Section 322: Vesting of property in company on restoration to register

322. Vesting of property in company on restoration to register (1) Subject to this section, any property of a company that is, at the time the company is restored to the register, vested pursuant to section 315, shall, on the restoration of the company to the register, vest in the company as if the company had not been removed from the register. continued on page C35 – 191 [Issue 10] C35 – 190 (2) Revised Laws of Mauritius (2) Nothing in subsection (1) shall apply to any property vested pursuant to section 315 where the Court has made an order for the payment of compensation to any person pursuant to section 315 (4) (b) in respect of that property. (3) Nothing in subsection (1) shall apply to land or any estate or interest in land that has vested pursuant to section 315 where the transfer to the State of the land or interest in land has been registered under any enactment providing for the registration of such land or interest. (4) Where the transfer to the State of land or any interest in land that has vested pursuant to section 315 has been registered, the Court may, on the application of the company, make an order— (a) for the transfer of the land or interest to the company; or (b) for the payment, as directed by the Court, to the company of compensation— (i) of an amount not greater than the value of the land or interest as at the date of registration of the transfer; or (ii) where the land or interest has been sold or contracted to be sold, of an amount equal to the net amount received or receivable from the sale. (5) On an application under subsection (4), the Court may decide any question concerning the value of the land or the estate or interest. (6) Compensation ordered to be paid under subsection (4) shall be paid as directed by the Court. [S. 322 amended by s. 9 (l) of Act 18 of 2016 w.e.f. 7 September 2016.] PART XXVII – SERVICE OF DOCUMENTS