Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver"

Transcription

1 Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional counsel before making any decision in connection with the enactment, which is here presented in translation for their general information only. Most of the Companies Ordinance (Consolidated Version) is now repealed, as of February 1, 2000, but portions of it will remain in effect, as said in section 367 of the new Companies Law In the light of the provisions of the said section 367, large portions of the Companies Ordinance remain in effect. They are here arranged in the order of the above provisions: A. for provisions on secured debentures, charges and winding up; B. for provisions on companies granted exemption under section 32 of the Ordinance; C. for provisions on companies struck off under section 368 of the Ordinance; D. for provisions and conditions for changing the Memorandum by companies to which section 24 of the new Law applies; E. section 115A of the Ordinance, said in section 367(a)(5) of the Companies Law. A. According to section 367(a)(1) of the Companies Law, the following sections of the Companies Ordinance remain in effect, "as far as they relate to secured debentures, charges and winding up, and then both for companies incorporated before this Law went into effect and for companies incorporated under this Law": Definitions (NOTE: only the relevant parts of this section are here presented Tr.) 1. In this Ordinance "account books" including accounts, deeds, writings and documents; "articles" the articles of association of a company, as originally framed or as altered by special decision, including so far as they apply to the company the regulations in Table B of the Schedule to the Companies Ordinance 1921 or in the Second Schedule to this Ordinance; "capital" including redeemable capital; "charge" mortgage and any other form of giving assets as surety; "floating charge" a charge on all or part of the assets and undertaking of the company at the time, in their condition from time to time, but subject to the company's power to create specific charges on all or part of its assets; "debenture" a document issued by a company or a cooperative society in which it undertakes to pay money on a fixed date or on a contingency and creates for that purpose a charge on all or part of its assets or undertaking, and it includes debenture stock; "series of debentures" two or more debentures intended to be of equal rank in respect of payment and security for payment; "document" including summons, notification, order and other Court document, and a Register; "Official Receiver" the person appointed by the Minister to be official

2 receiver in the winding up of companies; "contributory" in a company that is being wound up anyone who is or was a member thereof during the year immediately before winding up was begun, and in procedures before the final determination of the contributories also anyone in respect of whom it is claimed that he is a contributory; CHAPTER EIGHT: DEBENTURES AND LIENS Title A: Definitions Definitions and applicability 164. (a) In this Chapter "company" including a cooperative society registered under the Cooperative Societies Ordinance; "Registrar", in connection with cooperative societies the Registrar of Cooperative Societies. (b) The provisions of this Chapter shall not apply to the issue of promissory notes or of bills of exchange by a company in the ordinary course of its business, even if those notes or bills are transferable. Title B: Debentures Authority to create lien in debenture 165. A company may, subject to every restriction in its memorandum, articles and regulations create, in single debentures or in series thereof, liens on its assets real estate and movables, in possession or in action, present or future, including share capital on which no call for payment has as yet been made, still unpaid calls and good will as security for existing, future and conditional liabilities; however, debentures in series may be issued only under an express license from the Minister of Finance, and a company which holds permission under section 32 shall issue no debenture at all, except by a said license. Ways of creating lien in debenture, and description of charged assets 166. (a) The amount due to be paid in accordance with a debenture, whether single or in a series, must be assured by a lien on a specific asset, or by a floating charge, or by a lien on the as yet uncalled share capital, on as yet unpaid calls, on debts of customers or on good will, or by any combination of the above. (b) Every debenture, whether single or in a series, must include a general description of the assets charged for the amount to be paid in accordance with it, and of the nature of the guarantee and 2

3 of the conditions under which it is to be enforced. Categories of debentures 167. Debentures, single or in series, may be issued as payable to a registered holder or as payable to bearer. Transfer of debenture 168. (a) Notwithstanding anything in its articles, a company must not register the transfer of any debenture without having received a proper transfer instrument, except when the recipient's right in the debenture was transmitted to him by operation of law. (b) Upon delivery to the company of any document, which constitutes sufficient legal proof of probate or letters of administration of the estate of a deceased person, that company shall, notwithstanding any provision in its articles, accept that document as sufficient evidence that the order was made. Applicability of floating charge to real estate 169. (a) If a debenture or a series of debentures is secured by a floating charge on the assets of a company, and if its real estate was not exempted therefrom, then that charge shall also apply to its real estate, even if it is not registered in the Land Registry. (b) A floating charge does not give the holder of the debenture preference or priority over a holder of a registered mortgage or over a purchaser for consideration of the company's real estate, even if the floating charge's existence was known to them at the time of mortgaging or sale; however, if the document that creates the floating charge includes a restriction on the company's right to create liens, and that restriction was included in the particulars delivered for registration of the floating charge, then the floating charge shall hold priority over the charge created in contravention of that restriction after the particulars were recorded by the Registrar. (c) If a floating charge includes a restriction, as said in subsection (b), the particulars of which were delivered for registration before February 16, 1975, and if notification of the existence of that restriction was delivered to the Registrar before June 24, 1981 and recorded in his Register of Mortgages and Charges, then it shall hold priority over a charge created in contravention of that restriction after the notification was recorded by the Registrar. (d) Notwithstanding the provisions of subsection (b), a floating charge, created as security for a credit which made acquisition of an asset possible, shall hold preference over an earlier floating charge, if the credit actually was used for acquisition of the charged asset, and that no matter whether the credit was extended by the seller or by another person; for this purpose, "credit" includes assumption of a financial obligation. 3

4 Floating charge and prevention of transactions 170. The owners of debentures secured by a floating charge, or their trustees when there is a trust deed, may apply to the Court at any time for an order to restrain the Registrar of Lands from registering in the Lands Register except according to a Court order any additional charge on, or any sale of lands registered at that time in the company's name and not exempted from the totality of its charged assets, and if the Court finds that the security given to debenture holders is imperiled, or if it otherwise finds it just and equitable to do so, it may accordingly issue the order, making it conditional in respect of expenses and other matters, as it may find proper. Trust deed to secure debentures 171. (a) If debentures are secured by a mortgage of real estate in Israel, a trust deed may be drawn, according to which that real estate is mortgaged to a trustee for the benefit of those who from time to time hold the debentures. (b) A copy of a trust deed for the security of an issue of debentures shall be sent to every debenture holder at his request, against payment of an amount set by the company, which shall not exceed the amount set in regulations; if the copy is not sent as requested, the company, as well as any of its officers who knowingly and with intent allowed or permitted this omission shall be liable to a continuing fine, and the Court may order that the requested copy be sent to the applicant. Title C: Registration of Charges in the Company Register of charges 172. (a) Every company shall keep in its registered office a register of charges, and it shall record in it all charges on each of its assets and all floating charges on its business and property; this registration shall include a short description of the charged asset, the amount of charge and names of mortgagees or persons entitled thereto, unless it is drawn to bearer, and the amount of any fee due the Registrar, payment of which was postponed by law. (b) Every officer of the company who knowingly and with intent allows or permits the omission of any registration prescribed by this section is liable to a fine. Examination of documents and register 173. (a) Every company shall keep in its registered office a copy of every document that creates a charge which under this Ordinance must be registered with the Registrar, and a copy of one debenture out of each series of debentures; these copies and the register of charges shall during working hours and without charge be 4

