Revised Laws of Saint Lucia (2021)

374.   Preservation of company

  1.  

    (1)   When a former-Act company is continued as a company under this Act—

    1.  

      (a)     the property of the former-Act company continues to be the property of the company;

    1.  

      (b)     the company continues to be liable for the obligations of the former-Act company;

    1.  

      (c)     an existing cause of action, claim or liability to prosecute is unaffected;

    1.  

      (d)     a civil, criminal or administrative action or proceeding pending by or against the former-Act company may be continued by or against the company; and

    1.  

      (e)     a conviction against, or ruling, order or judgment in favour of or against, the former-Act company may be enforced by or against the company.

  1.  

    (2)   When the Registrar determines, on the application of a former-Act company, that it is not practicable to change a reference to the nominal or par value of shares of a class or series that the former-Act company was authorised to issue before it was continued as a company under this Act, the Registrar may, despite section 26, permit the company to continue to refer in its articles to those shares, whether issued or non-issued as shares having a nominal or par value.

  1.  

    (3)   A company shall set out in its articles the maximum number of shares of a class or series referred to in subsection (2); and it may not amend its articles to increase that maximum number of shares or to change the nominal or par value of the shares.