Section 207Part 12 — Transfer by Way of Continuation
Certification of deregistration, etc.
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Upon de registration of an applicant under this Part, the Registrar shall issue a certificate under that person’s hand and seal of office th at the applicant has been de registered as an exempted company and specifying the dat e of such de registration.
The Registrar shall enter in the regis ter of companies the date of de registration of the applicant.
From the commencement of the date of d e registration the applicant shall cease to be a company for all purposes under this Act and shall continue as a company under the laws of the relevant jurisdiction: Provided always that this shall not operate —
to create a new legal entity;
to prejudice or affect the identity or continuity of the applicant as previously constituted;
to affect the property of the applicant;
to affect any appointment made, resolution passed or any other act or thing done in relation to the applicant pursua nt to a power conferred by the memorandum and articles of association of the applicant or by the laws of the Islands;
except to the extent provided by or pursuant to this Part to affect the rights, powers, authorities, functions and liabilities or obli gations of the applicant or any other person; or
to render defective any legal proceedings by or against the applicant, and any legal proceedings that could have been continued or commenced by or agai nst the applicant before its de registration hereun de r may, notwithstanding the de registration, be continued or commenced by or a gainst the applicant after de registration.