5 (b) open to inspection by any creditor or member of the company, subject to any reasonable restriction imposed by the company in general meeting, but it shall not reduce inspection to less than two hours per day; the register of charges shall be open to inspection by any person against an amount set by the company, which shall not exceed the amount set in regulations. If inspection as aforesaid is refused, the Court may issue an order to enforce inspection immediately, and furthermore an officer of the company who refuses to allow inspection and every director or manager who allows that refusal or knowingly and with intent permits it shall be liable to a continuing fine. Register of mortgagees 174. (a) Every register of mortgagees of a company shall be open to inspection by any registered holder of debentures and shares in the company, subject to any reasonable restriction imposed by the company in general meeting, provided that it shall not reduce inspection to less than two hours per day; this provision shall not apply during certain periods of not more than 30 days a year, during which the register is closed under certain provisions in the articles, debentures, stock certificates, trustee deed or in any other document that incorporates the security for the debentures; any person entitled to inspect as aforesaid may request a copy of the register or of any part thereof against an amount set by the company, which shall not exceed the amount set in regulations. (b) If inspection as aforesaid is refused, the company and each of its officers who knowingly and with intent allows or permits that refusal shall be liable to a continuing fine, and the Court may issue an order to enforce the immediate inspection of the register. Title D: Reissue of Debentures Authority to reissue 175. (a) A company which redeemed debentures previously issued has the authority to issue them again, either as a reissue of the same debentures or as an issue of new debentures in their place, and that as long as there is no other express or implied provision on this subject in its articles or in any contract to which it is party, and as long as the company did not express the intention, in a decision adopted by it on this subject or by any other act, that redeemed debentures be cancelled; in an aforesaid issue (hereinafter in this section reissue) the owner of any debenture shall enjoy all the priorities that would have been due to him, if not for its redemption. (b) Any company that has the authority to reissue, must include in its balance sheet details on the debentures that can be reissued. 5

6 Deposit for security is not redemption 176. If a company deposited its debentures as security for advances on current account or otherwise, the debentures shall not be deemed to have been redeemed, even if they remain on deposit after that account of the company no longer is in debit. Reissue, as it affects the amount, number and stamp duty 177. (a) A reissue shall not be deemed a new issue in respect of any provision limiting the amount and number of debentures that may be issued. (b) For purposes of stamp duty, every reissue is deemed to be a new issue; however, any person who lends money against security of a debenture reissued under this Title that appears to be duly stamped may give it in evidence in any proceeding for the enforcement of the security, and if it is found that it was not duly stamped he shall not have to pay stamp duty or penalty for delay, unless he knew of it or could have known of it, if not for his neglect; the company shall be liable to pay the stamp duty and the penalty for delay. Title E: Registration of Charges with Registrar Charges that must be registered 178. (a) Any charge of the types listed below, created by a company registered in Israel, shall be void against the liquidator and against any creditor of the company, to the extent that it places a charge on its assets or business, unless the prescribed details of the charge and the document that creates or evidences it if there was such a document were delivered to the Registrar or received by him for registration as required by this Ordinance, in the manner and by the time said in section 179; and these are the charges: (1) a charge to secure a debenture, including a floating charge or a charge on the uncalled share capital, on as yet unpaid calls for payment, and on good will; (2) a mortgage on a real asset, no matter where located, or on any interest in a said asset; (3) a charge on any movable asset, when the asset is not in the creditor's possession; (4) a charge on accounts receivable; (5) a mortgage on ships or parts thereof; (6) a charge on patents, licenses under patents, trade marks or copyrights. (b) If a company is given a negotiable instrument as security for its customers' debts, and the company deposits it as security for a loan it received, such deposit shall not be deemed a charge on 6

7 accounts receivable for purposes of this section. (c) If any charge is void, as said in subsection (a), this shall not affect the contract or the obligation to repay the money secured by the charge, and that repayment shall be due immediately. Manner and time of registration 179. (a) The time for the delivery of particulars and documents, and for their receipt, as said in section 178, shall be (1) if there is no other provision within 21 days after the charge is created; (2) for a mortgage of real estate in Israel within 21 days after the Land Registrar approved the transaction for registration, whether it was transacted before him or before an attorney; (3) if a charge was created outside Israel, only on assets located outside Israel within 21 days of the day on which the document could have been received in Israel by ordinary mail, if sent with sufficient dispatch; for purposes of this paragraph, a copy of the document may be delivered, certified as prescribed. (b) If a charge created in Israel includes assets outside Israel, the document may be delivered as said in section 178, even if additional procedures are required to make the charge valid under the laws of the country where the assets are located. Acquisition of charged assets 180. (a) If a company registered in Israel acquires assets on which a charge rests, such as would have had to be registered under this Title had it been created by the company after its acquisition, it must see to it that the particulars required under section 178, as well as a copy, certified as required, of the document that created the charge or evidences it shall be delivered to the Registrar for registration within 21 days after the date on which the acquisition is completed; if the assets acquired are outside Israel and the charge was created outside Israel, the provisions of section 179(a)(3) shall apply to that date. (b) If a company violates the provisions of this section, it and each of its officers who knowingly and with intent allows or permits this violation, shall be liable to a continuing fine. Registrar's register of charges 181. The Registrar shall keep for each company, on forms as prescribed, a register of all the charges it created and which are subject to registration under this Title (hereinafter: register of charges), and he shall record in it the details delivered for registration under section 178. Inspection 182. The Registrar's registers of charges shall be open to inspection by any person, after payment of the fees prescribed. Registration of series of debentures 7

8 183. (a) If a company creates a series of debentures that include, directly or by reference to another document, a pari passu charge to the benefit of the holders of debentures of that series, it suffices if within 21 days after the document that includes the charge was drawn up or if there is no document after the debenture was drawn up, the Registrar receive the document or one of the debentures in the series, as the case may be, including the following particulars which shall be recorded in the Registrar's register against payment of the prescribed fee: (1) the total amount secured by the series; (2) the dates of decisions that authorize issue of the series, and date of the document, if any, that creates or defines the security; (3) general descriptions of the charged assets; (4) names of trustees, if any, for the debenture holders. (b) If more than one issue was made of a series of debentures, the date and amount of each issue must be delivered to the Registrar for registration in the register, but an omission of this shall not affect the validity of issued debentures. Commission, allowance and discount 184. (a) If a company grants, directly or indirectly, any commission, allowance or discount for subscription to its debentures, or for agreement to subscribe to them conditionally or unconditionally, the particulars that must be delivered for registration under this Title shall also include particulars on the amount or rate of the commission, allowance or discount granted, but omission to do so shall not affect the validity of issued debentures. (b) The deposit of debentures as security for an obligation of the company shall not be deemed, for purposes of this section, an issue of debentures at a discount. Certificate of registration of charge 185. (a) The Registrar shall give, under his hand, a certificate of registration of each charge, specifying the amount secured by it; the certificate shall be conclusive proof that all requirements in respect of registration have been met. (b) A copy of the certificate of registration under this section shall be endorsed on every debenture and on every stock debenture certificate issued by the company after the charge was created and secured by it. Registration of charge on application of interested party 186. It is the duty of the company to deliver to the Registrar particulars to be registered under this Title in respect of every charge and every series of debentures, but a charge may also be registered upon the application of an interested party, and if he duly paid the Registrar fees in this connection he may collect their amount from the company. 8

9 Applicability to foreign companies 187. The provisions of this Title shall apply to a company incorporated outside Israel, which has a permanent place of business in Israel, in respect of charges on its assets in Israel created after the May 15, 1929, and of charges on its assets in Israel created after that date. Delivery of copy to Registrar 188. (a) The company shall deliver to the Registrar a copy of every trust deed to secure an issue of debentures, of the document that creates the charge and of the debenture that must be registered within 21 days of the day on which they were signed in Israel, and if they were signed outside Israel within 21 days of the day on which they could have been received in Israel by ordinary mail, had they been sent with reasonable dispatch; in a series of debentures, the copy of one debenture in the series shall suffice. (b) If any of the provisions of this section is violated, the company and each of its officers who knowingly and with intent allows or permits this violation shall be liable to a continuing fine. Registration in chronological order 189. The Registrar shall record charges registered with him, according to the prescribed forms and particulars, in chronological order. Entry of payment 190. On evidence delivered to the Registrar to his satisfaction, that a debt secured by a charge has been repaid, he may order an entry of payment to be recorded in the register, and a copy of that entry to be delivered to the company on its request. Correction of register of charges 191. If the Registrar is satisfied that the non-registration of a charge, or the non-registration or misstatement of any particular in respect of any charge or entry of payment was due to inadvertence or error or other sufficient cause, or that they are not likely to affect the status of creditors or of share holders, or that there are other fair and just reasons for giving relief he may, upon application by the company or by any interested party, extend the period for registration or correct the registration, and that on conditions he finds just and expedient; if the Registrar rejects such an application, the applicant may appeal against his decision before the Court within 14 days from the day on which the decision was delivered to him. Violation 192. (a) Any company that fails to deliver for registration particulars of a charge or particulars of the issue of a series of debentures subject to registration under this Ordinance, and each of its officers who knowingly was party to this omission shall be liable to a continuing fine, unless the registration was made upon the request of another person. 9

