Section 315: Property of company removed from register

315. Property of company removed from register (1) For the purposes of this section, “property” includes leasehold rights and all other rights vested in or held on behalf of or on trust for the company prior to its removal (referred to as “former company”) but does not include property held by the former company on trust for any other person. (2) Any property which, immediately before the removal of a company from the register of companies, had not been distributed or disclaimed, shall vest in the Registrar or the Curator of Vacant Estates, as the case may be, in the manner specified in this section, with effect from the removal of the company from the register. (2A) A request for the vesting of property in the Registrar or the Curator of Vacant Estates, as the case may be, shall be made by way of application to the Court for an order for the vesting of money in the Registrar or for the vesting of any property, other than money, in the Curator of Vacant Estates and may be presented by— (a) a contributory or any person who is the heir of a deceased contributory or the trustee in bankruptcy of the estate of a contributory; (b) a creditor, including a contingent or prospective creditor, of the company; (c) a liquidator; or (d) any institution. (2B) Where an application is made under subsection (2A), the Court may grant or refuse the application. (2C) The applicant shall, as soon as practicable, file with the Registrar or the Curator of Vacant Estates, as the case may be, a copy of the order of the Court for the vesting of money in the Registrar or the vesting of any property, other than money, in the Curator of Vacant Estates. C35 – 187 [Issue 9] Companies Act (3) The Registrar shall, forthwith on becoming aware of the vesting of the property— (a) inform the Curator of Vacant Estates; and (b) give public notice, of the vesting, setting out the name of the former company and particulars of the property. (3A) The money vested in the Registrar pursuant to an order of the Court under this section shall be paid into the Companies Special Deposit Account which shall be kept and maintained by the Registrar. (4) Where any property is vested in the Registrar or the Curator of Vacant Estates, as the case may be, under this section, a person who would have been entitled to receive all or part of the property, or payment from the proceeds of its realisation, if it had been in the hands of the company immediately before the removal of the company from the register of companies, or any other person claiming on behalf of that person, may apply to the Court for an order— (a) vesting all or part of the property in that person; or (b) for payment to that person of compensation of an amount not greater than the value of the property. (5) On an application made under subsection (4), the Court may— (a) decide any question concerning the value of the property, the entitlement of any applicant to the property or to compensation, and the apportionment of the property or compensation among 2 or more applicants; (b) order that the hearing of 2 or more applications be consolidated; (c) order that an application be treated as an application on behalf of all persons, or all members of a class of persons, with an interest in the property; or (d) make an ancillary order. (6) Any compensation ordered to be paid under subsection (4) shall be paid in such manner as the Court may direct. [S. 315 amended by s. 9 (i) of Act 18 of 2016 w.e.f. 7 September 2016.]