The Parliament has passed recently the Law Amending the Companies Law CAP 113 Number 4.
This law introduces several important amendments to Company Law. Some of the new provisions include:
1. A company can be registered as a general commercial company able to work in any line of business without the need of having to include all details relating to the line of business in the Memorandum of Association.
2. The Companies Registrar can strike off a company which has not paid the annual levy after one year since the due date or following an application of the directors.
3. Several categories of documents filed to the Companies Registrar since the 1st of January 2007 and forward will be stored in electronic form by the Registrar and can be made available to the public in an electronic form.
4. Board meetings can take place via telephone conference and/or other means of similar nature. This is considered sufficient and the meetings will be considered to have taken place at the location of the person who was taking the minutes.
5. The Articles of Association can provide for a larger majority for a shareholders’ resolution than the majority stipulated in CAP 113.
