Clause 26

The Companies Act is amended by inserting, immediately after section 322, the following section:“Outstanding assets of company wound up on grounds of national security or interest322A. Notwithstanding any written law or rule of law to the contrary, upon a company being wound up under section 254(1)(m) on the ground that it is being used for purposes against national security or interest, the Court may, on the application of the Minister, order that any assets of the company remaining after payment of its debts and liabilities and the costs, charges and expenses of the winding up shall be paid into the Consolidated Fund.”.