The Act provides for all real property and personalty to be held in trust by the Commissioner of Lands and the Accountant General respectively prior to the vesting period. Once vested, the properties and rights of the Company will be transferred to the Crown unless a successful application is made for a Disclaimer.

Disclaimer under Section 339 of the Companies Act

It should be noted that the right of the Crown is defeasible and can be disclaimed, relinquished or waived. Section 339(1) of the Companies Act further provides for the issuance of a Disclaimer by the Administrator-General for the Crown. The effect of a disclaimer is that, once issued, all the Crown’s rights, interests and liabilities in respect of the disclaimed property are terminated and in fact, the property is deemed not to have vested in the Crown.

An application for disclaimer may be made by any person with an interest in the property. The applicant is usually a director, creditor or member of the Company. The Administrator-General should only be approached if the trust period of twenty years has expired and the property is vested in the Crown. The applicant should submit the following:

1. Application in writing;
   
2. Details of the company’s address, date of incorporation and date of removal from the company registry;
   
3. Fee in accordance with our Fee Schedule;
   
4. Copies of Titles, the subject of the disclaimer.

The Companies Act stipulates that the Administrator-General, within three (3) months of receiving the application, shall elect whether she will or will not disclaim. It should be noted that the period of three (3) months can be extended by the Court.