17. Amendment of section 487 of the principal enactment

Section 487 of the principal enactment is hereby amended in subsection (5) thereof, by the substitution for the words “shall vest in and be at the disposal of the State.”, of the following: -

“shall vest in and be at the disposal of the State:

Provided that any company of which, the name has been struck off under subsection (3) may before the expiry of a period of ten years from the date of operation of the Companies (Amendment)

Act, No. 12 of 2025, apply to court making the

Attorney-General a party to such application and show cause to the satisfaction of the court stating reasons why such company was unable to comply with the provisions of subsection (1). After such inquiry as the court may deem necessary, the court may permit the re-registration of the company and upon such registration, make an order for the return to the company of all property previously vested in the State under this subsection:

Provided further that where property vested in the State under the provisions of this subsection has been dealt with or disposed of, by the State, the rights of third parties who have acquired such rights from the State in good faith shall not be affected in any manner:

Provided however, where the property has been destroyed or damaged or, physical possession of the property has not been taken by the State, the

State shall not be liable to any party in any manner.”.