(1) Subject to subsection (2), where the articles of a company include the provisions which, under section 33, are required to be included in the articles of a company in order to constitute it a private company, but default is made in complying with any of those provisions, the company shall cease to be entitled to the privileges and exemptions conferred on private companies under section 36, paragraph (a) of subsection (4) of section 128, paragraph (d) of section 213, and subparagraph (i) of paragraph (a) of section 215, and thereupon, sections 36, 128, 213 and 215 shall apply to the company as if it were not a private company.
(2) The court, on being satisfied that the failure to comply with the conditions was accidental or due to inadvertence or to some other sufficient cause, or that, on other grounds, it is just and equitable to grant relief, may, on the application of the company, or any other person interested, and on such terms and conditions as seem to the court just and