| (1) |
When any competent court has made an order for the winding-up of any company or other juristic person which holds realisable property or a resolution for the voluntary winding-up of any such company or juristic person has been registered in terms of any applicable law— |
| (b) |
no proceeds of any realisable property realised by virtue of section 20 and for the time being in the hands of a curator bonis appointed under this Act, |
shall form part of the assets of any such company or juristic person.
| (2) |
Where an order mentioned in subsection (1) has been made in respect of a company or other juristic person or a resolution mentioned in that subsection has been registered in respect of such company or juristic person, the powers conferred upon a superior court by sections 16 to 21 and 23(2) or upon a curator bonis appointed under this Act, shall not be exercised in respect of any property which forms part of the assets of such company or juristic person. |
| (3) |
Nothing in the Companies Act, 1973 (Act No. 61 of 1973), or any other law relating to juristic persons in general or any particular juristic person, shall be construed as prohibiting any superior court or curator bonis appointed under this Act from exercising any power contemplated in subsection (2) in respect of any property or proceeds mentioned in subsection (1). |
| (4) |
For the purposes of subsection (1), "the relevant time" means— |
| (a) |
where an order for the winding-up of the company or juristic person, as the case may be, has been made, the time of the presentation to the court concerned of the application for the winding-up; or |
| (b) |
where no such order has been made, the time of the registration of the resolution authorising the voluntary winding-up of the company or juristic person, as the case may be. |
| (5) |
The provisions of section 25(2) are mutatis mutandis applicable to a company or juristic person who has directly or indirectly made an affected gift. |
Gold Membership
