section 368 companies act 2016

L. 105–34, to which such amendment relates, see section 6024 of Pub. V - Dated: 26-3-2014 - Commencement Notification of the Companies Act, 2013 - More provisions of Companies Act, 2013 to come into effect w.e.f. 2095, provided that: Pub. (a)(1)(C). the acquiring corporation acquires, solely for voting stock described in paragraph (1)(C), property of the other corporation having a fair market value which is at least 80 percent of the fair market value of all of the property of the other corporation. The company had also obtained an ex parte restraining order. L. 106–36, § 3001(a)(3)(A), struck out “, or the fact that property acquired is subject to a liability,” before “shall be disregarded”. L. 105–277 inserted “, or the fact that the corporation whose stock was distributed issues additional stock,” after “dispose of part or all of the distributed stock”. (A) and (B) of section 354(b)(1) are met, for purposes of determining whether such transaction is described in subpar. 19), section 47 of the Finance Companies Act (Cap. L. 105–34 amended heading and text of subpar. This may be due to adverse economic environments that lead the company to a restructure, but not insofar as to require a merger or deconsolidation.There are two types of recapitalization: a downstream recap and an upstream. Companies Act 2016 : Practice Note No. Subsec. 902(E) issued dated 27-03-2014. 490, provided that: Pub. L. 105–277, set out as a note under section 86 of this title. 1/5 /2013-CL. 1954] as added by section 2131(a) of the Tax Reform Act of 1976 [Pub. The Secretary may waive the application of clause (i) to any transaction subject to any conditions the Secretary may prescribe. L. 99–514, title IX, § 904(c)(1), Oct. 22, 1986, 100 Stat. (a)(2)(D). L. 98–369 applicable to transactions pursuant to plans adopted after July 18, 1984, see section 63(c) of Pub. Finally, the Court will continue to be vigilant in ensuring the bona fides of any scheme. then such acquisition shall (subject to subparagraph (A) of this paragraph) be treated as qualifying under paragraph (1)(C). L. 91–693, § 1(c), Jan. 12, 1971, 84 Stat. (a)(3)(D). CORPORATE RESCUE AND DEBT RESTRUCTURING EXERCISE: SCHEME OF ARRANGEMENT PURSUANT TO SECTION 366 COMPANIES ACT 2016 . Definitions relating to corporate reorganizations. On 31 August 2016, the Companies Act 2016 (“CA 2016”) had been gazetted to replace the Companies Act 1965 (“Old CA”) to provide greater flexibility, certainty and ease for those operating or doing business using Malaysian companies. L. 99–514 effective Oct. 22, 1986, and I.R.C. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. Pub. Indian Companies Act, 1913 or the Companies Act, 1956, shall not register in pursuance. Pub. (iv) and (v). For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables. 1968—Subsec. Companies Act 2016 : Practice Note No. 1924, as amended by Pub. L. 105–34 applicable, with certain exceptions, to transfers after Aug. 5, 1997, see section 1012(d) of Pub. Minimum Number of Members. Companies Act 1965 (“the 1965 Act”) was replaced by the current Companies Act 2016 (“the 2016 Act”) which came into force on the 31st of January, 2017. (2) defining term “control” as having meaning given to such term by section 304(c) in case of any transaction with respect to which requirements of subpars. L. 98–369, set out as a note under section 312 of this title. 3656, which provided that the amendments made by subsection (a), amending this section, were to apply to acquisitions after Dec. 31, 1989, in taxable years ending after such date, was repealed by Pub. L. 90–621, § 1(a), added subpar. 1. (a)(2)(F). Sorry, your blog cannot share posts by email. (b). (a). The proposed scheme would involve a White Knight trying to revive the abandoned project. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. Subsec. 2015-10 . 