Be conversant with new companies act cj tells judges. Statement in lieu of prospectus prospectus fees transitional provisions affecting existing companies repeals act 179 companies act, 196311 an act to amend and consolidate the law relating to companies. The new act replaced the repealed companies act, 1963 act 179. Act of the parliament of the republic of ghana entitled the bodies corporate official liquidations act, 1963 an act to make provision for the official liquidation of companies and other bodies corporate and other matters connected therewith. The ghana business code gbc has been developed under the auspices of. Ghanaian president, nana addo dankwa akufoaddo, has assented to the new companies act replacing the 1963 version.
Ghana free zones act 1995 act 504 ghana investment act ghana standards board food, drugs and other goods general labelling rules, 1992 mercury act, 1989 the millennium development authority act, 2006 weights and measures act, 1975. It is expected that all businesses comply with the laws of ghana where laws or. About 54 judges have been trained on the new company act 29 act 992. Download as docx, pdf, txt or read online from scribd. Ghana has a new companies act the companies act 2019 act. New companies act will improve ease of doing business. Where shares are issued upon the terms that any part of the price payable therefore is not payable at a fixed time the board of directors may from time to time make calls upon the shareholders in respect of any moneys unpaid on their shares, provided that no call shall be payable less than twentyeight days from the date fixed for the payment of the last preceding. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179. Search for library items search for lists search for contacts search for a library.
Our companies code, 1963 act 179 later to be known as an act, pursuant to the laws of ghana revised edition act, 1988 act 562 has inspired reform in other commonwealth jurisdictions and gowers report has. Where shares are issued upon the terms that any part of the price payable therefore is not payable at a fixed time the board of directors may from time to time make calls upon the shareholders in respect of any moneys unpaid on their shares, provided that no call shall be payable less than twentyeight days from the date fixed for the payment of the last. All books are in clear copy here, and all files are secure so dont worry about it. The companies code, 1963 act 179 ghana western christian heritage limited copy of a special resolution registered pursuant to section 176 of the companies code, 1963 at a general meeting of the abovenamed company held at office on the. Parliament on thursday evening passed the new companies bill, 2018, which replaces the companies act of 1963, to deal exclusively with company registration and regulation in the country. Government print department, 1963 corporation law 311 pages. On friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. Aug 05, 2019 20190805 ghanaian president, nana addo dankwa akufoaddo, has assented to the new companies act replacing the 1963 version. Arrangement of sections section part i preliminary 1. In the end, the companies code, 1963 act 179, now referred to as the companies act, owing to the provisions of the laws of ghana revised edition act, 1998 act 562, was passed. The new act which now repeals the companies act, 1963 act 179 becomes the law which will regulate the incorporation of companies.
Pursuant to section 24 of the companies code, 1963 act 179 the association has for the furtherance of its authorized objects, all the powers of a natural person of full capacity and in furtherance of the objects outlined above indepth shall have the power to solicit and. Companies act 1963 act 179 companies formed in ghana, whether before or after the commencement of this. Sep 25, 2019 under the new companies act, 2019 act 992, the ultra vires rule applies only to companies which have chosen to be registered with specific objects. However, formatting rules can vary widely between applications and fields of interest or study. As required by part m of the companies act, 1963 section 122. Under the new companies act, 2019 act 992, the ultra vires rule applies only to companies which have chosen to be registered with specific objects. The registrargenerals department the companies act, 1963 act 179 form of annual return of a company incorporated under the companies act, 1963. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. Ghanas new companies act 2019 passed, this is what to. New companies act will improve ease of doing business akufo. Where at the end of its financial year a company has subsidiaries, accounts or statements in this act referred to as group accounts dealing as hereinafter mentioned with the state of affairs and profit or loss of the company and the subsidiaries including those in liquidation shall, subject. Ghana has a new companies act the companies act 2019. This was after the new act was brought to him from parliament on friday, 2 nd august, after it was passed in may this year president akufoaddo made this known on saturday, 3 rd august, 2019, when he delivered the keynote address at the 1 st ghana.
The act draws on the experience of more developed jurisdiction and specifically incudes international best. The companies code, 1963 act 179 ghana western christian. Pursuant to section 24 of the companies code, 1963 act 179 the. Companies act 1963 act 179 section 128 particulars of directors emoluments and pensions 1 in a note to the accounts of a company there shall be shown, in accordance with the provisions of this section, the following information in so far as it is contained in the companys books or papers or the company has obtained the information.
