Arrangement of sections section part i preliminary 1. Stitution which is the basic law of the land guarantees an. Acts of ghana first republic criminal code, 1960 act 29 consolidated up to 1999. 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. Prohibition of partnership exceeding twenty m embers. Regulations required in the case of an unlimited company or company limited by guarantee. Companies can be registered without filing any regulationconstitution except unlimited.
The address of the place in ghana other than the registered office of the company, at which is kept any register of holders of debentures of the company is. 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. Pdf the scope of directors duties forms perhaps the most important part of corporate governance. Short title, extent and commencement 1 this act may be called the limitation act, 1963. Ghana gets new companies act after a long wait graphic online. Government print department, 1963 corporation law 311 pages. Application of act to existing companies and savings. Business names that are too similar to existing names. Administration of company law in ghana 1961 gowers report. 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. Registrar and offices for registration of companies. The act draws on the experience of more developed jurisdiction and specifically incudes international best.
Business law ghana pdf pdf book manual free download. 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. The development of accounting and reporting in ghana. Pdf directors duties under the 2019 ghanaian companies act. 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.
May 03, 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. After almost six decades in use, ghanas companies act of 1963 will finally be replaced with the new companies act, 2019 which awaits presidential assent. The bill was finally passed by parliament on thursday, may 2 after so many failed attempts. Ghanas companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179.
Pursuant to section 24 of the companies act, 1963 act 179, the company has. December, 1962 an act to consolidate and amend the law relating to customs. The establishment of the institute of chartered accountants of ghana in 1963 by act 170 of parliament is seen as the foundation of formal accounting in ghana. Banks and specialised deposit act 2016 bank of ghana. In the narrow and strict sense, company law covers the substantive law and procedures relating to the company. 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. On friday 2nd august 2019, president akuffoaddo, gave his assent to the new companies act, act 992, replacing the old companies act of 1963. Company promoters may after the name search apply to have their business name reserved for a period of 30 days. Conduct your company name search in ghana to ensure the availability of the proposed business name for the company. A partnership is created by the express or implied agreement of the parties, and requires no formalities, though it is common to have a written agreement. 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. The new companies act, act 992 is expected to reform company practice in ghana.
Key changesimprovements in the new companys act, 2019. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Short title, extent and commencement 1 this act may be called the customs act, 1962. Companies act 2019 company law law llb gimpa studocu. 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 bank of ghana therefore expects the registrar of companies to initiate windingup against these institutions under the companies act, 2019 act 992 and the bodies corporate official liquidations act, 1963 act 180. Ghana gets new companies act after over 5 decades 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. The main legal framework for financial reporting and auditing for both private and public companies is based on the companies code of 1963 act 179. This post highlights key provisions in the new companies act. 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. The companies code, 1963 act 179 republic bank ghana ltd.
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. Aug 26, 2019 ghanas companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. 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 friday 2nd august 2019, his excellency nana akuffoaddo, president of the republic of ghana gave his assent to the new companies act, act 992, replacing the old companies act of 1963.
The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. Companies act of ghana legal documents constitutional law. All you need to know about the new companies act article. Companies act, 1963, section 182 irish statute book. Schedules the first scheduletable of fees the second schedulereregistration under this act of companies registered under the companies ordinance. Provisions relating to a company and its officers 3. Conversion of existing companies into partnerships. Sep 24, 2019 on friday 2nd august 2019, his excellency nana akuffoaddo, president of the republic of ghana gave his assent to the new companies act, act 992, replacing the old companies act of 1963. 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. 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. The new companys law enhances protection of minority shareholders. The amendment to the bill would establish a new office of the registrar of companies out of the existing registrargenerals department. Sep, 2019 business news of friday, september 2019.
Arrangement of sections section part igeneral provisions chapter 1preliminary matters 1. Pursuant to section 24 of the companies code, 1963 act 179 the. 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. What to know about the new companies act robert smith. Ghana has a new companies act the companies act 2019 act. Hannigan, farrars company law 4th edition history of.
Ghanas new companies act 2019 passed, this is what to expect. Ghana has a new companies act the companies act 2019. Mar 25, 2020 administration of company law in ghana 1961 gowers report. The new companies act, act 992 undoubtedly will reform company practice in ghana. The new law is expected to enhance the ease of doing business in the. Way in which and extent to which objects of company may be altered. The companies code, 1963 act 179 ghana western christian. Ghanas companies act 2019 is the latest of ghanas companies act. So, we now have the companies act, 2019, to which, by the grace of god, i assented to yesterday, 2 nd august, 2019. Banks and special deposit act, 2016 act 930 date of assent.
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