10 (b) (c) Subject to the provisions of subsection (a), any company that did not comply with the requirements of this Ordinance in respect of registration with the Registrar of any charge it created, and any of its officers who knowingly and with intent allowed or permitted this violation shall be liable to a fine, and that without prejudice to any other responsibility. Any person who knowingly and with intent allows or permits a debenture or debenture stock certificate subject to registration with the Registrar to be issued to any person, without its being duly endorsed with a registration certificate, shall be liable to a fine, and that without prejudice to any other responsibility. Record of delayed fee 193. If payment of any fee payable to the Registrar is delayed by law, the Registrar shall record the amount of the delayed fee in the register of charges, and after its payment in part or in full that fact shall be recorded in the register upon the company's application. Title F: Enforcement of Rights Enforcement subject to permission by Court 194. If a debenture is secured by a floating charge, by a charge on capital not yet called for payment, on uncalled capital, or on good will, the rights of debenture holders in respect of that charge must not be enforced, except by the Court's permission; when an application for enforcement is made to the Court, it may grant any relief which may be obtained upon a said application in the Courts of England, including appointment of a receiver and an order to sell and apportion the assets. Debts that have priority 195. If, in a company registered in Israel, a receiver has been appointed on behalf of holders of debentures secured by a floating charge, or if they or their representatives take possession of assets included in the floating charge or to which the charge applies, and the company is not at that time being wound up then those debts, which under any legislation hold priority in any winding up, shall be paid out of the assets coming to the hands of the receiver or of the person who holds possession as aforesaid before any payment of capital or interest on the debentures; payments under this section shall be recouped, as far as possible, out of company assets available for the payment of general creditors. Registration of appointment of receiver, liquidator or administrator 196. (a) Any receiver, liquidator, temporary liquidator or administrator of a company appointed under this Ordinance, and also any manager of a company in which one of these was appointed shall so notify the Registrar; the Registrar shall record the said notification in the 10

11 (b) (c) register of charges. The Court may order notification to be made to any additional person it decides. Anyone who fails to fulfill the obligation to notify, under this section, shall be liable to a continuing fine, without detracting from the penalty set in section

12 Publication of appointment in company documents 197. (a) Upon the appointment of a receiver or administrator of all or part of the company's assets, the fact of that appointment must be indicated in every invoice, order or business letter from the company, receiver or administrator or on their behalf, which includes the company's name. (b) If a provision of this section has been violated, then the company, its receiver, administrator and any of its officers who knowingly and with intent allowed or permitted this violation shall be liable to a fine. Appointment of receiver 198. The Minister may, with the approval of the Knesset Law, Constitution and Justice Committee, make rules on the manner of appointing a receiver under this Ordinance, and on the manner of the Court's dealing with a proposal on this matter from a debenture holder or secured creditor; those rules shall prescribe the qualifications to this appointment of an individual or a corporate body, and other conditions to be met by a receiver for purposes of his appointment, and ways of apportioning functions between candidates qualified for appointment. Reports by receiver and administrator 199. (a) A receiver or administrator appointed on the basis of authority in a document must deliver to the Registrar summaries of his receipts and payments, as follows: (1) within one month, or within a longer period allowed him by the Registrar, after the end of six months from his appointment, and after every additional period of six months summaries in respect of those six months; (2) within one month after he ceased to act a summary in respect of the period from the end of the previous report period until the date on which he ceased to act, as well as a total summary in respect of all the periods since he was appointed. (b) A receiver or administrator who ceased to act shall notify the Registrar, and the Registrar shall record it in the register of charges. (c) Any receiver or administrator who violates any of the provisions of this section shall be liable to a continuing fine. Control of Court over receiver 200. (a) When a receiver has been appointed for a company under this Ordinance, the Court may instruct him, by order, that he must apply to the Court for instructions on any matter prescribed in that order. (b) Any order under subsection (a) may be issued on the Court's initiative or upon application by the Official Receiver, liquidator, temporary liquidator, a creditor or a contributory of the company. (c) For purposes of issuing an order or instructions under this section, 12

13 the Court may accept assistance from whosoever it sees fit, including the Official Receiver. Obligations of liquidator and administrator of company being wound up 201. (a) If the Court finds, upon application by the liquidator, that a receiver or administrator appointed under authority in a document does not respond to the liquidator's demand to deliver to him proper accounts of his receipts and payments, or to pay him any amount which he must pay him, then the Court may order this default to be made good within the time set in the order. (b) The Court may set the amount to be paid to the receiver or administrator appointed under authority in a document, and it may, upon application by the liquidator, the receiver or the administrator, change a decision which it made, as aforesaid. (c) The Minister may, with the approval of the Knesset Law, Constitution and Justice Committee, make rules concerning the pay and expenses of a receiver or administrator of a company under subsection (b) CHAPTER ELEVEN: WINDING UP AND CONTRIBUTORY'S LIABILITY Ways of winding up 244. (a) The winding up of a company may be in one of the following ways: (1) by the Court; (2) voluntary; (3) under the Court's supervision. (b) The provisions of this Ordinance apply to each of the ways of winding up, if here is no other implied provision. Liability of contributory 245. Within the restrictions said in this Chapter, every contributory shall be liable to participate by a payment to the assets of the company in the amount necessary for the payment of its obligations and the expenses of its winding up and for the adjustment of the contributories' rights among themselves. Limitation of contributory's liability 246. A person who ceased to be a member of the company within one year before its winding up began shall be liable to participate only in respect of liabilities which the company assumed before he ceased being a member, and only after the Court finds that present members are unable to meet the full amount of liability demanded of them under this Ordinance. 13

14 Limitation on amount of participation 247. (a) In a company limited by shares no contributory shall be required to pay more than the amount not yet paid up on shares in respect of which he is liable as a member or as a former member. (b) In a company limited by guarantee no contributory shall be required to pay more than the amount which he undertook to pay into the company's assets upon its winding up. Right to profits and dividends is not debt in winding up 248. An amount owed to the member of a company, as member, whether because of his right to profits or dividends or for any other reason, shall not be deemed a debt which the company must pay, as long as there are creditors who are not members of the company, but the amount owed to the member shall be taken into consideration in the adjustment of rights between the contributories themselves. Provision in policy or contract 249. The provisions of this Ordinance shall not cancel any provision in an insurance policy or any other contract which limits the liability of members as individuals in accordance with the policy or contract, or which states that liability under it applies only to the company's monies. Additional participation of managers 250. In the winding up of a limited company, anyone who serves in it, or served in it during the year before the winding up began, as director or manager whose liability under this Ordinance is unlimited, shall be liable with the restrictions said in section 251 to participate in addition to his participation as member of the company, as if he were, at the beginning of the winding up, member in an unlimited company. Limitations on additional participation 251. Subject to the provisions of the articles, a director or manager shall be liable to additional participation under section 250 only after the Court found it mandatory to demand his participation in order to cover the company's obligations and the expenses connected with the winding up; if he ceased to serve during the year before the winding up began, he shall be liable only in respect of liabilities assumed by the company before he ceased to serve. Participation of share holders in company limited by guarantee 252. In the winding up of a company limited by guarantee which has share capital, each member shall be liable, in addition to the amount he undertook to pay to the company's asset account at its winding up, to pay also any amount not yet paid up for the shares he holds. Nature of liability of contributory 253. The liability of a contributory creates a debt accruing from the time the liability began, but payable at the time payment is demanded in order to 14