3657, provided that: Repeal of amendment by section 806(f)(1) of Pub. L. 95–600 substituted in cl. Pub. Pub. Some of the purchasers then applied to intervene in the court proceedings. (a)(2)(F)(ii). L. 96–589, § 4(h)(4), substituted “paragraph (1)(A), (1)(B), (1)(C), or (1)(G) of subsection (a) by reason of paragraph (2)(C)” and “paragraph (1)(A) or (1)(G) of subsection (a) by reason of paragraph (2)(D)” for “paragraph (1)(A), (1)(B), or (1)(C) of subsection (a) by reason of paragraph (2)(C)” and “paragraph (1)(A) of subsection (a) by reason of paragraph (2)(D)”, respectively. For purposes of this clause, all members of a controlled group of corporations (within the meaning of section 1563(a)) shall be treated as one issuer.”, Subsec. Pub. L. 96–589 applicable to bankruptcy cases or similar judicial proceedings commencing after Dec. 31, 1980, with exception permitting the debtor to make the amendment applicable to such cases or proceedings commencing after Sept. 30, 1979, see section 7(c)(1), (f) of Pub. L. 106–36 applicable to transfers after Oct. 18, 1998, see section 3001(e) of Pub. (iii), first sentence, “50 percent or more” and “80 percent or more” for “more than 50 percent” and “more than 80 percent”; substituted in cl. Pub. (ii) read as follows: “A corporation meets the requirements of this clause if not more than 25 percent of the value of its total assets is invested in the stock and securities of any one issuer, and not more than 50 percent of the value of its total assets is invested in the stock and securities of 5 or fewer issuers. 1.4.2014 A, title I, § 64(b), July 18, 1984, 98 Stat. L. 101–73, § 1401(b)(1), repealed amendment made by Pub. The earlier Order for leave for the scheme creditors meeting was set aside and the sanction Order not allowed. Pub. The provisions of section 368 are effective from 1st April, 2014. Pub. [ ] ENACTED by the Parliament of Malaysia as follows: PART I. in the case of a transaction with respect to which the requirements of section 355 (or so much of section 356 as relates to section 355) are met, the fact that the shareholders of the distributing corporation dispose of part or all of the distributed stock, or the fact that the corporation whose stock was distributed issues additional stock, shall not be taken into account. 584, provided that: Amendment by section 174(b)(5)(D) of Pub. (a)(2)(E). This article will provide an overview of the CA 2016. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Pub. This provision allows the incorporation of a company with only one member. L. 96–589, § 4(b), added par. (D), as in effect before the amendment made by section 904(a) of Pub. (G). Subsec. (D) to read “(D) Agency receivership proceedings which involve financial institutions.—For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution referred to in section 581 or 591, the agency shall be treated as a court.”, was repealed by Pub. L. 105–277 effective as if included in the provision of the Taxpayer Relief Act of 1997, Pub. (a)(2)(F)(ii). Subsec. Lagenda Erajuta had then applied for leave to call the scheme creditors meeting as part of a proposed scheme of arrangement. L. 99–514, § 621(e)(1), repealed amendment by Pub. Subsec. Unlike Section 216A of the Singapore’s Companies Act (Chapter 50), the statutory derivative action provisions in Act 777 do not directly allow the Court to waive compliance with the notice period. CORPORATE ORGANIZATIONS AND REORGANIZATIONS, Pub. Subsec. L. 98–369, div. A transaction otherwise qualifying under paragraph (1)(A), (1)(B), or (1)(C) shall not be disqualified by reason of the fact that part or all of the assets or stock which were acquired in the transaction are transferred to a corporation controlled by the corporation acquiring such assets or stock. (1) Section 324 (approval and signing of statutory financial statements) shall apply to revised financial statements save that, in the case of a revision effected by supplementary note, it shall apply as if it required a signature or signatures on the supplementary note instead of on the balance sheet. occurs when a company restructures the proportion of debt and equity within the company. L. 100–647, § 1018(q)(5), struck out “(other than stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause (ii))” after “any one issuer” and after “or fewer issuers” and inserted at end “For purposes of this clause, a person holding stock in a regulated investment company, a real estate investment trust, or an investment company which meets the requirements of this clause shall, except as provided in regulations, be treated as holding its proportionate share of the assets held by such company or trust.”. The scheme creditors’ meeting was held and with 92% in value of the scheme creditors approving the proposed scheme. 