So, you can appreciate my understandable elation when, as part of my governments programme for improving the ease of doing business in ghana, parliament passed a new companies act. Banks and special deposit act, 2016 act 930 date of assent. Pursuant to section 24 of the companies act, 1963, act179 the company has. Private company company limited by shares regulations form.
Section 3application of act 1 except where otherwise provided, the provisions of this code shall apply to all companies formed in ghana, whether before or after the commencement of this code, under the provisions of the companies ordinance, cap. Read, highlight, and take notes, across web, tablet, and phone. Ghanas new companies act 2019 passed, this is what to expect. The new companies act, act 992 is expected to reform company practice in ghana. Fair wages and salaries commission act, 2007 act 737. Checklist for incorporation in ghana a nonghanaian who wishes to invest in ghana must first incorporate a company in. Part ii incorporation of companies and matters incidental thereto 5. The new act which now repeals the companies act, 1963 act 179 becomes the law which will regulate the incorporation of companies and outline the. This was after the new act was brought to him from parliament on. So, you can appreciate my understandable elation when, as part of my governments programme for improving the ease of doing business in ghana, parliament passed a new companies act, on 2nd may. Companies code 1963, act 179 as amended this document is part of the source library for nrgis 2017 resource governance index, a comprehensive measure of the quality of natural resource governance in 81 oil, gas and mineralrich countries. The winding up of a company in ghana may be either, a by an official liquidation in accordance with the provisions of the bodies corporate official liquidations act, 1963 act 180.
Company law article index company law commencement of business. The companies act of 1963 was identified as the most. Object clause under the new companies act, act 992, is. Justices of the superior courts of ghana have undergone a twoday training in accra on the new companies act 2019, act 992. May 08, 2019 parliament on thursday evening passed the new companies bill, 2018, which replaces the companies act of 1963, to deal exclusively with company registration and regulation in the country. On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had been assented into substantive law. So, we now have the companies act, 2019, to which, by the grace of god, i assented to yesterday, 2 nd august, 2019. On friday 2nd august 2019, president nana akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963.
In the matter of section 231 of the companies act, 1963 act 179 and noble mining ghana limited noble gold bibiani limited drilling and mining services limited the companies notice of an update regarding the scheme arrangement of the companies take notice that an update to creditors of the companies is provided herein. The training programme was organized by the judicial training institute in collaboration with the bank of ghana. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179 to the companies act, 2019 act 992. Construction of references in other acts to companies registered under the companies consolidation act, 1908. Pdf directors duties under the 2019 ghanaian companies act. The new companies act of ghana firstcode management. Ghana gets new companies act after a long wait graphic online. This was after the new act was brought to him from parliament on friday, 2 nd august, after it was passed in may this year. Section 391 section 93 of the companies code all pages. At least one director of the company shall at all times be present in ghana.
Regulations required in the case of an unlimited company or company limited by guarantee. Aug 14, 2019 the companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. The amendment to the bill would establish a new office of the registrar of companies out of the existing registrargenerals department. Download the companies code, 1963 act 179 hfc bank ghana limited book pdf free download link or read online here in pdf. The new companies act of ghana firstcode management services. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. With company secretarial and compliance as our key service lines, firstcode management services welcomes the new companies act which was given assent by the president of the republic of ghana nana addo dankwa akufoaddo on 2nd august 2019. So, you can appreciate my understandable elation when, as part of my governments programme for improving the ease of doing business in ghana, parliament passed a new companies act, on 2 nd may, 2019, replacing the 1963 act.
Companies act of ghana legal documents constitutional law. Banks and special deposit act, 2016 date of assent. Companies act 1963 act 179 section 1commencement spent. The consultations yielded a consensus that the scope of beneficial ownership disclosure should be expanded beyond extractives and applied to all companies registered in ghana, in view of ghanas commitment under the fatf standard.
At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Name the name of the company is indepthnetwork hereinafter called the. The companies code, 1963 act 179 hfc bank ghana limited. Companies act, 1963, section 150 irish statute book. Object clause under the new companies act, act 992, is more. Hannigan, farrars company law 4th edition history of. In that case, they would be bound by these registered objects. Sep 24, 2019 on friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. Companies act 1963 part i preliminary companies act 1963 sect 1 short title and commencement. Aug 21, 2019 with company secretarial and compliance as our key service lines, firstcode management services welcomes the new companies act which was given assent by the president of the republic of ghana nana addo dankwa akufoaddo on 2nd august 2019.