15 meet the liability. Deceased contributory 254. If a contributory died, whether before he was included in the list of contributories to thereafter, the amount by which he is liable to participate shall be a debt due from the estate to the company and it shall be paid by the administrator of the estate; where there is none, the debt shall be due from the heirs and shall be paid by each in proportion to his share in the estate. Bankrupt contributory 255. If a contributory goes bankrupt, whether before he was included in the list of contributories or thereafter (1) his trustee in bankruptcy shall represent him in connection with the winding up and shall consequently be considered a contributory; (2) previous calls for payment, as well as the estimated value of future calls for payment may be demanded from his assets CHAPTER TWELVE: WINDING UP BY THE COURT Title A: Reasons and Applications for Winding Up Competent Court 256. The District Court shall be the Court competent to wind up a company. Reasons for winding up 257. The Court may wind up a company upon one of the following occurrences: (1) the company adopted a special decision that it is to be wound up by the Court; (2) the company did not commence its business within one year after its incorporation, or ceased its business for one year; (3) repealed (4) the company is insolvent; (5) the Court is of the opinion that it is just and equitable for the company to be wound up. Insolvency 258. A company is deemed to be insolvent if one of the following occurs: (1) if a creditor, to whom an amount in excess of IS 5 at the time of payment has fallen due in accordance with a check or in any other way, delivered to the company at its registered office a demand signed by him to pay its debt and the company, during three weeks after the demand, did not pay the debt and did not provide 15

16 guarantee and did not reach an arrangement that reasonably satisfies the creditor; (2) if an execution or other Court process issued on a judgment or an order of a Court in favor of a creditor remains wholly or partly not satisfied; (3) if it is proved to the Court's satisfaction, after it has taken its conditional and future liabilities into account, that the company is unable to pay its debts. Entitled to request winding up 259. An application for the winding up of a company shall be an application submitted by all or some of the following, jointly or severally: (1) the company; (2) a creditor, including a conditional or future creditor; (3) a contributory. Restrictions on petition for winding up by contributory or creditor 260. (a) A contributory shall not be entitled to petition for winding up unless (1) the number of members decreased, in a public company to less than seven, and in a private company to less than two; (2) the shares in respect of which he is a contributory, or some of them, were originally allocated to him or he held them and they were registered in his name during at least six out of the eighteen months before the winding up began, or devolved on him through the death of a former owner; (3) in a company without share capital he was a member in it from the day it was incorporated or at least during six of the eighteen months before the winding up began, or membership devolved on him through the death of a former holder. (b) The Court shall only hear a petition for winding up by a contingent or prospective creditor after the provision of such security for costs as it may think reasonable and until prima facie evidence for winding up has been proven to its satisfaction. Powers of Attorney General 261. Application for the winding up of the company, based on one of the causes specified in paragraphs (2) and (3) of section 257, or because it is just and equitable to wind it up, may be made by the Attorney General. Application for winding up order by company in voluntary winding up or under supervision 262. When a company is being wound up voluntarily or under supervision, the Official Receiver or any person qualified to petition for winding up under this Title may petition that the company be wound up by the Court; the Court shall make an order for winding up on the basis of 16

17 such petition only after it is satisfied that the rights of creditors or contributories make it necessary not to continue the voluntary winding up or the winding up under supervision. Powers of the Court 263. On hearing a petition for winding up, the Court may dismiss it with or without costs, or adjourn the hearing conditionally or unconditionally, or make an interim order or any other order it sees fit, but it shall not refuse a winding up order only because the company's assets have been mortgaged to the amount of those assets' full value or to a greater amount, or because the company has no assets at all. Stay of action against company after petition for winding up 264. (a) When petition has been made for winding up and at the same time a suit or proceeding is in progress against the company in a District Court or the Supreme Court, the company or a creditor or a contributory may, as long as no winding up order has been made, petition that Court for a stay of proceedings; when a suit or proceeding is in progress against the company, they may petition for a stay in proceedings to the Court to which petition for winding up has been made. (b) The Court, to which petition for a stay of proceedings has been made, may stay them on conditions it finds appropriate. Beginning of winding up 265. (a) The winding up of a company by the Court shall be deemed to have begun on the day the petition for winding up was made. (b) If the petition was made after the company decided on voluntary winding up, the beginning of winding up shall be the day on which that decision was adopted, and all steps taken in the course of the voluntary winding up shall be in effect, unless the Court issues a contrary instruction on this point, after it was proven to it that there was fraud or error. Title B: Winding Up Order and Its Results Results of winding up order 266. A winding up order shall work to the benefit of every creditor and contributory of the company, as if issued upon the petition of both creditors and contributories. Winding up order stays proceedings 267. When a winding up order has been made, or when a temporary liquidator has been appointed, no proceeding shall be continued or initiated against the company without permission from the Court and subject to conditions set by it. 17

18 Beginning of winding up voids transaction and transfer 268. Every transaction in the company's assets and every transfer of shares or change of status of the company's members, carried out after winding up began, are void unless the Court instructs otherwise. Action against company being wound up is void 269. Every attachment, execution and other process begun in respect of a company's assets after the beginning of winding up shall be void to all intents and purposes. Copy of winding up order to Registrar 270. When a winding up order has been made, the company or whoever was ordered to do so, must immediately send a copy thereof to the Registrar, and the Registrar shall register a minute on this in his books that pertain to the company. Title C: Power of the Court Power to stay winding up 271. (a) If, after a winding up order has been made, the Court finds on the application of a creditor, contributory, liquidator or the Official Receiver and on the basis of satisfactory proof that winding up proceedings should be stayed, it may order the proceedings to be stayed, altogether or for a limited time, on conditions it thinks fit. (b) Before making an order as aforesaid the Court may require the Official Receiver to submit a report on the facts and matters which, in the receiver's opinion, are relevant to the application. Appointment of Official Receiver as receiver 272. When a petition has been made to the Court for the appointment of a receiver on behalf of debenture holders or other creditors of a company that is being wound up, it may appoint the Official Receiver to that position. Consideration of creditors and contributories 273. The Court may, in connection with any matter relevant to winding up, take into consideration the wishes of creditors and contributories, as far as proven to it by sufficient evidence. Meetings to ascertain wishes of creditors and contributories 274. (a) If the Court is entitled, under this Ordinance, to take into consideration the wishes of creditors and contributories of a company that is being wound up, as proven to it by sufficient evidence, it may order meetings of creditors or contributories to 18

19 (b) be held for that purpose, to be conducted in accordance with its instructions, and it may appoint a person to serve as chairman of such a meeting and to report on its results. In any matter relating to creditors, the amount owed to each must be taken into consideration, and in any matter relating to contributories, the number of votes of each according to the articles. List of contributories 275. (a) As soon as possible after the winding up order has been made, the Court shall draw up a list of contributories, and it shall order the assets of the company to be collected and used for the satisfaction of its liabilities; in drawing up the list of contributories the Court may correct the members' register in any manner necessary under this order. (b) The Court may dispense with the list of contributories, if it finds that there will be no need to make calls for payment or to adjust rights between contributories. (c) In making the list of contributories, the Court shall differentiate between contributories in their own right and contributories by virtue of being representatives of others or responsible for their debts. Power to demand delivery of documents 276. The Court may, at any time after a winding up order has been made, demand from any contributory who is at that time listed in the list of contributories, and from any trustee, receiver, banker, agent or officer of the company to pay, deliver or transfer to the liquidator, immediately or within a period of time set by the Court, monies, assets or books in his possession to which the company has a prima facie right. Power to demand payment of debts and to set them off 277. (a) The Court may, at any time after a winding up order has been made, instruct any contributory, who at that time is listed in the list of contributories, to pay an amount of money owed to the company by him or by the assets of the person he represents, as said in the instruction, in addition to amounts due on the basis of calls for payment under this Ordinance. (b) If the company is unlimited, the Court may credit a contributory, by way of setting off, with any amount of money due from the company to him or to the assets he represents by virtue of business or of an independent contract with the company, exclusive of money due to him as a member of the company due to any distribution of dividends or profits; in a limited company it may deal in a similar manner, by way of setting off, with a director or manager whose liability is unlimited, or with their estate. (c) After the company's debts to its creditors have been paid in full, and it is found that money is due to a contributory in accordance with any account, he may be credited by way of setting off against 19

