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362.   Effect of corporate instrument

Revised Laws of Saint Lucia (2021)

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362.   Effect of corporate instrument

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    (1)   Despite any other provision of this Act, but subject to subsection (3), if any provision of a corporate instrument of a body corporate lawfully in force immediately before its reincorporation under this Division is inconsistent with, repugnant to, or not in compliance with, this Act, that provision is not illegal or invalid only by reason of the inconsistency, repugnancy or non-compliance.

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    (2)   Any act, matter or proceeding or thing done or taken by the body corporate or any director, shareholder, member or officer of the company under a provision mentioned in subsection (1) is not illegal or invalid by reason only of the inconsistency, repugnancy or non-compliance mentioned in that subsection, or by reason of being prohibited, or not authorised by the law as it applies to the body corporate after reincorporation under this Act.

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    (3)   Section 97 applies to a body corporate immediately upon its reincorporation under this Act.

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    (Inserted by Act 10 of 2001)

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