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Allan Hans Muhome Legal Consultant April 2016

Allan hans MuhomeLegal ConsultantApril 2016 +265888304274 ONEoIntroductionoThe RegistraroTypes and Company RegistrationoShares and shareholdersoCommon SealoValuation of Property and securitiesoPersonal Property Securities Act PART TWO Directors qualifications and duties Company secretaries Accounts and Auditors Liquidation of a Company insolvency Act 2 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Change is Inevitable!CompaniesAct1984 CompaniesAct2013 BillofSaleAct1967 PersonalPropertySecurityAct2013 Farmer sStopOrder1955 PersonalPropertySecurityAct2013 BankruptcyAct1928 InsolvencyAct20162 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 On19thJuly,2013theformerpresidentoftheRe publicofMalawi,DrJoyceBanda,assentedtoth eNewCompaniesAct(CA), ,theInsolvencyActwhichwill,amongothers,r egulatewindingupofcompanies[ ,330] [ ] ;itintroducesa oneperso

Meanwhile, the Insolvency Act which will, among others, regulate winding up of companies[S. 329,330] was assented to by the President on 24th Jan 2016. Regulations by the Minister and Chief Justice [S. 382] and electronic filing systems are being finalised. The CA 2013 is a unique piece of legislation; it introduces a

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Transcription of Allan Hans Muhome Legal Consultant April 2016

1 Allan hans MuhomeLegal ConsultantApril 2016 +265888304274 ONEoIntroductionoThe RegistraroTypes and Company RegistrationoShares and shareholdersoCommon SealoValuation of Property and securitiesoPersonal Property Securities Act PART TWO Directors qualifications and duties Company secretaries Accounts and Auditors Liquidation of a Company insolvency Act 2 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Change is Inevitable!CompaniesAct1984 CompaniesAct2013 BillofSaleAct1967 PersonalPropertySecurityAct2013 Farmer sStopOrder1955 PersonalPropertySecurityAct2013 BankruptcyAct1928 InsolvencyAct20162 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 On19thJuly,2013theformerpresidentoftheRe publicofMalawi,DrJoyceBanda,assentedtoth eNewCompaniesAct(CA), ,theInsolvencyActwhichwill,amongothers,r egulatewindingupofcompanies[ ,330] [ ] ;itintroducesa onepersoncompany ,strengthenstheOfficeoftheRegistrarofCom paniesandinmanyrespectsaimsatreducingthe costofdoingbusiness.

2 [Ofcourse383sections!CA1984 348sections]3 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Sinceitsinceptionin1844, (MajorDisadvantage)4 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 [ ] [ ].5 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 TheCA2013providesfortwomodesoffilingdocu ments;thetraditionalhardcopyfilingandthe modernelectronicmodeoffiling[ ].Dealingsinsharesmayalsobeelectronic[ ].Thebenefitsofe-filinginclude:- Improvedcustomerservice; Fasterturnaroundtimes; Improvedaccuracyandaudittrails; [Cash-gate/IFMIS] Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 6 of 27 TheCA1984specificallyprovidedforlocalpar ticipationincompanies,theCA2013hasdepart edfromthatarrangement.

3 Infact,Governmentwasslowatimplementinglo calparticipation. Governmentmayhoweverachievesimilarintent ionsthrough:-(i)ExpropriationundertheCon stitution(ii)Termsofaconcession[Paladin/ Kayerekera?](iii) (BlackEmpowerment)??[Page42ofBook]7 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 1. Private Ltd Liability ( + One Person Company) [ ]2. Public Ltd Liability [use of Plc introduced] [S. 24]3. Companies Ltd by Guarantee [S. 25]4. State Owned Companies [S. 26] (InitialPublicOffer-IPO)[ ] , , of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Aminimumofoneperson(humanbeing) [ (2)].

4 Doesawaywiththerequirementforshareholder swhowishedtohave100% (99%)andAlekeBanda(1%)inPressHoldingLtd( 1982)[Numberofpartnersinapartnershipnowc learlyrestrictedto20members ]. (with2ormoremembers)areprohibitedfrombec omingasinglememberco. (shares,debentures, ) of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 (3)requireseveryonepersoncompanytonomina teaperson,withhisconsent,tobethesecretar yofthecompanyintheeventofthedeathoftheso leshareholder& 'sestateforthepurposeofappointinganewdir ectorordirectors,ifnottheRegistrarappoin ts[ (9)].Wherementallyincapacitatedtheguardi anmayactasdirectororappointsomeone[ (10)]10 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 AdvantageExamplesExemptionfromcompliance NoneedforgeneralandBoardmeetingsNoCosecr etary, (LimitedLiability)Onepersoncompanywillbr ingtheunorganisedsectorofproprietorshipi ntotheorganisedversionofaprivateltdco increaseintaxband?