20 calls for payment thereafter. Power to issue calls for payment 278. The Court may, at any time after the winding up order was made, either before or after it has ascertained whether the company's assets suffice, send, to all or to some of the contributories then listed in the list of contributories, calls for payment up to the amount of their liability, to cover the company's debts and liabilities and the expenses of its winding up, or to adjust the contributories' rights among themselves; for this purpose it may also take into consideration the possibility that part of the contributories will not pay all or part of the called amount. Power to demand that payment be made to bank 279. (a) The Court may order a contributory, purchaser or other person who owes money to the company to pay that money not to the liquidator but to the credit of his account in a bank, and such an order may be enforced as if it were an order to pay to the liquidator. (b) Monies and securities delivered under the order to a bank shall, in every way, be dealt with in accordance with the Court's instructions. Order is conclusive evidence 280. A Court order about a contributory shall be, subject to all rights of appeal, conclusive evidence that the money listed in it as due, or as ordered to be paid, really is due, and everything else specified in the order and pertinent shall be deemed true in any legal proceeding and against any person. Authority to arrest escaped contributory 281. If it has been proven to the Court that there is reason to assume that a contributory is about to leave the country, or to escape in some other manner, or to conceal or to remove any of his assets in order to evade payment of a call for payment or to avoid investigation concerning the company's affairs, then it may, either before or after the winding up order is made, order to arrest that contributory and to seize his books and movable assets and to hold him and the seized objects securely for a period ordered. Cumulative powers 282. Powers delegated to the Court under this Ordinance do not detract from any power to initiate proceedings against any contributory or debtor of the company, or against their estate, in order to collect from them any call for payment or other amount of money. Power to exclude creditors 283. The Court may set times during which creditors may claim their debts or 20

21 else be excluded from benefiting from any distribution made before their claims. Power to adjust rights of contributories 284. The Court shall adjust the rights of contributories among themselves, and shall divide any balance between those entitled to it. Books are prima facie evidence 285. In any matter between contributories themselves, the books of the company and of the liquidator shall be prima facie evidence of their contents. Right to inspect books 286. After an order for winding up by the Court has been made, the Court may order, as far as it deems just, that opportunity be given to creditors and contributories to inspect the company's books which are in its possession, and they shall be entitled to inspect them as ordered, and not beyond that scope and not in any other manner. Payment of costs of winding up 287. If a company's assets do not suffice for the payment of its liabilities, the Court may order that the fees and costs of winding up be paid out of those assets, in such order of priority as it deems just. Power to examine persons suspected of holding the company's assets 288. (a) The Court may, at any time after it has appointed a temporary liquidator or after it has ordered the winding up, summon any officer of the company, or any person known or suspected to be holding the company's assets, or who appears to owe it money, or who can, in the Court's opinion, provide information on the promotion, formation, trade, dealings and assets of the company, and it may question him on oath on all these matters, orally or by written questionnaire, record his answers and demand that he sign them. (b) The Court may demand of any person summoned under this section to present books concerning the company, which are in his possession or under his control; but if that person claims any lien on the books he presented, their presentation shall not affect that lien, and in the course of the winding up the Court may decide on any matter that affects the lien. (c) If any person is summoned under this section and offered a reasonable amount to cover his expenses, but refuses to come before the Court at the appointed time, and if no acceptable notification of a due cause that prevented his arrival is before the Court in session, then the Court may order that he be arrested and brought before the Court for questioning. Certain powers of Court by liquidator 21

22 289. The Minister may, by regulation, authorize or obligate the liquidator to carry out, as an officer of the Court and subject to its supervision, powers and duties conferred by this Ordinance to the Court, in respect of the matters specified in section 382(1). Enforcement 290. Orders made by the Court under this Ordinance may be enforced in the same manner as any order made in any proceeding before it. Appeal 291. An appeal against any order or decision made in the course of winding up a company under this Ordinance may be brought in the manner and according to the conditions in which an appeal is brought against any order or decision of the Court in cases within its jurisdiction, all subject to legal procedure regulations. 22

REGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997

REGULATION OF INVESTMENT COUNSELING, INVESTMENT MARKETING AND PORTFOLIO MANAGEMENT LAW 5757-1997 Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional

More information

ARTICLES OF ASSOCIATION OF

ARTICLES OF ASSOCIATION OF ARTICLES OF ASSOCIATION OF SAMPLE LIMITED 樣 板 有 限 公 司 Incorporated the 13 th day of Au gust, 9. HONG KONG No. [COPY] CERTIFICATE OF INCORPORATION * * * I hereby certify that SAMPLE LIMITED 樣 板 有 限 公 司

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision

More information

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament

More information

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943

BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 Laws of Bermuda BERMUDA 1943 : 39 MOTOR CAR INSURANCE (THIRD-PARTY RISKS) ACT 1943 ARRANGEMENT OF SECTIONS 1 Interpretation 2 Minister may authorize insurers 3 Owner of motor car must hold insurance 4

More information

ELECTRONIC SIGNATURE LAW 5761-2001

ELECTRONIC SIGNATURE LAW 5761-2001 Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 This is a revised edition of the law, prepared by the Law Revision Commissioner under

More information

Part 3. Company Formation and Related Matters, and Re-registration of Company

Part 3. Company Formation and Related Matters, and Re-registration of Company Part 3 Division 1 Subdivision 1 Section 66 A3491 Part 3 Company Formation and Related Matters, and Re-registration of Company Division 1 Company Formation Subdivision 1 General Requirements for Formation

More information

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter

More information

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS

More information

GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES

GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES CONTENTS PREFACE 1 1. Introduction 2 Section 1: Companies Incorporated under the Companies Ordinance, 1972 2 Part A: Preliminary 2 Part B: Winding Up by the

More information

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section

More information

BELIZE COMPANIES ACT CHAPTER 250 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000

BELIZE COMPANIES ACT CHAPTER 250 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 BELIZE COMPANIES ACT CHAPTER 250 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000 This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority of the

More information

INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT

INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT LAWS OF KENYA INSURANCE (MOTOR VEHICLES THIRD PARTY RISKS) ACT CHAPTER 405 Revised Edition 2012 [1989] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org

More information

Insolvency Act, 2063 (2006)

Insolvency Act, 2063 (2006) Insolvency Act, 2063 (2006) Date of authentication and publication: 4 Mangsir 2063 (20 November 2006) Act number 20 of the year 2063 (2006) An Act Made to Provide for Insolvency Proceedings Preamble: Whereas,

More information

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL...

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL... INSOLVENCY LAW DIFC LAW No. 3 of 2009 CONTENTS PART 1: GENERAL...4 1. Title...4 2. Legislative Authority...4 3. Application of the Law...4 4. Date of enactment...4 5. Commencement...4 6. Interpretation...4

More information

COMPANIES ACT CHAPTER 486 LAWS OF KENYA

COMPANIES ACT CHAPTER 486 LAWS OF KENYA LAWS OF KENYA COMPANIES ACT CHAPTER 486 Revised Edition 2012 [2010] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. 2012] CAP. 486

More information

Labuan Limited Partnerships and Limited Liability Partnerships

Labuan Limited Partnerships and Limited Liability Partnerships Labuan Limited Partnerships and Limited Liability Partnerships 1 laws OF MALAYSIA Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010 2 Laws of Malaysia Act 707 Date of Royal

More information

Winding-up Act, R.S.Q. c. L-4

Winding-up Act, R.S.Q. c. L-4 Winding-up Act, R.S.Q. c. L-4 Last update: April 2007 R.S.Q., chapter L-4 Winding-up Act DIVISION I METHOD OF VOLUNTARY WINDING-UP Voluntary winding-up. 1. Any joint-stock company constituted by letters

More information

CHAPTER 110 THE COMPANIES ACT. Arrangement of Sections. Memorandum of association.