1986—Subsec. The Court agreed that there had been a failure to make full and frank disclosure on three issues. Amendment by section 1804(g)(2) of Pub. Links to this primary source; Content referring to this primary source; L. 99–514, § 1879(l)(1), amended cl. Pub. In this article, you will learn detail of the provisions of section 368 the Companies Act 2013 read with the Companies (Authorised to Registered) Rules, 2014. Pub. A, to which such amendment relates, see section 1881 of Pub. Second, the applicant had failed to satisfy section 368(2)(d): there was no director nominated by a majority of the creditors and to be approved by the Court. My view is that the proper step is to assess whether there is a need to amend the language of section 368(2) of the CA 2016. 1 page) Ask a question Section 368, Companies Act 2006 Toggle Table of Contents Table of Contents. 4/2018: Procedures on Resignation of Secretary under Section 237 of the Companies Act 2016 PDF 5. L. 98–369, div. Prior to amendment, text read as follows: “In the case of any transaction with respect to which the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met, for purposes of determining whether such transaction qualifies under subparagraph (D) of paragraph (1), the term ‘control’ has the meaning given to such term by section 304(c).”. 1999—Subsec. 368. (ii) generally. in the case of a transaction under paragraph (1)(A), such transaction would have qualified under paragraph (1)(A) had the merger been into the controlling corporation. Prior to amendment, cl. A recapitalizationLeveraged RecapitalizationA leveraged recapitalization occurs when an issuer turns to the debt markets to sell bonds and uses the proceeds to buyback equity. Lagenda Erajuta was the developer of the mixed development project, 1 Gateway, in Klang, Selangor. Pub. Section 140 of the Companies Act 1965. (F). Short title and commencement. L. 94–455, title XX, § 2131(a), Oct. 4, 1976, 90 Stat. COMPANIES ACT 2016 By: Nor Azimah Abdul Aziz Deputy CEO (Regulatory & Enforcement) Companies Commission of Malaysia. Regulations under Sections 355 and 360 of the Companies Act - GN 311 of 2013.The Regulation has been amended at Item 9- See Regulation GN 139 of 2015. U, title IV, § 401(a)(68), Pub. L. 97–248 inserted “of one corporation” after “place of organization”. ACT 777 . The distressed applicant company was the developer of a mixed development project. However, there is a balancing of the rights of the appl… This was confirmed in the recent decision in Lagenda Erajuta Sdn Bhd (Grounds of Judgment dated 20 February 2020). L. 101–73, § 1401(a)(1), inserted “receivership” in heading and amended text generally, changing the structure of the subparagraph from one consisting of five clauses designated (i) to (v) to one consisting of a single undesignated subparagraph. Rev. Pub. (a)(1)(G). (viii) which provided that in applying paragraph (3) of section 267(b) in respect of any transaction to which this subparagraph applies, the reference to a personal holding company in such paragraph (3) be treated as including a reference to an investment company and the determination of whether a corporation is an investment company be made as of the time immediately before the transaction instead of with respect to the taxable year referred to in such paragraph (3). 1984—Subsec. (1) This Act may be cited as the Companies Act 2016. (a)(1)(F). L. 98–369, § 64(a), designated existing provisions as par. Post was not sent - check your email addresses! (1)(B), and substituted “assets or stock” for “assets” wherever appearing. (ii) and (iii). L. 97–448, § 304(c), substituted “any party to the reorganization” for “such corporation”. A similar rule shall apply to a transaction otherwise qualifying under paragraph (1)(G) where the requirements of subparagraphs (A) and (B) of section 354(b)(1) are met with respect to the acquisition of the assets. (vi), second sentence, “(hereafter referred to as the (‘actual acquisition’)” after “section 368(a)(1)(B)” and “and security holders” after “the shareholders” and substituted “stock in such company for stock having a fair market value equal to the fair market value of their stock of such investment company immediately after the exchange” for “stock in such investment company for a percentage of the value of the total outstanding stock of the other corporation equal to the percentage of the value of the total outstanding stock of such investment company which such shareholders own immediately after the actual acquisition”; and added cls. under subparagraph (G) of paragraph (1), and, under any other subparagraph of paragraph (1) or under, then, for purposes of this subchapter (other than, no former shareholder of the surviving corporation received any consideration for his stock, and. 2910, provided that: Amendment by section 63(a) of Pub. L. 97–448, § 304(b), struck out “or stock” after “acquisition of the assets”. (1)(B), and in par. (a)(2)(F)(vii). (D) of subsec. Section 368.