Section 14 Companies Act 2016

1 this act may be cited as the companies amendment act 2016.

Section 14 companies act 2016. A director has onerous duties under the companies act 2016 as in common law. B by virtue of his disqualification or removal or the revocation of his appointment as a director as the case may be under section 148 149 149a 154 155 155a or 155c of this act section 50 or 54 of the banking act cap. Guidelines relating to practising certificate for secretaries under section 241 of the companies act 2016 pdf uploaded on 14 3 2019 9. Guidelines for corporate rescue mechanism under division 8 part iii of the companies act 2016 pdf uploaded on 5 12 18 8.

19 section 47 of the finance companies act cap. Alteration of articles effective from 1st april 2014 second proviso to sub section 1 sub section 2 effective from 1st june 2016 1 subject to the provisions of this act and the conditions contained in its memorandum if any a company may by a special resolution alter its articles including alterations having the effect of conversion of. 2 this act is deemed to have come into force on 1 january 2016. In addition directors are also governed by a directors code of ethics.

108 section 57 of the. Section 3 of the principal act is amended by inserting the following new definitions. Provided that where at any time during the corporate insolvency resolution process period if the adjudicating authority approves the resolution plan under sub section 1 of section 31 or passes an order for liquidation of corporate debtor under section 33 the moratorium shall cease to have effect from the date of such approval or liquidation order as the case may be. Membership of holding company.

The duties of directors stipulated in the companies act 2016 are not exhaustive and generally directors are imposed with statutory duties duty of care and fiduciary duties. Effective from 01 12 2016 font in blue is effective from 06 06 2018 and font in red w e f 28 12 2019 1 subject to provisions of sub sections 2 and 3 on the insolvency commencement date the adjudicating authority shall by order declare moratorium for prohibiting all of the following namely. 1 subject to this act any two or more persons associated for any lawful purpose may by subscribing their names to a memorandum and complying with the requirements as to registration form an incorporated company. Requirements as to memorandum.

3 in this act the companies act 2015 is referred to as the principal act. 3 nothing in this act shall affect the table in any repealed written law corresponding to table a in the fourth schedule in force immediately before the date of commencement of section 181 of the companies amendment act 2014 or any part thereof either as originally enacted or as altered in pursuance of any statutory power or the corresponding table in any former written law relating to. Prohibition of registration of company limited by guarantee with a share capital.