CHAPTER 110 THE COMPANIES ACT. Arrangement of Sections. Memorandum of association. CHAPTER 110 THE COMPANIES ACT. Arrangement of Sections. Section 1. Interpretation. 2. Register of companies. PART I PRELIMINARY. PART II INCORPORATION OF COMPANIES AND MATTERS INCIDENTAL TO INCORPORATION.

More information

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting

Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires accounting Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation

More information

CAYMAN ISLANDS. Supplement No. 8 published with Gazette No. 22 of 22nd October,2012. VEHICLE INSURANCE (THIRD PARTY RISKS) LAW (2012 REVISION)

CAYMAN ISLANDS. Supplement No. 8 published with Gazette No. 22 of 22nd October,2012. VEHICLE INSURANCE (THIRD PARTY RISKS) LAW (2012 REVISION) CAYMAN ISLANDS Supplement No. 8 published with Gazette No. 22 of 22nd October,2012. VEHICLE INSURANCE (THIRD PARTY RISKS) LAW (2012 REVISION) Law 12 of 1990 consolidated with Laws 7 of 1991, 36 of 2003,

More information

COMPANIES LIQUIDATION RULES, 2012

COMPANIES LIQUIDATION RULES, 2012 Arrangement of Rules Rule ORDER 1 9 CITATION, APPLICATION AND COMMENCEMENT 9 Citation (O.1, r.1)...9 Application (O.1, r.2)...9 Commencement and transitional provisions (O.1, r.3)...10 Application of Supreme

More information

CHAPTER 110 THE COMPANIES ACT.

CHAPTER 110 THE COMPANIES ACT. CHAPTER 110 THE COMPANIES ACT. Commencement. I January, 1961. An Act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to

More information

DEBT. Law guide - Debt, bankruptcy & liquidation

DEBT. Law guide - Debt, bankruptcy & liquidation DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation...

More information

Winding Up of Companies

Winding Up of Companies Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after

More information

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW 5765-2005 2 CONTENTS CONTROL OF FINANCIAL SERVICES

More information

COMPANIES ACT, 2013 REGISTRATION OF CHARGES

COMPANIES ACT, 2013 REGISTRATION OF CHARGES COMPANIES ACT CT,, 2013 REGISTRATION TION OF CHARGES REGISTRATION OF CHARGES 1. WHAT IS A CHARGE A charge is a right created by any person including a company referred to as the borrower on its assets

More information

THE COMPANIES ACT. Commencement: 1st January,1961.

THE COMPANIES ACT. Commencement: 1st January,1961. THE COMPANIES ACT. Commencement: 1st January,1961. An Act to amend and consolidate the law relating to the incorporation, regulation and winding up of companies and other associations and to make provision

More information

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only PART IX WINDING-UP, DISSOLUTION AND STRIKING-OFF 89.A company incorporated under this Act shall commence to wind up and dissolve by a resolution of directors upon expiration of such time as may be prescribed

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

COMPANIES ACT CHAPTER 486 CAP. 486. [Rev. 2012] Companies LAWS OF KENYA

COMPANIES ACT CHAPTER 486 CAP. 486. [Rev. 2012] Companies LAWS OF KENYA LAWS OF KENYA COMPANIES ACT CHAPTER 486 Revised Edition 2012 [2010] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org B41-1 CHAPTER 486 COMPANIES

More information

Voluntary Winding up of Company

Voluntary Winding up of Company Voluntary Winding up of Company Voluntary Winding up of Company Circumstances in which company may be wound up voluntarily 132. Subject to section 200(3), a company may be wound up voluntarily (a) when

More information

THE COMPANIES ACT, 2002. Title. 1. Short title and commencement. 2. Interpretation. CHAPTER I. Memorandum of Association

THE COMPANIES ACT, 2002. Title. 1. Short title and commencement. 2. Interpretation. CHAPTER I. Memorandum of Association No. 12 Companies 2002 I THE COMPANIES ACT, 2002 ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY 1. Short title and commencement. 2. Interpretation. PART 11 INCORPORATION OF COMPANIES AND MATTERS

More information

THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES,

THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES, CAYMAN ISLANDS Supplement No. 7 published with Gazette No. 5 dated 1 st March 2010. THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES, 2010 AJJ/999999/17932434v1 THE COMPANIES LAW

More information

The Companies Act (Bangladesh), 1994

The Companies Act (Bangladesh), 1994 The Companies Act (Bangladesh), 1994 (See section 404) (Published by Notification No. SRO 177-law dated 1-10-95. of Ministry of Commerce) Act No. 18 of 1994 An Act to consolidate and amend the law relating

More information

Regulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation

Regulation of Investment Advising, Investment Marketing and Investment Portfolio Management Law, 1995 1. Chapter A: Interpretation The following translation is intended solely for the convenience of the reader. This translation has no legal status and although every effort has been made to ensure its accuracy, the ISA does not assume

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This

More information

THE GOVERNMENT SECURITIES ACT. [INDIA ACT X, 1920.] (1 st April, 1920,) 2. In this Act, unless there is anything repugnant in the subject or context,

THE GOVERNMENT SECURITIES ACT. [INDIA ACT X, 1920.] (1 st April, 1920,) 2. In this Act, unless there is anything repugnant in the subject or context, THE GOVERNMENT SECURITIES ACT. [INDIA ACT X, 920.] ( st April, 920,). * * * * 2. In this Act, unless there is anything repugnant in the subject or context, (a) "Government security " means promissory notes

More information

CLEARING AND SETTLEMENT SYSTEMS BILL

CLEARING AND SETTLEMENT SYSTEMS BILL C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation

More information

Act on Guaranties and Third-Party Pledges

Act on Guaranties and Third-Party Pledges NB: Unofficial translation Ministry of Justice, Finland Act on Guaranties and Third-Party Pledges (361/1999) Chapter 1 General provisions Section 1 Scope of application and mandatory provisions (1) This

More information

Guide To Compulsory Liquidation Of Companies In The Cayman Islands

Guide To Compulsory Liquidation Of Companies In The Cayman Islands This guide provides general information for creditors and shareholders of insolvent companies. Any queries may be addressed to Chris Johnson of Chris Johnson Associates Ltd. Guide To Compulsory Liquidation

More information

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 CAYMAN ISLANDS Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 AJJ/999999/15644034v1 ORDER 1...12 CITATION, APPLICATION AND COMMENCEMENT...12

More information

Part 57 Rules and Orders Promulgated under the Winding-up Act

Part 57 Rules and Orders Promulgated under the Winding-up Act Alberta Rules of Court 390/68 R754-757 Part 57 Rules and Orders Promulgated under the Winding-up Act (1) Petition to Wind Up Company Title of petition 754 Every petition for the winding up of any company

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This

More information

CHAPTER 360 EXCHANGE CONTROL REGULATIONS EXCHANGE CONTROL REGULATIONS ARRANGEMENT OF REGULATIONS

CHAPTER 360 EXCHANGE CONTROL REGULATIONS EXCHANGE CONTROL REGULATIONS ARRANGEMENT OF REGULATIONS CH.360 2] CHAPTER 360 ARRANGEMENT OF REGULATIONS 1. Dealings in gold and foreign currency. 2. Surrender of gold and foreign currency. 3. Bailees of gold and foreign currency. 4. Travellers cheques, etc.

More information

VOLUME VI (Chapters 212-251)

VOLUME VI (Chapters 212-251) Section VOLUME VI (Chapters 212-251) CHAPTER 212 THE COMPANIES ACT [PRINCIPAL LEGISLATION] ARRANGEMENT OF SECTIONS Title PART I PRELIMINARY PROVISIONS 1. Short title. 2. Interpretation. PART II INCORPORATION

More information

Part 4. Share Capital

Part 4. Share Capital Part 4 Division 1 Section 134 A3599 Part 4 Share Capital Division 1 Nature of Shares 134. Nature and transferability of shares (1) A share or other interest of a member in a company is personal property.

