(1) Where the Registrar has reasonable cause to believe that an international business company is contravening section 12 or section 111 the Registrar shall serve on the company a notice that the name of the international business company may be struck-off the Register if the international business company continues to contravene section 12 or section 111. (Amended by Act 17 of 2016)
(2) If the Registrar does not receive a reply within 30 days immediately following the date of the service of the notice referred to in subsection (1), the Registrar must serve on the international business company another notice stating that the name of the company may be struck off the register if a reply to the notice is not received within 30 days immediately following the date thereof and that a notice of the contemplated striking off will be published in the Gazette.
(3) If the Registrar—
(a) receives from the international business company a notice stating that the company is in contravention of section 12, in reply to a notice served on the international business company under subsection (1) or (2); or
(b) does not receive a reply to a notice served on the international business company under subsection (2) as required by that subsection;
the Registrar shall publish a notice in the Gazette that the name of the international business company will be struck-off the Register unless the international business company or another person satisfies the Registrar that the name of the international business company should not be struck off.
(4) At the expiration of a period of 90 days immediately following the date of the publication of the notice under subsection (3), the Registrar shall strike the name of the international business company off the Register, unless the international business company or any other person satisfies the Registrar that the name of the international business company should not be struck off, and the Registrar must publish notice of striking-off in the Gazette.
(5) If an international business company has failed to pay the increased license fee due under section 104(2), the Registrar shall, within 90 days of 31 December next ensuing publish in the Gazette and serve on the international business company, a notice stating the amount of the increased licence fee due under section 104(3) and stating that the name of the international business company will be struck-off the Register. (Substituted by Act 14 of 2002)
(6) If an international business company fails to pay the increased licence fee stated in the notice referred to in subsection (5) by the 31 December referred to in that subsection, the Registrar shall strike the name of the international business company off the Register from 1 January next ensuing.
(7) An international business company that has been struck off the Register under this section remains liable for all claims, debts, liabilities and obligations of the international business company, and the striking-off does not affect the liability of any of its members, directors, officers or agents.