Section 240: Suspension of proceedings in relation to declared company

240. Suspension of proceedings in relation to declared company Where an inspector has been required to investigate a declared company, no proceedings shall, until the expiry of one month after the inspector has presented his final report, be commenced or proceeded with before any Court, except with the Registrar’s consent— (a) by the company on or in respect of any contract, bill of exchange or promissory note; or (b) by the holder or any other person in respect of any bill of exchange or promissory note made, drawn or accepted by or issued, transferred, negotiated or endorsed by or to the company unless the holder or other person— (i) at the time of the negotiation, transfer, issue, endorsement or delivery, gave adequate pecuniary consideration; and [Issue 1] C35 – 144 Revised Laws of Mauritius (ii) was not at the time of the negotiation, transfer, issue, endorsement or delivery or at any time within 3 years before that time a member, officer, person concerned or employee or the wife or husband of a shareholder, officer, person concerned or employee.