Section 316B — Companies Act 1993: Transitional provision in relation to Liquidation Surplus Account under section 290 of Companies Act 1955

316B Transitional provision in relation to Liquidation Surplus Account under section 290 of Companies Act 1955 On the repeal of the Companies Act 1955 by section 2 of the Companies Act Repeal Act 1993 ,— (a) All money standing to the credit of the Liquidation Surplus Account established under section 290 of the Companies Act 1955 and representing unclaimed assets of an existing company is deemed to be money held in the Liquidation Surplus Account established under section 316 of this Act, and that section applies as if the money represented unclaimed assets of a company registered under this Act; and (b) Section 316 of this Act applies to all money to which section 290 of the Companies Act 1955 would have applied if the Companies Act 1955 had been in force, and section 316 of this Act applies as if the money represented unclaimed assets of a company registered under this Act. Section 316B was inserted, as from 30 June 1997, by section 18 Companies Act 1993 Amendment Act 1997 (1997 No 27).