DEALINGS BY COMPANIES
A Corporation or a Company is a legal entity created by statute and is included in the definition of persons under the Interpretation Act. The corporation or company is different from its shareholders or members. Most companies or corporations are created under the Companies Act of Jamaica but some will have their own Acts of Parliament e.g. Building Societies Act, Co-Operative Societies Act, Friendly Societies Act etc.
The Crown through the Commissioner of Lands holds the property on trust for the benefit of the members of that company:-
Where the company has been restored in accordance with the abovementioned sections the trust is extinguished and the lands estate and/or interest reverts to the company.
After the expiration of the relevant period the property is deemed bona vacantia and becomes the property of the Crown. The Crown should then make an application to have the estate or interest vested in the Commissioner of Lands.
The Crown is entitled by notice of disclaimer signed by the Administrator General to disclaim title to property which has been vested in accordance with Section 338 of the Companies Act.
Companies in Liquidation
A dealing or document by a liquidator must be drawn in the name of the company and the name must be followed by the words "In liquidation". Evidence of the appointment will be required.
Companies under Receivership
• by an Order of the Court;
• pursuant to the statutory power conferred on a mortgagee by the Registration of Titles Act; or
• pursuant to an express power to appoint a receiver contained in a mortgage or debenture under the Companies Act.
Any dealing or document by a receiver must be drawn in the name of the company and the name must be followed by the words "In receivership". Evidence of the appointment will be required.
The dealing or document should be executed under the company seal attested by the receiver. The nature of the authority to sign must be stated, e.g. "receiver for ..." and properly attested