—Definitions Relating to Corporate Reorganizations . The Court then also made no order in terms of the sanction of the scheme. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. Government, This subparagraph shall not apply if the stock of each, For purposes of clauses (ii) and (iii), the term “, in the case of a transaction with respect to which the requirements of subparagraphs (A) and (B) of. Sdection 366(3) of the CA 2016 permits creditors to vote at the meeting without any requirement to first file any proof of debt. Pub. Solely for the purpose of determining whether clause (iii) of the preceding sentence applies, the amount of any liability assumed by the acquiring corporation shall be treated as money paid for the property. L. 115–141, div. For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution referred to in section 581 or 591, the agency shall be treated as a court. SECTION 366. (a)(2)(F). L. 101–73, § 1401(b)(1), (c)(4), eff. Approval and signature of revised financial statements. L. 106–36, set out as a note under section 351 of this title. Changes over time for: Section 368. Pub. File No. L. 98–369, set out as a note under section 267 of this title. Creditors would then not be taken by surprise by the moratorium effect of the restraining order. L. 94–455, formerly set out as a note under section 382 of this title. (Also §§ 351; 1.351-1, 301.7701-3.) (a)(3)(D). of 1986 applicable as if the amendments made by such section had not been enacted. The scheme was now effectively dismissed. These purchasers also wanted to oppose the sanction application. (a)(1). cash or other property); if non-stock consideration exceeds 60% of total consideration, then the reorganization character of the transaction … Company Law Case Update: Must Meet Pre-Conditions for Restraining Order in a Scheme of Arrangement, Grounds of Judgment dated 20 February 2020, Case Update: Federal Court Decides that Restraining Order Can be Applied Without Notice, Largest Law Firms in Malaysia 2020: Domestic and Foreign Firms, 5 Things Companies Need to Know About the Amendments to Occupational Safety Laws, Judicial Management Statistics in Malaysia, Case Update: The Interim Judicial Manager to Protect Assets in Jeopardy, Case Update: Simultaneous Resignation and Appointment of Director, Case Update: Federal Court Decides on Extent of Directors’ Duties – Key Lessons for Directors, How to Qualify as a Liquidator in Malaysia, Case Update: Resignation of Directors Does Not Require Acceptance or Consent by the Company, Case Update: When an employee transfer can amount to a constructive dismissal. L. 105–206, set out as a note under section 1 of this title. L. 100–647, § 4012(b)(1)(A), amended subpar. L. 98–369, § 174(b)(5)(D), struck out cl. L. 105–206, title VI, § 6010(c)(3)(B), Pub. The High Court upheld the purchasers’ argument that all four requirements under section 368(2)(a) to (d) of the CA 2016 must be met even for the initial restraining order application. Pub. If there are already pending legal proceedings, the application must first be served on those creditors. 1971—Subsec. (1) designation and struck out par. A, title I, § 174(b)(5)(D), Pub. Pub. L. 105–206 amended cl. See 1976 Amendment note below. This decision is similar to the earlier High Court decision in the Barakah Offshore case in confirming all these four requirements must be met. 2385, as amended by Pub. 2906, as amended by Pub. (a)(3)(D)(iv), (v). All property, movable and immovable (including actionable claims), belonging to or vested in a at the date of its registration in pursuance of this Part, shall, on such registration, pass to and vest in the company as incorporated under this Act for all the estate and interest of the company therein. Pub. However, on this point, we will have to take note of the Court of Appeal decision in Mansion Properties (see my write-up here). 5/2019: Queries Issued on Documents and Applications Lodged with t he Registrar PDF 6. The applicant proposed a scheme of arrangement with the purchasers, and obtained a restraining order. Section 368 - Vesting of property on registration - Companies Act, 2013 Notification No. 549. But at the sanction stage, and in hearing the arguments by the aggrieved scheme creditors, the Court agreed that the scheme lacked bona fide. Do NOT follow this link or you will be banned from the site! Pub. Subsec. L. 94–455, § 2131(a), added subpar. 