Chapter 13
Repeal and Saving  

(1) The 1951 company Act has been repealed. 

(2) This act shall be applicable also to companies registered with the appropriate department prior to the commencement of this act. 

Provided that: 

(a) Section 4 and 6 shall not be applicable to such companies. 

(b) The legal and other rights of the director managing agent or any other or shareholders of such company as between themselves shall not be deemed to have been prejudicially affected by anything contained in this act and shall continue as such. 

(c) The functions, duties and rights and liabilities of the director, managing agent or any other officer or shareholders of such company in respect to any function or action performed or taken prior to the commencement of this act shall be regulated under the 1951 Company Act and other existing Nepal law. 

(d) In case the appropriate department is satisfied that any such company is unable to carry out any provision of this act immediately, it may make arrangements to exempt such company from such provision for a period of one year from the date of the commencement of this act.