5 LegalStatusandSocialRecognition(Perpetua lSuccession) of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 ,theyargued- Resistancetochange?WHAT SYOURTAKE?12 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Consistsofaminimumofthreemembers( ); ItsConstitutionpermitsittoofferitssecuri tiestothepublic;and ItsConstitutionpermitsthetransferability ofitssecurities.[ ][doesithavetoberegisteredontheStockExch ange? NO MSCAH aravAHL(2009)] Apubliccompanymaybere-registeredasapriva tecompany.[ ][RealInsurance/Britam??]. PubliccompaniesaregovernedbytheSecuritie sAct2010.

6 CommonsealmandatoryforPlcs[ ,43] Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 13 of 27 Theliabilityofitsmembersislimitedtothesu magreedbythememberstobecontributedtothea ssetsofthecompanyintheeventofitsbeingwou ndup.[ ] [ ]. hans Muhome Companies Act 2013 Exploring Key Changes April 2016 14 of 27 (1)introducesanewtypeofcompany,aSOC,whic hisacompanycontrolledbytheGovernment. ,theMinistermayexemptSOCfromtheprovision softheCA2013. WILLALLSTATUTORYCORPORATIONSBESOC? hans Muhome Companies Act 2013 Exploring Key Changes April 2016 15 of 27 ThedistinctionbetweenHOLDINGANDSUBSIDIAR Y hasbeenmaintainedwithfurther[longandwind ed] clarifications.

7 [ ]DORMANTCOMPANY-onewhichhasnosignificant accountingtransactionwithinanaccountingp eriod declaresitselfdormant-[ ]thereforedoesnothavetofilereturns KayelekelaMine??? [ ] [ ]GAME,SHOPRITE,PEP???? Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 16 of 27 Anapplicationforincorporationofacompanym ustbedeliveredtotheRegistrarintheprescri bedform, [ (1)] , , , , , of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 [ ].Oldcompaniesmayalsoadoptthemodel[ ].Statementofcapital(hasreplacedauthoris edsharecapital)[ ].Certificateofincorporationremainsconcl usiveevidenceofthefactthatalltheprocesse sofincorporationhavebeencompliedwith[ ].

8 Thelegaleffectofincorporationremainsesta blishmentofaseparatelegalentity abodycorporate(SalomonvSalomon1897)[ ].18 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 Nowpossibletoreserveaname[ ]. (2008),PanjiraChickenvPanjiraPoultry2007 (2007). [1991] ProstitutesLtd , HookersLtd ,and LindiStClair(FrenchLessons)Ltd allofwhichwererejectedbytheRegistrar(UK) andtherejectionwasupheldbythecourt. ,Government,Malawi,national, [ ]UladiMussavMinofJustice(MaraviParty)[20 07]. ,ortheRegistrarortheCourtmayorderittodos o[ ].19 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 UndertheCA1984,itwasmandatoryforeverycom panytohaveacommonsealuntil2012whentheCom panies(Amendment)Actallowedchoice.

9 TheCA2013nowprovidesasfollows:-i)Apublic companyMUST haveacommonsealii)Othercompaniesmayormay nothaveoneiii)Howeverwherethecompanyhasc hosentohaveacommonsealandthecompanyorano fficerusesorauthorisestheuseofasealpurpo rtingtobeasealofthecompanyonwhichitsname isnotengraved, of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 [ ,74] ShareholdersAgreementnowspecificallyprov idedforaslongasconsistentwiththeconstitu tionandCA2013[ (5)]. Shareholders rightstoaccessinformationheavilyentrench ed. smeetings[ ]. [ ,65].CommonLawrightsofminorityshareholde rsnowstatutory:-DerivativeAction ashareholderoradirectormay,withtheleaveo ftheCourt,bringproceedingsinthenameandon behalfofthecompanyoritssubsidiaryorinter veneinproceedingstowhichthecompanyoranyr elatedcompanyisaparty.

10 [ ]PersonalAction-Ashareholdermaybringanac tionagainstadirectororasecretaryorthecom pany,forbreachofadutyowedtohimasashareho lder.[ ](PrudentialvIllovo2016)UnfairlyPrejudic ialConduct-anindividualshareholdercanapp lytoCourtforanappropriateorderwheretheco sconductisoppressive,unfairorprejudicial .[ ](PrudentialvIllovo)21 of 27 Allan hans Muhome Companies Act 2013 Exploring Key Changes April 2016 LegalNatureofsharesaspersonalproperty[ ].Classification[ ] Ordinary-mostbasictype; Preference preferenceinreceiptofdividends&returnofc apital; EmployeeShares foranESOS/ESOP; Redeemable sharesthatmaybeboughtbackbythecompany; Treasury newtype , ,ifacompanymerelybuyssharestoimprovefina ncialratiossuchasEarningsPerShare(EPS),t henthebuybackisdetrimentaltothesharehold ers.

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