At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Pdf directors duties under the 2019 ghanaian companies act. 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. All you need to know about the new companies act article. The only ongoing constitutional document of companies. Geography the republic of ghana, commonly known as ghana, is located in west africa, with a 539 km coastline on the gulf of guinea. Ghana s companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. Duties of liquidator section 36 to 42 of act 180 conversion of private liquidation to official liquidation.
While introducing the bill in the lok sabha, the honble finance and corporate affairs minister, nirmala. Energy laws and regulations ghana laws and regulations. Construction of references in other acts to companies registered under the companies consolidation act, 1908. Ghana has one gas processing plant located at atuabo in the western region, operated by the ghana national gas company ghana gas.
The companies ordinance, 1907 was first companies legislation to be enacted in the then. The departments mission is to ensure efficient and effective administration of entities interalia the registration of businesses, industrial property, marriages, administration of estates and public trust. Ghana has a new companies act the companies act 2019 act 992 on 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had been assented into substantive law. Short title this act may be cited as the companies amendment act, 2019. Part ii incorporation of companies and matters incidental thereto 5. Presence of directors in ghana section 189 1 of the companies act, 1963 act 179 requires that at least one director of every company must be present at all times in ghana. Section 179, companies act, 1963 act 179 and section 17 0, companies act, 2019 act 992 directors duties under the 2019 ghana co mpanies act draft article 3. Constitution of the republic of ghana amendment act, 1996. Companies code, 1963 act 179 as amended arrangement of sections section chapter ipreliminary 1.
There is only one parliament, which exercises all primary legislative functions. The companies amendment act, 2019 received the assent of the president on the 31st july, 2019. Ghana has a new companies act the companies act 2019 act. Ghana gas is a subsidiary of the ghana national petroleum corporation gnpc, a stateowned entity tasked with reducing ghana.
The new companies act, act 992 undoubtedly will reform company practice in ghana. During the time i served as legal director and company secretary for kasapa telecom later expresso telecom and subsequently dolphin telecom, i started this this highly successful companyfunded. The act draws on the experience of more developed jurisdiction and specifically incudes international best practices from jurisdictions such as the united kingdom, new zealand, south africa and mauritius. 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.
Act 651 7 the six hundred and fiftyfirst act of the parliament of the republic of ghana entitled labour act, 2003 an act to amend and consolidate the laws relating to labour. Section 5prohibition of partnerships exceeding 20 members no company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any business. Companies act 2019 company law law llb gimpa studocu. A partner in an ordinary partnership can be made liable without limit for the debts and obligations of the firm. The companies act the act is the first pillar of company law in ghana. Creation of the office of the registrar of companies the companies act, 2019. Companies act of ghana legal documents constitutional. Arrangement of sections section part i preliminary 1.
Ghana free zones act 1995 act 504 ghana investment act ghana standards board food, drugs and other goods general labelling rules, 1992 mercury act, 1989 the millennium development authority act, 2006 weights and measures act, 1975. Act 930 banks and specialised deposittaking institutions act, 2016 8 application of act 179 2. Ghana school of law students facilities and societies 67 3. In deciding matters that come up for adjudication, the courts interpret and apply the companies act. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179. Ghana has a new companies act the companies act 2019. Banks and specialised deposit act 2016 bank of ghana. The new companys law enhances protection of minority shareholders. Key changesimprovements in the new companys act, 2019.
Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies. 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. Companies act 2006 changes the documentation of company constitutions. For instance, the reenactment of the english companies act, 1865 for the colonies and the statute of frauds of 1677 both applied until they were eventually repealed by the ghana companies code, 1963, and the ghana contract act, 1960, respectively. Name the name of the company is indepthnetwork hereinafter called the. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. 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. Ghanas new companies act 2019 passed, this is what to expect. Checklist for incorporation in ghana a nonghanaian who wishes to invest in ghana must first incorporate a company in. As its former name, ie companies code, indicates, it codifies and is indeed the primary source of company law in ghana. Ghana legal system an overview sturm college of law.
View company law in ghana complete from business bachelor o at university of cape coast,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. This second volume banking and financial laws of ghana 19982006 is a compendium of banking and financial laws passed in ghana. In line with ghanas commitment to use transparency as a tool for fighting corruption. This post highlights key provisions in the new companies act.
Revised company income tax selfassessment estimate form. Hi fellow law students, here i am sharing lecture notes in ebook format pdf for the subject company law for llb and ba. Pursuant to section 24 of the companies code, 1963 act 179 the. It makes the memorandum of association a document with few details in it which is lodged when the company is registered.
Companies and partnerships compared a a company can be created only by certain prescribed methods most. A company thus has legal rights and obligations in the same way that a natural person does. Since the banking and financial laws of ghana 19611998 was published in 2001, staff have attested to its benefits in various ways, and there continues to be strong demand for copies. On 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana companies act, 2019 had been assented into substantive law. The new companies act, act 992 is expected to reform company practice in ghana. The giant indian companies may include the names like reliance, talco bajaj auto, infosys technologies, hindustan lever ltd. The parliament of ghana is organised into a unicameral legislature. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. Ghana has a new companies act the companies act 2019 act 992 on 2 august 2019, the president of the republic of ghana nana addo dankwaakufoaddo announced that the long awaited ghana. A partner in a firm is an agent of the firm, which will be bound by his acts. Companies act 71 of 2008 english text signed by the president assented to.
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