Cap. 630 чл. 22Effects of cancellation of registration. Cap. 12.

(1) In the event of the cancellation of registration of a social enterprise organisation, the administrators shall make all the necessary amendments to the statute of the organisation including amending its name to remove any references to the term "Social Enterprise" or the letters "SEO".

(2) Notwithstanding anything stated in the organisation’s statute or in any applicable law, the administrators of a social enterprise organisation which has been cancelled may resolve to retain the organisation in operation and shall be deemed to have all the necessary powers and authority to make any amendments to the statute so as to remove any particular statutory requirements imposed by this Act and to bring it in line with the law applicable to its legal form should it be resolved by the administrators to retain its registration in the relevant register.

(3) In the event of the cancellation of registration of a social enterprise organisation, the administrators shall forthwith surrender, to the Regulator, the certificate of recognition of such social enterprise organisation and any person failing to surrender such certificate within the time stated in the demand, in writing, made by the Regulator, shall be guilty of an offence against this Act and shall be liable, on conviction, to a fine (multa) of two hundred and fifty euro (€250) and a fine (multa) of twelve euro (€12) for every day of default.

(4) In the event of the cancellation of registration of a social enterprise organisation, all benefits granted to such social enterprise organisation by virtue of registration shall cease from the date when the decision to cancel takes effect:

Provided that such loss of benefits shall not apply to the acts required to liquidate and dissolve the social enterprise organisation, including any transfer of property to other social enterprise organisations as required by the statute of the social enterprise organisation or otherwise in accordance with article 9 or the provisions of applicable law.

(5) Cancellation for the reasons mentioned in article 21 shall entitle the Regulator to demand in writing the refund of, or fair compensation for, any benefits received by the social enterprise organisation or any other person by virtue of its registration in terms of this Act, and that demand, when done by judicial letter, issued in accordance with article 466 of the Code of Organization and Civil Procedure shall constitute an executive title against the organisation or any named administrator in favour of the Regulator, in his own name or as trustee for the person entitled to the refund or fair compensation as aforesaid. Any person aggrieved by such order may file an application in Court within thirty days of receipt thereof:

Provided that there shall lie an appeal to the Court of Appeal from any confirmation of liability by the Court in terms of this sub-article.

(6) An order of the Regulator against an organisation or any named administrator shall be enforceable as an executive title once any judgment has become res judicata or no proceedings have been filed within the relevant time limits.