351. Application of Act to Combines formed under former Companies Act:- In the application of this Act to existing companies it shall apply in the same manner in the case of limited company other shares; in the cases of a company limited by guarantee company limited by hares; in the cases of a company limited by guarantee as if the company had been formed and registered under this Act as a company limited by grantee; and in the case of a company other than a limited company as if the company had been and registered under this Act as an unlimited company;

Provided that--

(a) nothing in Schedule I shall APPLY to a company formed and registered under nay law in force at any time before commencement of this Act;

(b) reference express or impaled to the date of registration shall be constructed as a reference to the date at which the comping was registered under any law in force at any time before the commencement of this Act.

352. Application Act of companies registered but not formed under former Combines Act:-- This Act shall apply to every company registered but not formed under any law in force at any time before the commencement of this Act in the same manner as it is herein after in this Act. declared to apply to Combines registered but not formed under this Act:

Provided that reference, express or impaled, to the date off registration shall be cons rend a a reference to the date at which the company was registered under the said laws or any of them.

353. Mode of transferring : A Company registered under any law in force at any time before the commencement of this Act may cause its shares to be transferred in the manner hitherto to in use or in such other mangier as the company may direct.