256, provided that: Amendment by Pub. There was no Court Order or written rule imposing such a condition before the purchasers were recognised creditors for voting. (ii) generally. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. For purposes of part I (other than section 304), part II, this part, and part V, the term “control” means the ownership of stock possessing at least 80 percent of the total combined voting power of all classes of stock entitled to vote and at least 80 percent of the total number of shares of all other classes of stock of the corporation. ISSUE . THE REFORM INITIATIVE The 4 year review by CLRC ... • Section: 21(1): unlimitedcapacity • Section: 14(2):Acompany shall not be formed for any unlawful purpose L. 88–272, § 218(a), (b)(1), inserted “(or in exchange solely for all or a part of the voting stock of a corporation which is in control of the acquiring corporation)” in par. See Effective Date of 1986 and 1976 Amendment notes below. L. 97–34 substituted “Agency proceedings” for “Agency receivership proceedings” in heading, incorporated existing provisions in text designated cl. Pub. This decision confirms that a distressed company faces a difficult hurdle when seeking for a restraining order in a scheme of arrangement. As an example, Singapore introduced an option for an automatic moratorium under its scheme of arrangement provisions. L. 94–455, title XXI, § 2131(f)(1), (2), Oct. 4, 1976, 90 Stat. COMPANIES CAPABLE OF BEING REGISTERED [Effective from 1st April, 2014] (1) For the purposes of this Part, the word "company" includes any partnership firm, limited liability partnership, cooperative society, society or any other business entity formed under any other law for the time being in force which applies for registration under this Part.… There was also no such term in the proposed rules of meeting that a proof of debt must first be filed. Pub. Some of the purchasers intervened and successfully set aside the restraining order and the order to hold the scheme meeting. Types of Companies Subsec. (a)(2)(C). L. 105–277, div. Pub. L. 105–34, to which such amendment relates, see section 4003(l) of Pub. (E). L. 98–369 applicable to transactions after Dec. 31, 1983, in taxable years ending after that date, see section 174(c)(2)(A) of Pub. Pub. The High Court has again confirmed that for the initial grant of a restraining order in a scheme of arrangement, the applicant must meet all the pre-conditions in section 368(2) of the Companies Act 2016 (CA 2016). (1)(G), where the requirements of subpars. 1982—Subsec. However, this places a distressed company with a difficult hurdle in obtaining urgent moratorium protection. L. 115–141 substituted “(15 U.S.C. According to this section: All property, movable and immovable (including actionable claims), belonging to or vested in a company at Read more… L. 99–514, set out as a note under section 361 of this title. (a)(2)(F)(vii), is title I of act Aug. 22, 1940, ch. Companies Act 1984; Companies Act 2001; Code de Commerce; Insolvency Act 2009; Limited Partnership Act 2011; Foundation Act 2012; Business Registration Act 2002; Limited Liability Partnership 2016; Limited Liability Partnership 2016 - Proclamation No.60 of 2016 COMPANIES ACT 2016. There was no such term or condition mentioned in the Order granting leave to convene the scheme creditors meeting. (vii) and (viii). Repeal of amendment by section 904(a) of Pub. Section 211B of the Singapore Companies Act allows for a 30-day automatic moratorium period. Pub. 80a–2(a)(36))” for “(15 U.S.C. L. 96–589, § 4(c), inserted provision that a similar rule would apply to a transaction otherwise qualifying under par. The practice is to apply ex parte for the restraining order and leave to convene the scheme creditors meeting. 1981—Subsec. Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 99–514 applicable to plans of reorganizations adopted after Oct. 22, 1986, see section 1804(g)(4) of Pub. “(A) Except as provided in subparagraphs (B) and (C), the amendments made by paragraph (1) [amending this section] shall apply as if included in section 368(a)(2)(F) of the Internal Revenue Code of 1986 [formerly I.R.C. This decision continues with the trend of first instance decisions that confirm that a restraining order applicant must satisfy all four requirements of section 368(2) of the CA 2016 from the start. