Section 297 - Default in complying with conditions constituting a private company

(1) Where a private company defaults in complying with a condition by virtue of its incorporation as required by section 7, sections 323 and 328 shall apply to the company as if the company were a public company.

(2) When the Court is satisfied that the failure to comply with a condition, specified in subsection (1), was accidental or due to inadvertence or to any other sufficient cause, or that on other grounds it is just and equitable to grant relief, the Court may, on the application of the company or an officer or a member of the company, and on the terms and conditions that the Court considers just and expedient, order that the company be relieved of the consequences of the default.