Actions etc. or against the old company not to abate or be affected by reason of reconstruction
9 Actions etc. or against the old company not to abate or be affected by reason of reconstruction
Subject to the provisions of the compromise or arrangement or to the terms of sale sanctioned as aforesaid no action proceeding notice demand or act commenced given made or done by or on behalf of or against the old company previously to the passing of this Act shall abate or be affected by reason of the reconstruction sanctioned as aforesaid, but the same may be prosecuted acted on discontinued or otherwise dealt with by and in the name of or against the new company the same as though such action proceeding notice demand or act had been instituted proceeded with given made or done by or on behalf of or against the new company, and subject to the provisions aforesaid the benefit or burden of any decree judgment order verdict award proceeding notice demand liability or contract to which the old company was entitled or subject at the passing of this Act shall enure to or be binding upon the new company as from the date of such order as aforesaid being made.
s. 9
Any notice demand or act which it was provided by any Act deed instrument power of attorney undertaking agreement or otherwise should or might be given made or done to or by the old company or any particular officer of the old company or its transferees or assigns may be given made or done to or by the new company or a like officer of the new company or the transferees or assigns of the new company, and any agreement guarantee or other instrument given to or made with the old company and vested in the new company by the operation of this Act may be enforced by the new company as if it had been given to or made with or acquired by the new company:
Provided that where such instrument is under the Transfer of Land Act 1890 the new company shall have first become the registered proprietor in respect thereof in lieu of the old company.
The new company and its assigns may prove rank claim and draw a dividend in the matter of the insolvency or sequestration of any debtor of the old company whose debt has by section three of this Act passed to the new company, and such new company and its assigns may execute any release or other document which the old company might execute in respect of such debtor's debt insolvency or sequestration.
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