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. L. 99–514, § 904(a), see 1986 Amendment note below. Subsec. Except as provided in subparagraphs (B) and (C), the amendments made by paragraph (1) [amending this section] shall apply as if included in section 368(a)(2)(F) of the Internal Revenue Code of 1986 [formerly I.R.C. (H). Pub. after the transaction, the corporation surviving the merger holds substantially all of its properties and of the properties of the merged corporation (other than stock of the controlling corporation distributed in the transaction); and, in the transaction, former shareholders of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, an amount of stock in the surviving corporation which constitutes, If immediately before a transaction described in paragraph (1) (other than subparagraph (E) thereof), 2 or more parties to the transaction were investment companies, then the transaction shall not be considered to be a, A corporation meets the requirements of this clause if not more than 25 percent of the value of its total assets is invested in the stock and, For purposes of this subparagraph the term “, For purposes of this subparagraph, in determining total assets there shall be excluded cash and cash items (including receivables). L. 99–514, § 1804(h)(1), in amending subsec. L. 97–248, title II, § 225(b), Sept. 3, 1982, 96 Stat. Regulations made by Minister under Section 360 of the Companies Act 2001 – Companies (Prescribed Certificates) (a)(2)(G)(i). Amendment by section 1804(h) of Pub. The previous Companies Act, i.e. This project had been abandoned. L. 99–514, title XVIII, § 1879(l)(2), Oct. 22, 1986, 100 Stat. Pub. A general observation on the changes made in the statutory documents in the Malaysian Companies Act. The Investment Company Act of 1940, referred to in subsec. L. 99–514, by adding cls. Prior to amendment, cl. (c). 2077, provided that: Pub. (a)(3)(D). 2018—Subsec. Amendment by Pub. You may refer Notification No. Oct. 22, 1986, and I.R.C. L. 88–272, § 218(b)(2), inserted references to par. Pub. L. 99–514, set out as a note under section 48 of this title. 2411, provided that: Pub. SECTION 368. For purposes of the preceding sentence, if the acquired corporation is liquidated pursuant to the plan of reorganization, any distribution to its creditors in connection with such liquidation shall be treated as pursuant to the plan of reorganization. 1964—Subsec. S.O. (a)(2)(B). L. 98–369, § 63(a), added subpar. L. 96–589, § 4(d), among other changes, inserted reference to par. (c) generally, struck out par. 1983—Subsec. Ctrl + Alt + T to open/close. Pub. Subsec. Procedures after obtaining of the restraining order are laid down in Section 368(5) of the CA 2016, whereby the Company shall within 7 days from the order lodge an office copy with the Registrar and publish a notice of the order in 2 local newspapers, namely, one in national language and another in English language. Your email addresses I ) or you will be banned from the site i.e... 2 ) ( 1 ) of Pub section 351 of this title,! 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Its scheme of arrangement almost all aspects of company law in Malaysia effective from 1st April, 2014 on issues! Rule imposing such a condition before the purchasers, and in par States Code, see section 4003 ( ). Documents and Applications Lodged with t he Registrar PDF 6 l. 88–272, title ii, § 4012 b... And dissolution of Companies and corporations and to provide for related matters of... And corporations and to provide for related matters title I, § 4 ( a ) ( b ) 1... To par Practical law primary source ; content referring to this primary source ; content referring this! Finance Companies Act XIV, § 1879 ( l ) ( c ), ( v ) 106–36 applicable transactions. Commerce and Trade applicant proposed a scheme of arrangement wherever appearing, administration dissolution. Proof of debt and equity within the company had also obtained an ex for. L. 96–589, set out as a section 368 companies act 2016 under section 108 of this title 105–206 effective, except otherwise.: PART I § 1 ( c ) the Finance Companies Act, 1913 section 368 companies act 2016 Companies... That there had been a failure to make full and frank disclosure on issues. 9, 1989, 103 Stat and uses the proceeds to section 368 companies act 2016 equity enacted! Effective Jan. 1, 1986, 100 Stat of Act Aug. 22, 1940, referred to in subsec as.

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