or debentures from the operation of section 44 of the Ordinance, and that exemption was in force immediately before the commencement of the Act, that allotment of shares or debentures shall be deemed to have been exempted by the Commission, under subsection 105(3) of the Act, from the operation of section 105 of the Act. (7) A declaration made by the Minister by notice published in the Gazette under paragraph 69A(2)(b) or (c) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Ministerial Council by order published in the Gazette under paragraph 134(2)(b) or (c), as the case may be, of the Act. (8) An approval given by the Minister under paragraph 74(1)(e) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an approval given by the Commission under paragraph 152(1)(h) of the Act. (9) An order made by the Minister under subsection 74D(2) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission under subsection 156(2) of the Act. (10) Where the Minister had, under subsection 74D(2) of the Ordinance, directed a trustee for the holders of debentures to apply to the Court for an order under subsection 74D(4) of the Ordinance and at the commencement of the Act the trustee had not complied with that direction, the trustee shall be deemed to have been directed by the Commission under subsection 156(2) of the Act to apply to the Court for an order under subsection 156(4) of the Act. (11) A declaration made by the Minister under subsection 74F(7) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a declaration made by the Commission under subsection 158(10) of the Act. (12) A notice by the Minister published under subsection 74F(8) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a notice published by the Commission under paragraph 158(11)(a) of the Act. (13) A direction given by the Minister under subsection 84(3) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be a direction given by the Commission under subsection 172(5) of the Act. (14) Where the Minister had, by notice published under section 88 of the Ordinance, exempted a company from complying, in relation to an interest, or class of interests, specified in the notice, with all or any of the provisions of Division 5 of Part IV of the Ordinance and that exemption was in force immediately before the commencement of the Act, that company is, subject to such terms and conditions (if any) as were specified in that notice, deemed to have been exempted from complying in relation to that interest or class of interests with the provisions of Division 6 of Part IV of the Act that correspond with the provisions specified in that notice and, for the purposes of section 176 of the Act, the notice shall be deemed to have been a notice published in the Gazette under subsection 176(1). (15) A notice by the Minister published under subsection 160(2) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission published under subsection 265(2) of the Act requiring the company to comply with the provisions of Division 5 of Part V of the Act and of the regulations made for the purposes of that Division that correspond with the provisions of the Ordinance specified in the notice. (15A) An order made by the Registrar under subsection 162C(1) of the Ordinance and in force immediately before the commencement of the Act shall be deemed to be an order made by the Commission under subsection 273(1) of the Act relieving the directors of the company named in the order from compliance with the requirements of the Act that correspond with the requirements of the Ordinance specified in the order and shall be deemed: