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. Companies act 1963 part i preliminary companies act 1963 sect 1 short title and commencement. Rpl is a limited liability company incorporated under the companies code of 1963 act 179. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. The act draws on the experience of more developed jurisdiction and specifically incudes international best. 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.
Companies act of ghana legal documents constitutional law. The giant indian companies may include the names like reliance, talco bajaj auto, infosys technologies, hindustan lever ltd. Banks and special deposit act, 2016 act 930 date of assent. Ghana s companies act, formerly the companies code, 1963 act 179 the code, deals with both the business company which seeks to make profit and the nonprofit company. Ghanas new companies act 2019 passed, this is what to expect. President nana addo dankwa akufoaddo on friday, august 2, 2019, gave his assent to the new companies act replacing the 1963 version. Companies act 1963 act 179 section 1commencement spent.
As required by part m of the companies act, 1963 section 122. 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. Companies code, 1963 act 179 as amended arrangement of sections section chapter ipreliminary 1. The companies code, 1963 act 179 ghana western christian.
The registrargenerals department the companies act, 1963 act 179 form of annual return of a company incorporated under the companies act, 1963. 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. New companies act will improve ease of doing business. Obligation to lay group accounts before holding company. Presentation on the chartered accountants act, 1963 act 170 purpose of act 170 the purpose of act 170 is to establish an institute of chartered accountants and to make provision for the conduct of examinations by the institute and other matters connected with the accountancy profession. Way in which and extent to which objects of company may be altered. Unless otherwise provided in this act, a mineral right shall not be granted to a person unless the person is a body incorporated under the companies code 1963 act 179, under the incorporated private partnerships act 1962 act 152 or under an enactment in force. Companies act of ghana legal documents constitutional.
Companies code, 1963 act 179 report of the commission of enquiry into the working and administration of company law in ghana 1961 gowers report paul davies, gowers principles of company law 6th edition robert r. Hannigan, farrars company law 4th edition history of. 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. This was after the new act was brought to him from parliament on. Pursuant to section 24 of the companies code, 1963 act 179 the association has for the. So, we now have the companies act, 2019, to which, by the grace of god, i assented to yesterday, 2nd august, 2019. Pursuant to section 24 of the companies code, 1963 act 179 the. Ghanas companies act, formerly the companies code, 1963 act 179 the code, deals with both the business company which seeks to make profit and the nonprofit company. Pdf directors duties under the 2019 ghanaian companies act. New companies act will improve ease of doing business nana. Download as docx, pdf, txt or read online from scribd. The companies code 1963 act 179 regulations of hfc bank ghana limited 1 the name of the company is hfc bank ghana limited 2 the businesses which the company is authorized to carry on are.
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, 2019, replacing the 1963 act. 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. Construction of references in other acts to companies registered under the companies consolidation act, 1908. Ghana has a new companies act the companies act 2019 act. Minerals and mining act natural resource governance institute.
Aug 05, 2019 20190805 ghanaian president, nana addo dankwa akufoaddo, has assented to the new companies act replacing the 1963 version. The company is an oil marketing company operating in ghana and dully licensed by the national petroleum authority npa. 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. Private company company limited by shares regulations form. Companies act, 1963, section 150 irish statute book. The hundred and fiftysecond act of the parliament of the republic of ghana entitled the incorporated private partnerships act, 1962 an act to provide for the incorporation and registration of partnerships and, to declare and amend. So, we now have the companies act, 2019, to which, by the grace of god, i assented to yesterday, 2 nd august, 2019. The president of the republic, nana addo dankwa akufoaddo, on friday, 2nd august, 2019, gave his assent to the new companies act replacing the 1963 version. Government print department, 1963 corporation law 311 pages. New companies act will improve ease of doing business akufo. The companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. The second schedulereregistration under this act of companies registered under the companies ordinance. In the narrow and strict sense, company law covers the substantive law and procedures relating to the company.
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. May 03, 2019 20190503 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. 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. Section 1 commencement this act shall come into operation on the first day of january, 1963. Ghana gets new companies act after a long wait graphic online. All you need to know about the new companies act article. 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 companies code, 1963 act 179 republic bank ghana ltd. Arrangement of sections section part i preliminary 1. 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. Regulations required in the case of an unlimited company or company limited by guarantee.
On friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. At least one director of the company shall at all times be present in ghana. Aug 14, 2019 the companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. For the purpose of section 2, the centre shall have the following functions a initiate and support measures that will enhance the investment climate in the country for both ghanaian and nonghanaian companies. I an application for a licence shall be made to the commission.
In the narrow and strict sense which limits company law to the substantive law and procedures relating to the company, the student of the company law covers the following. Pursuant to section 24 of the companies act, 1963, act179 the company has. The companies act of 1963 was identified as the most appropriate instrument for providing a legal basis for company ownership disclosure in ghana. Companies code, 1963 act 179 report of the commission of enquiry into the working and administration of company law in ghana 1961 gowers report. 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. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Ghana has a new companies act the companies act 2019. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179. A new bill expected to replace the existing companies act had been submitted to parliament. In that case, they would be bound by these registered objects. The new companies act, act 992 is expected to reform company practice in ghana. 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. Banks and specialised deposit act 2016 bank of ghana.
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