S.L. 386.26 Art. 16     Cap. 12.

(1) Any party who feels aggrieved by the Court’s judgement relating to an application in terms of regulations 12(4),

12(5), 15(1) or (2) may appeal to the Court of Appeal as constituted in accordance with article 41(1) of the Code of Organization and Civil

Procedure by means of an application filed in the registry of that court within thirty (30) days from the date of that judgement and the Court of Appeal shall set down the cause for hearing at an early date, in no case later than one(1) month from the date on which the appeal is brought before it and shall cause notice of such date to be given to the parties to the suit who, on their part, shall assume the responsibility to visit the court registry and be aware of the latest information regarding the appointment for the hearing of the case.

(2) In the case of an appeal from the Court’s judgment relating to regulation 15(1), notice of the appeal application shall be published by the Registrar in the Gazette or on a website maintained by the Registrar.

(3) After appointing the application for hearing, and after listening to the oral submissions made by the parties, the Court of Appeal shall decide to uphold or reject the appeal, within the shortest time possible but in any case not later than three (3) months from the COMPANIES

day when the appeal had been filed and the parties and the Registrar have been duly notified.

(4) In the case of an appeal from the Court’s judgement relating to regulation 15(1), a notice that the judgment of the Court of Appeal has been delivered shall be published by the Registrar in the Gazette or on a website maintained by him, which notice shall specify whether the application has been allowed or dismissed.

(5) If, during the hearing of the appeal, the Court of Appeal finds that the application is frivolous and vexatious, the Court of Appeal may impose on the party an administrative penalty, to be paid to the counter-party, either between ten thousand (€10,000) and two hundred and fifty thousand euro (€250,000), or ten (10) per centum (%) of the annual turnover for the preceding financial year of the company being divided.