More information

Electronic Signature Law, 5761-2001

Electronic Signature Law, 5761-2001 Unofficial translation: Electronic Signature Law, 5761-2001 Chapter 1 : General 1. Definitions In this Act Signature Verification Device unique software, object or information required for verifying that

More information

CAYMAN ISLANDS. Supplement No. 6 published with Gazette No. 21 of 8th October, EXEMPTED LIMITED PARTNERSHIP LAW (2012 REVISION)

CAYMAN ISLANDS. Supplement No. 6 published with Gazette No. 21 of 8th October, EXEMPTED LIMITED PARTNERSHIP LAW (2012 REVISION) CAYMAN ISLANDS Supplement No. 6 published with Gazette No. 21 of 8th October, 2012. EXEMPTED LIMITED PARTNERSHIP LAW (2012 REVISION) Law 11 of 1991 consolidated with Law 7 of 2000 (part), 26 of 2001, 23

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

CHAPTER 51. ALTERNATE PROCEDURE FOR COLLECTION OF PROPERTY TAXES

CHAPTER 51. ALTERNATE PROCEDURE FOR COLLECTION OF PROPERTY TAXES CHAPTER 51. ALTERNATE PROCEDURE FOR COLLECTION OF PROPERTY TAXES SECTION 12-51-40. Default on payment of taxes; levy of execution by distress and sale; notice of delinquent taxes; seizure of property;

More information

ARRIS MANAGEMENT SERVICES SDN. BHD.

ARRIS MANAGEMENT SERVICES SDN. BHD. Application of winding up 217 (1) A company (whether or not it is being wound up voluntarily) may be wound up under an order of the Court on the petition of:- (a) the company; (b) any creditor, including

More information

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited

More information

Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES

Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES Explanatory Notes to Sample B MODEL ARTICLES OF ASSOCIATION FOR PRIVATE COMPANIES LIMITED BY SHARES This Model Articles of Association is the Model Articles prescribed in Schedule 2 of the Companies (Model

More information

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration

More information

Bankruptcy Act. (Act No. 75 of June 2, 2004)

Bankruptcy Act. (Act No. 75 of June 2, 2004) Bankruptcy Act (Act No. 75 of June 2, 2004) Chapter I General Provisions (Article 1 to Article 14) Chapter II Commencement of Bankruptcy Proceedings Section 1 Petition for Commencement of Bankruptcy Proceedings

More information

COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan

COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan This article relates primarily with companies as defined in the Companies Ordinance, 1984, (the Ordinance) that

More information

Chapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT. Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962.

Chapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT. Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962. Section Chapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962. ARRANGEMENT OF SECTIONS 1. Short title. 2.

More information

Chapter one: Definitions. Chapter Two: Conditions for Employment

Chapter one: Definitions. Chapter Two: Conditions for Employment FOREIIGN WORKERS ((Prrohiibiittiion off unllawffull emplloymentt and assurrance off ffaiirr condiittiions)) LAW,, 5751--1991 Chapter one: Definitions 1. In this law - Foreign worker - worker who is not

More information

Limited Liability Companies Act Finland

Limited Liability Companies Act Finland [UNOFFICIAL TRANSLATION Ministry of Justice, Finland 2012] Limited Liability Companies Act Finland (624/2006; amendments up to 981/2011 included; osakeyhtiölaki) PART I GENERAL PRINCIPLES, INCORPORATION

More information

SUBSIDIARY LEGISLATION 234.42 MERCHANT SHIPPING (SHIPPING ORGANISATIONS - PRIVATE COMPANIES) REGULATIONS

SUBSIDIARY LEGISLATION 234.42 MERCHANT SHIPPING (SHIPPING ORGANISATIONS - PRIVATE COMPANIES) REGULATIONS MERCHANT SHIPPING (SHIPPING ORGANISATIONS - PRIVATE COMPANIES) [S.234.42 1 SUBSIDIARY LEGISLATION 234.42 MERCHANT SHIPPING (SHIPPING ORGANISATIONS - PRIVATE COMPANIES) REGULATIONS 1st May, 2004 LEGAL NOTICE

More information

RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10

RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10 JUDGES' RULES RULE 76 R. 76.01 RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10 PETITION TO WIND UP COMPANY Title of Petition 76.01 A petition for the winding up of a company by the court,

More information

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.

Chapter 13 Handbook. David Burchard Chapter 13 Trustee Santa Rosa Division. (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee. Chapter 13 Handbook David Burchard Chapter 13 Trustee Santa Rosa Division (707) 544-5500 * Fax (707) 544-0475 www.burchardtrustee.com TABLE OF CONTENTS I. Disclaimer.....1 II. Introduction.......2 III.

More information

Guide on. Winding up / Dissolution. of Companies

Guide on. Winding up / Dissolution. of Companies SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915

More information

University of Trier English Law Helen Campbell, Lecturer

University of Trier English Law Helen Campbell, Lecturer University of Trier English Law Helen Campbell, Lecturer Company Law Types of Business Associations --sole trader --partnership --company (aka corporation: management is separated from ownership) --limited

More information

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)

Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision) Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This

More information

Payment and Settlement Systems (Finality and Netting) Bill

Payment and Settlement Systems (Finality and Netting) Bill Bill No. 41/02 Payment and Settlement Systems (Finality and Netting) Bill Read the first time on 31st October 02. PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT 02 (No. of 02) ARRANGEMENT OF

More information

DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES

DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES Note: These provisions are currently contained in Part IX of the Myanmar Companies Act 1914. They have

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to September 1, 2014. It is intended for information and reference purposes only.

More information

CHAPTER 273 THE MONEYLENDERS ACT. Arrangement of Sections.

CHAPTER 273 THE MONEYLENDERS ACT. Arrangement of Sections. CHAPTER 273 THE MONEYLENDERS ACT. Arrangement of Sections. Section 1. Interpretation. 2. Licences to be taken out by moneylenders. 3. Certificate required for grant of moneylenders licence. 4. Suspension

More information

Number 38 of 2014. Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17

Number 38 of 2014. Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17 Number 38 of 2014 Companies Act 2014 VOLUME 2 SECTIONS 963 TO 1448 AND SCHEDULES 1 TO 17 [2014.] Companies Act 2014. [No. 38.] PART 16 DESIGNATED ACTIVITY COMPANIES CHAPTER 1 Preliminary and definitions

More information

Preface 2. 1. Incorporation 3. 2. Share Capital 3. 3. Dividends & Distributions 3. 4. Shareholders Suits 3. 5. Protection of Minorities 4

Preface 2. 1. Incorporation 3. 2. Share Capital 3. 3. Dividends & Distributions 3. 4. Shareholders Suits 3. 5. Protection of Minorities 4 Cayman Islands Company Law & Taxation Contents Preface 2 1. Incorporation 3 2. Share Capital 3 3. Dividends & Distributions 3 4. Shareholders Suits 3 5. Protection of Minorities 4 6. Disposal of Assets

More information

Companies Act - Table A Articles of Association of

Companies Act - Table A Articles of Association of Companies Act - Table A Articles of Association of company name 1. In these regulations, unless the context otherwise requires, expressions defined in the Companies Act, or any statutory modification thereof

More information

LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 JUBA. 21 st FEBRUARY 2012. Printed and Published by the Ministry of Justice

LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 JUBA. 21 st FEBRUARY 2012. Printed and Published by the Ministry of Justice LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 21 st FEBRUARY 2012 JUBA Printed and Published by the Ministry of Justice LAWS OF SOUTH SUDAN THE COMPANIES ACT, 2012 ARRANGEMENT OF SECTIONS. CHAPTER I PRELIMINARY

More information

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE

CN - 1 $50,000 (YOUR COMPANY NAME HERE) CONVERTIBLE SUBORDINATED PROMISSORY NOTE THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT

