Section 6

the transfer and vesting effected by virtue of section 3(1)(c) shall be taken to have been a transfer and vesting of property, rights and liabilities to which the Corporation was entitled or subject to immediately before the end of the last complete accounting year of the Corporation ending before the

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transfer date and to have been effected immediately after the end of that year;

the value or amount of any asset or liability of the

Corporation vested in the successor company shall be the value or amount assigned to that asset or liability for the purposes of the corresponding statement of accounts prepared by the Corporation, in respect of that year;

the amount to be included in respect of any item shall be determined as if anything done by the Corporation, whether by way of acquiring, revaluing or disposing of any asset or liability, or by carrying any amount to any provision or reserve, or otherwise had been done by the successor company;

the amount to be included from time to time in any reserves of the successor company as representing its accumulated realized profits shall be determined as if any profit realized and retained by the Corporation had been realized and retained by the successor company;

references in this section to the statutory accounts of the successor company are references to any accounts prepared by the successor company for the purposes of any provision of the Companies Act 1965 [Act 125]; and

“complete accounting year” means an accounting year ending with 31st December or a period to be determined by the

Minister.

Pending proceedings