(1) Every former-Act company shall, before 1 July 1999, apply to the Registrar for a certificate of continuance under this Act.
(2) A former-Act company which fails to apply for a certificate of continuance under this Act before the expiry date specified in subsection (1) shall be struck off the Register of Companies unless that company pays a penalty of $1,000 and applies to the Registrar for a certificate of continuance under this Act before 1 January 2001.
(3) A fee in excess of $50 to defray administration costs shall not be prescribed in respect of an application for a certificate of continuance under this Act.
(Substituted by Act 33 of 1999)