More information

Circular No 16 @ November 2014

Circular No 16 @ November 2014 Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency

More information

THE FOREIGN EXCHANGE REGULATIN ACT, 1947. Act No. VII of 1947

THE FOREIGN EXCHANGE REGULATIN ACT, 1947. Act No. VII of 1947 THE FOREIGN EXCHANGE REGULATIN ACT, 1947 Act No. VII of 1947 [11 th March, 1947] An Act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and

More information

THE COMPANIES ACT, i 2004 (Act of 2004)

THE COMPANIES ACT, i 2004 (Act of 2004) 1. Short title. 2. Interpretation. THE COMPANIES ACT, i 2004 (Act of 2004) ARRANGEMENT OF SECTIONS PART I Preliminary Incorporation of Companies and Matters Incidental Thereto 3. Mode of forming incorporated

More information

CLOSE CORPORATIONS ACT 69 OF 1984 [ASSENTED TO 19 JUNE 1984] [DATE OF COMMENCEMENT: 1 JANUARY 1985] (English text signed by the State President)

CLOSE CORPORATIONS ACT 69 OF 1984 [ASSENTED TO 19 JUNE 1984] [DATE OF COMMENCEMENT: 1 JANUARY 1985] (English text signed by the State President) CLOSE CORPORATIONS ACT 69 OF 1984 [ASSENTED TO 19 JUNE 1984] [DATE OF COMMENCEMENT: 1 JANUARY 1985] (English text signed by the State President) as amended by Close Corporations Amendment Act 38 of 1986

More information

DIFC Insolvency Regulations (IR)

DIFC Insolvency Regulations (IR) DIFC Insolvency Regulations (IR) 74085-00002 BK:9905372.1 1 1 October 2008 Contents The contents of this module are divided into the following Chapters, Sections and Annexes. 1. Introduction... 5 1.1 Application

More information

A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS. 3. Application for licensing of a Central Depository

A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS. 3. Application for licensing of a Central Depository A BILL FOR AN ACT CENTRAL SECURITIES DEPOSITORY BILL ARRANGEMENT OF SECTIONS PART 1 Introductory provisions 1. Short title and commencement 2. Interpretation PART 2 Licensing of Central Depository 3. Application

More information

Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date. Long title 30/06/1997. To consolidate and amend the law relating to companies.

Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date. Long title 30/06/1997. To consolidate and amend the law relating to companies. Chapter: 32 COMPANIES ORDINANCE Gazette Number Version Date Long title 30/06/1997 To consolidate and amend the law relating to companies. [1 July 1933] (Originally 39 of 1932 (Cap 32, 1950)) Section: 1

More information

CHAPTER 309 INTERNATIONAL BUSINESS COMPANIES

CHAPTER 309 INTERNATIONAL BUSINESS COMPANIES CHAPTER 309 INTERNATIONAL BUSINESS COMPANIES ARRANGEMENT OF SECTIONS 1. Short title. 2. Interpretation. PART I PRELIMINARY PART II CONSTITUTION OF COMPANIES 3. Incorporation. 4. Persons who can incorporate

More information

EXTRADITION UP-TO-DATE FULL TEXT TRANSLATIONS. of the. EXTRADITION LAW and the

EXTRADITION UP-TO-DATE FULL TEXT TRANSLATIONS. of the. EXTRADITION LAW and the EXTRADITION UP-TO-DATE FULL TEXT TRANSLATIONS of the EXTRADITION LAW 5714-1954 and the EXTRADITION REGULATIONS (LAW PROCEDURES AND RULES OF EVIDENCE IN PETITIONS) 5731-1970 1. Extradition only under this

More information

PART 16. Designated Activity Companies. Chapter 1. Preliminary and definitions. 965. In this Part

PART 16. Designated Activity Companies. Chapter 1. Preliminary and definitions. 965. In this Part PART 16 Designated Activity Companies Chapter 1 Preliminary and definitions 5 10 15 965. In this Part constitution shall be read in accordance with section 969(1); DAC limited by guarantee means a DAC

More information

SHARE BLOCKS CONTROL ACT NO. 59 OF 1980

SHARE BLOCKS CONTROL ACT NO. 59 OF 1980 SHARE BLOCKS CONTROL ACT NO. 59 OF 1980 [View Regulation] [ASSENTED TO 5 MAY, 1980] [DATE OF COMMENCEMENT: 1 JANUARY, 1981] (Afrikaans text signed by the State President) as amended by Share Blocks Control

More information

Insolvency (Amendment) Bill

Insolvency (Amendment) Bill Bill [AS INTRODUCED] CONTENTS Provisions relating to communication 1. Attendance at meetings and use of websites 2. References to things in writing Requirements relating to meetings 3. Removal of requirement

More information

WAGE PROTECTION LAW, 5718-1958 Definitions. Due to pay in cash. Payment in money s worth. Prohibitions of restrictions. Inclusive wage.

WAGE PROTECTION LAW, 5718-1958 Definitions. Due to pay in cash. Payment in money s worth. Prohibitions of restrictions. Inclusive wage. WAGE PROTECTIION LAW,, 5718--1958 Definitions. 1. In this Law - wage includes payments in respect of festival days, productivity and overtime, and other payments due to an employee by reason of and during

More information

LOANS ACT. Section 2-Authenticating of Agreements, Securities, Etc. Section 3-Authority to raise External Loans.

LOANS ACT. Section 2-Authenticating of Agreements, Securities, Etc. Section 3-Authority to raise External Loans. LOANS ACT 1970 (ACT 335) Section 1-Raising of Loans in Ghana. (1) The Government may, subject to the provisions of this Act raise within Ghana whether on behalf of itself or any other public institution

More information

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company PART 12 STRIKE OFF AND RESTORATION Chapter 1 Strike off of company 726. When Registrar may strike company off register. 727. Grounds for involuntary strike off 728. Registrar s notice to company of intention

More information

Financial Services (Moneylending)

Financial Services (Moneylending) FINANCIAL SERVICES (MONEYLENDING) ACT Principal Act Act. No. Commencement 1.10.1917 Assent 1.10.1917 Amending enactment Relevant current provisions Commencement date Acts. 1934-27 ss.2, 3(2) and (5), 4,

More information

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA)

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) M A R S H A L L S Solicitors Level 10 111 Gawler Place Adelaide 5000 Telephone: (08) 8213 4000 GPO Box 648 Adelaide 5001 Facsimile: (08) 8213 4099 Email

More information

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION

CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION CHAPTER 32-19 FORECLOSURE OF REAL ESTATE MORTGAGES BY ACTION 32-19-01. Action to foreclose mortgage on real estate authorized. The plaintiff shall bring an action in district court for the foreclosure

More information

Issues Relating To Organizational Forms And Taxation. MALAYSIA Skrine

Issues Relating To Organizational Forms And Taxation. MALAYSIA Skrine Issues Relating To Organizational Forms And Taxation MALAYSIA Skrine CONTACT INFORMATION Harold Tan Kok Leng Skrine Unit 50-8-1, 8th Floor Wisma UOA Damansara 50 Jalan Dungun Damansara Heights 50490 Kuala

More information

PAYMENT AND SETTLEMENT SYSTEMS ACT, NO. 28 OF 2005. [Certified on 20th September, 2005] PART I GENERAL PROVISIONS

PAYMENT AND SETTLEMENT SYSTEMS ACT, NO. 28 OF 2005. [Certified on 20th September, 2005] PART I GENERAL PROVISIONS PAYMENT AND SETTLEMENT SYSTEMS ACT, NO. 28 OF 2005 [Certified on 20th September, 2005] AN ACT TO PROVIDE FOR THE REGULATION OF PAYMENT, CLEARING AND SETTLEMENT SYSTEMS ; FOR THE DISPOSITION OF SECURITIES

More information

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012 Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

LIMITED LIABILITY PARTNERSHIP ACT

LIMITED LIABILITY PARTNERSHIP ACT CAP. 30A LAWS OF KENYA LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 30A Revised Edition 2012 [2011] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org

More information