Clause 158

Section 370 of the Companies Act is amended by deleting subsections (4), (5) and (6) and substituting the following subsections:“(4) On the appointment of a new authorised representative, the company shall lodge a notice referred to in section 368(1)(e) and a consent statement in respect of the new authorised representative with the Registrar.(5) Subject to subsections (6) and (7), the authorised representative in respect of whom the notice under subsection (3) has been lodged shall cease to be an authorised representative on the expiration of a period of 21 days after the date of lodgment of the notice or on the date on which the consent statement in respect of another authorised representative is lodged with the Registrar under section 368(1)(f), whichever is the earlier, but if the notice states a date on which the first‑mentioned authorised representative is to so cease and the date is later than the expiration of that period, on that date.(6) Where the authorised representative in respect of whom the notice under subsection (3) has been lodged is the sole authorised representative of a foreign company —