S.L. 386.27 Art. 23Approval of cross- border conversion and issuance of certificate of completion of cross-border conversion.

(1) After verifying that the provisions of these regulations and all other applicable provisions of the Act have been complied with, including the payment of any applicable fees, the

Registrar shall, without delay, and in any event, not later than ten (10)

working days from the submission of the documents referred to in regulation 21(2) and, if applicable regulation 22, approve the cross-border conversion and proceed to register the foreign converting company as a Maltese company in terms of the Act. For the purposes of such registration the Registrar shall issue a Certificate of Cross-Border Conversion which shall include the name, legal form and registration number of the converted company, a reference to the fact that the converted company has completed a cross-border conversion and the date on which the cross-border conversion takes effect. Upon the issuance of such certificate, the Registrar shall cause a statement to be published in the Gazette or on a website maintained by the Registrar confirming the completion of the cross-border conversion.

(2) A certificate issued by the Registrar under sub-regulation

(1) is conclusive evidence that the requirements of these regulations have been complied with and it shall not be possible to declare the cross-border conversion null and void after the date on which the cross-border conversion takes effect:

Provided that the provision in sub-regulation (1) shall be without prejudice to powers vested in national authorities, inter alia, in relation to criminal law, the prevention and combatting of terrorist financing, social law, taxation and law enforcement, and to impose measures and penalties under national law, after the date on which the cross-border conversion took effect.

(3) When the Registrar issues a Certificate of Cross-Border Conversion under sub-regulation (1), the Registrar shall without delay notify the registry of the departure jurisdiction that the cross-border conversion has taken effect, indicating the effective date of the cross-border conversion.