Government Gazettes Companies And Other Entities Bill
Government has gazetted the Companies and Other Entities Bill (H.B 8. 2018).
The Bill seeks to modernise the registration and management of companies and improve corporate governance.
It will also replace the outdated Companies Act promulgated in 1951.
The Companies and Entities Bill is the first Bill to be gazetted following the legislative agenda outlined by President Mnangagwa when he presented his State of the Nation Address and officially opened the First Session of the Ninth Parliament last month.
A memorandum says the Bill seeks to “replace and update the law relating to companies and private business corporations. The present Companies Act was passed in 1951 and needs updating.”
Features covered under the Bill include: “(a) Provision for the issuance of non–par–value shares rather than shares with a fixed value, together with provisions for the valuation of no-par-value share,
(b) the introduction of an electronic registry for the incorporation and registration of domestic and foreign companies and private business corporations
(c) to update and modernise the Companies Registry by re-registering all existing companies and PBCs and removing all defunct companies and PBCs within 12 months of the date of commencement of the Act resulting from this Bill
(d) the substitution of criminal penalties by civil penalties wherever possible (e) to establish an inspectorate to better enforce the provisions of this Bill.”-StateMedia
This is a developing story. More details to follow.
YOU MIGHT ALSO LIKE…
11 INSIDE PICTURES OF EX PRESIDENT MUGABE’S FAMOUS BLUE ROOF MANSION
There has been a lot of elusiveness surrounding ex president Mugabe’s Blue Roof Mansion is Borrowdale.
Approach roads to the mansion, topped by a Chinese-style roof clad in midnight blue tiles from Shanghai, have always been off limits to the general public.
The blue roof reportedly rests 44 acre landscaped grounds and is protected by a multi-million pounds ra…MORE HERE
If you suspect you have COVID-19 infection or wish to obtain more information on this disease, please call the Ministry of Health and Child Care on toll-free hotline number 2019 for assistance +263714734593 or +263774112531