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369.   Effect of corporate instrument

Revised Laws of Saint Lucia (2021)

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369.   Effect of corporate instrument

  1.  

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

  1.  

    (2)   Any act, matter or proceeding or thing done or taken by the former-Act company 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 is after the commencement date.

  1.  

    (3)   Section 97 applies to a former-Act company immediately upon the commencement date.

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