Companies Act (Cap. 386), article 334

334. (1) The conversion of a comme rcial partnership shall not take effect until three months from the date of the publication of the statement referred to in article 401(1)( e) relating to the decision or resolution approving the conversion. (2) During the aforesaid period of three months any creditor of the commercial partnership who se debt existed prior to the publication of the statement referred to in sub-article (1) may by sworn application object to the conversion and, if he shows goo d cause why it should not take eff ect, the court sh all either uph old the objection or allow the conversio n on sufficient security being given. (3) Without prejudice to the provisions of sub-article (2) any partner or shareholder, as the case may be, of the commercial partnership being converted, or the Registrar, shall have the r ight to challenge the validity of the conversion only within the afores aid period of three months by means of a sworn application. (4) Where as a result of the proceedings for which provision is made in sub-article (3), the cour t is satisfied that the conver sion is not valid, the court shall di sallow the said conversion: Provided that the court shall have the right to suspend its decision disallowing the conversion and to grant time, which sh all not be in excess of six months, to the commercial partnership i n default, to remedy the default rendering the conversion invalid ; and if the default is remedied within the time allowed the conversi on shall take effect. Commercial partnership formed succeeds commercial partnership ceasing to exist. Amended by: IV . 2003.125; XIX. 2010.35.