Companies (Amendment) (No. 2) Act, 1999
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Amendment of section 5 of Act of 1990. |
14.—Section 5 of the Act of 1990 is hereby amended— | |
(a) by the substitution for subsection (1) of the following subsection: | ||
“(1) Subject to section 3A, during the period beginning with the date of the presentation of a petition under section 2 and (subject to subsections (3) and (4) of section 18) ending on the expiry of 70 days from that date or on the withdrawal or refusal of the petition, whichever first happens, the company shall be deemed to be under the protection of the court.”, | ||
(b) in subsection (2)— | ||
(i) by the substitution for paragraph (d) of the following paragraph: | ||
“(d) where any claim against the company is secured by a mortgage, charge, lien or other encumbrance or a pledge of, on or affecting the whole or any part of the property, effects or income of the company, no action may be taken to realise the whole or any part of that security, except with the consent of the examiner;”, | ||
and | ||
(ii) by the deletion of paragraph (h) (inserted by the Companies Act, 1990 ). |