The provisions of section 58a of the companies act, 1956 are not applicable to the company. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Under section 72 of the longterm insurance act, 1998 act no. Section interpretation 1 definitions chapter i 2 4 application of act chapter ii 5 18 administration of act. The namibian companies act, act 28 of 2004 the act contains a number of provisions that will directly impact all companies, directors and officers. Companies act, 1956 bare acts law library advocatekhoj. The companies act, 20 has been notified in the official gazette on 30th august, 20. To provide for the incorporation, management and liquidation of companies. Act to provide for the incorporation, management and liquidation of companies. Deloitte namibia changes to the 2004 companies act made. Chapter viii 208 251 directors chapter ix 252 268 remedies of members chapter ixa 268a268i secretary for public companies chapter ixa inserted by s. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. As per the provisions of section 58a of the companies act, 1956. Public procurement act, 2015 act 15 of 2015 public procurement regulations public procurement act 15 of 2015 amendment.
Further, reserve bank of india has exempted the company from compliance with the provisions of the nonbanking financial companies reserve bank directions, 1977 subject to certain conditions which have been complied with. The company has not accepted any deposits from the public and the provisions of section 58a of the companies act, 1956 and the rules framed thereunder are not applicable to the. In terms of section 452 of the companies act, 2004 act no. Auditors act, 1951 act 51 of 1951, and who is a member of the institute of chartered accountants of namibia referred to in that act. Jun 28, 20 in exercise of the powers conferred by section 58a read with subclauses a and b of sub section 1 of section 642 of the companies act, 1956 1 of 1956, the central government, in consultation with the reserve bank of india, hereby makes the following rules further to amend the companies acceptance of deposits rules, 1975, namely. Where the mortgagor binds himself to repay the mortgagemoney on a certain date, and transfers the mortgaged property absolutely to the mortgagee, but subject to a proviso that he will retransfer it to the mortgagor upon payment of the mortgagemoney as agreed, the transaction is called an english mortgage. The act consolidates and amends the law relating to companies. Financial intelligence act, 2007 under section 48 of the financial intelligence act, 2007 act no. In section 9 of that act interpretation of provisions. In schedule 16 to that act bodies to whom provisions. This is the basic law which governs the creation, continuation, the winding up of companies and also the relationships between the shareholders, the company, the public and the government. Download all sections of the income tax act 19612020 in pdf format or buy income tax bare act. Government notice 173 of 2010 gg 4536 came into force on 1 november 2010 regulation 65 as amended by.
It is an offence under section 591 of the companies act 2016 to make or authorize the making of a statement that a person knows is false or misleading and that person may be liable, upon conviction, to imprisonment for a term not exceeding ten years or to a fine not exceeding rm3million or to both. Kuugongelwa amadhila minister of finance windhoek, 16 april 2009 schedule. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. The jtc examinations are conducted under the supervision of the legal education board as part of the requirements for admission for practicing law. The central government may, in consultation with the reserve bank of india, prescribe the limits up to which, the manner in which and the conditions subject to which deposits may be invited or accepted by a company either from the. Meaning of relative as per section 6 of the companies act, 1956. Companies application for extension of time or exemption under sub section 8 of section 58a rules, 1979 view download. Local government miscellaneous provisions act 1982 c. Companies act 28 of 2004 companies administrative regulations, 2010 9. The companies act 61 of 1973 has been replaced by the. Appointment of registrar, deputy registrar and delegation of power. Jul 20, 2011 implication and summary of section 58a to private companies. Companies act, 2004 under section of the companies act, 2004 act no. Companies act, 2011 lesotho legal information institute.
Companies act 28 of 2004 companies administrative regulations, 2010 3 subregulation 2 does not apply in respect of a copy referred to in section 12 of the act which document is certified by the registrar of the high court as a true copy of the original document. Companies acceptance of deposits rules 1975 view download. Namibia officially the republic of namibia, is a country in southern africa. In this act, unless the context indicates otherwise board means the board of directors of the corporation. The companies act was introduced in parliament during 2008 and published for general. Prohibition of partnership exceeding twenty m embers. The ultimate goal in repealing the companies act, no. Section 1 of the agricultural commercial land reform act, 1995. Part 1 companies registration office and registrar 4. Companies act 2006 companies act 2006 treasury share regulations 2014 approved by tynwald. An act to reform company law and restate the greater part of the enactments relating to companies. The provisions of companies act, 1956 is still in force. Registration of external companies as companies in namibia. In section 41 of that act lost and uncollected property.
