Companies Act (Cap. 386), article 373

373. Any interested party may contest the registration made by the Registrar, by virtue either o f article 361 or of article 36 7 before the court in accordance with the following conditions: (a) the contestation shall be made by application against the Registrar within one month from the publication following the registration referred to in article 361 on the grounds that the draft terms of division were not drawn up in accordance with t he provisions of article 361, or within three months from the publication following the registration referred to in article 367 on the grounds that any of the resolutions of the extraordinary general meetings mentioned therein was void or voidable; notice of the application shall be published by the Registrar; (b) where it is possible to remedy a defect liable to render a division void or voidable, the court shall grant the companies involved a perio d within which to rectify the situation; (c) a notice that the judgment of the court has been delivered shall be published by the Registrar, which notice shall specify whether the application has been allowed or dismissed; 234 CAP. 386.] COMP ANIES (d) a judgment declaring a division void or voidable shall not of itself affect the validity of obligations owed by or in relation to the r ecipient companies which arose before the judgment was delivered and after the date of registration of the draft terms of division referred to in a r t i c l e 3 6 1 o r o f t h e r e s o l u t i o n s a n d t h e o t h e r instruments referred to in article 367 according to the case; (e) each of the recipient compan ies shall be liable for its obligations arising after the date on which the division took effect and before the date on which the judgment declaring the division void was delivered; (f) the company to be divided shall also be liable for the obligations referred to in paragraph ( e): Provided that the extent of this liability shall be limited to the share of the net assets delivered to the recipient company on whose account such obligations arose; (g) the division shall not become operative until the lapse of the three months referred to in paragraph (a) or, if an application is filed, un til the date of the final judgment, if the appli cation is ref used; and (h) upon the delivery of the judgement the Registrar shall, where the application is allowed, amend the registration accordingly as i f the division procedure had never commenced. Chapter II - Division by the formation of new companies Application of preceding articles of this Part to division by formation of new companies. Amended by: IV . 2003.143; II. 2004.63; XX. 2013.93.