(1) In this section "existing unlimited company" means an unlimited company, whether it is a private or public such company having a share capital, or a public such one not having a share capital, which -
(a) was incorporated under any former enactment relating to companies (within the meaning of section 5), and
(b) is in existence immediately before the commencement of this section.
(2) An existing unlimited company shall, on and from the commencement of this section, continue in existence and be deemed to be -
(a) if it was a private unlimited company having a share capital before such commencement an ULC to which this Part applies,
(b) if it was a public unlimited company having a share capital before such commencement a PUC to which this Part applies, and
(c) if it was a public unlimited company not having a share capital before such commencement a PULC to which this Part applies.
(3) Section 1247 contains provisions -
(a) for enabling such a company to omit, for a limited period,
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