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A transaction purported to be done by an offshore company, is not invalid by reason only of the fact that the company was without capacity or power to undertake the transaction. Such lack of capacity or power may only be relied upon under the following circumstances:

a) any proceeding against the offshore company by any of its members, debenture holders or trustee of debenture holders to restrain transfer of property to or by the company,

b) any proceedings by the company or any member of the company against the present or former officers of the company; or

c) any petition by the Minister of Finance to wind it up.