The companies act, 2017 arrangement of sections part i preliminary provisons section 1. Person ceasing to be a substantial shareholder to notify company. Namibia financial institutions supervisory authority act 3 of 2001. Application of section 159 to foreign companies rules, 1975 view download. The specific ancillary objects, if any, referred to in section 391 of the act, which are. National fishing corporation of namibia act 28 of 1991.
Section 58b amounts from release of reserves and capital reduction. Capital rules in the companies act 71 of 2008 university of. Superiority ofact part ii incorporation and registration of companies 6. Section 773b of the act, as read with section 22 of the act, penalises and holds directors personally liable to the company for any loss incurred through knowingly carrying on the business of the company recklessly, with gross negligence, with intent to defraud any person or for any fraudulent purpose.
Provisions, subject to section 2551 of the 2004 namibian companies act, exist for. Subsec 1 amended by sec of act 80 of 1959, by sec 9 a of act 58 of 1966 and. This an act to consolidate and amend the law relating to companies. Be it enacted by the parliament of the republic of namibia, as follows. Signed by the president on 19 december 2004 arrangement of sections section chapter 1 interpretation and application of act 1. A notification is issued regarding the enforcement of the section on 12the september 2018. Companies act means the companies act, 1973 act 61 of 1973 as amended. Namibia, vests jointly in the namibian stock exchange nsx and the institute of directors. Act 8 of 2016 substitutes board for minister throughout the act, except in sections, 15, 987, 16 and 29, 1476, 3361 and 452.
The translation includes the amendments to the act by article 10 of the act of 17 july 2017 federal law gazette i p. Prohibition on acceptance of deposits from public section 73 shall come into force on 1st april, 2014 vide notification no. An unlisted investment manager must submit to the registrar within 180. Some of the provisions of the act have been implemented by a notification published on 12th september, 20. Most of the amendments made, however, relate to a modernisation of the act with wording amendments, from south west africa to namibia, to remove gender bias, to include namibian legislation. Please note that the danish companies act will come into. Additional powers of director general to inquire into complaints.
Application of act to existing companies and savings. Deloitte namibia changes to the 2004 companies act made in 2011. Provisions of section 73 of companies act 20 aubsp. Improper use of word limited or incorporated an offence 58. The alternate directors, whilst acting in the stead of the directors who. This section talks about the calculation of profits. Companies act 28 of 2004 gg 3362 brought into force on. Provided that the provisions of this sub section shall not affect. Act to provide for the formation of the national fishing. This summary intends to afford clarity as to the new sectional titles act and the advantages and disadvantages thereof as will be encountered by developers and registered owners. Provision of section 58a and applicability to private co. Coupled with other statutes dealing with corporate. In section 99 of that act directions to dispose of. Before its independence in 1990, the area was known first as german southwest africa.
Section 58 of the principal act is hereby amended by the insertion after. Registrar and offices for registration of companies. Following is the section 198 of the companies act, 20 with the amendments as per the companies amendment act,2017. Companies act, 2004 summary of key changes deloitte. Where any deposit is accepted by a company after the com mencement of the companies amendment act, 1974 41 of 1974, in cont ravention of the rules made under sub section 1, repayment of such deposit shall be made by the company within thirty days from the date of acceptance of such deposit or within such further time, not excee ding thirty days, as the central government may, on. Regulation 4 companies act 2006 treasury share regulations 2014 page 4 v07 solvency test has the meaning given in section 49 of the act. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly impact all companies, directors and officers. Chapter 50 companies act table of contents part i preliminary.
Section 198 of the companies act, 20 will be applicable from the 12th september 2018. Companies act 2016 section 58 notification of change in the. For guidance, the developers looked to south african company law for the 21st century. The heading of section 5 in the text of the act is seal of. Singapore statutes online current version as at 27 apr 2018 pdf created date on. Signed by the president as amended by act to provide for. Change in the particulars of a director section a new director section b cessation as a director section c.
Most of the amendments made, however, relate to a modernisation of the act with wording amendments. Powers of the board companies act, 20 vs companies act. Republic of namibia 1 annotated statutes regulations companies act 28 of 2004 companies administrative regulations, 2010. The following act which has been passed by the parliament and signed by the president in terms of the namibian constitution is hereby published in terms of article 56 of that constitution.
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