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Companies Act, 2008 (Act No. 71 of 2008)

Schedule 5 : Transitional Arrangements

13. Continued investigation and enforcement of previous Act

 

 

1) Despite the repeal of the previous Act—
a) any investigation by the Minister or the Registrar in terms of the previous Act and pending immediately before the effective date, may be continued by the Commission;
b) any investigation or other matter being considered by the Securities Regulation Panel in terms of the previous Act and pending immediately before the effective date, may be continued by the Panel; and
c) for a period of three years after the effective date—
i) the Commission may exercise any power of the Minister, the Registrar, or the Panel may exercise any power of the Securities Regulation Panel, in terms of the previous Act to investigate and prosecute any breach of that Act that occurred during the period of three years immediately before the effective date, subject to sub-item (2); and
ii) a court may make any order that could have been made in the circumstances by a court under that Act.

 

2) In exercising authority under subsection (1), the Commission or Panel, respectively, must conduct the investigation or other matter in accordance with the previous Act.