S.L. 386.6 ст. 6Transitional provisions.

(1) Subject to the provisions of these regulations, all companies which have not ceased to be offshore companies on the date of the coming into force of these regulations, shall be deemed to have been formed and registered under the Act and shall be deemed to be in compliance with article 69 of the Act, and shall retain the same legal personality and maintain all existing rights and obligations.

(2) The provisions of Chapters IX, X and XI of Part V of the Act shall, in regard to offshore companies, apply to accounting periods commencing after the 1st January 2004.