In an effort to ease investment, trade and development in addition to for the Government to have better control of the economy and improve on revenue collection; Uganda is presently in the technique of reviewing more than 17 business and bankruptcy laws. The new reforms are geared in the direction of amendment of Uganda’s Companies Act, modernizing and dashing up chapter procedures, increasing and clarifying provisions on mortgages, updating business contract regulation, and modernizing provisions for e-commerce and digital signatures, among others.
The fact that the liability of some members is limitless has to be offered for in the memorandum. Indeed section 230(1) gives that in a limited legal responsibility company, the liability of the directors or managers or of the managing director could, in that case provided by the memorandum, be limitless. As per part 123, for companies whose members all have restricted liability, a special resolution altering the memorandum is necessary to offer some of them unlimited legal responsibility standing.
Granted that each section 37 of the repealed Act and section 59 of the new Act allow for a director, secretary or different licensed official could authenticate a doc of the company. Section 55 of the new Act extends this provision to supply that a doc executed either by a secretary and director or two administrators on behalf of a company shall have impact as a typical seal of the company. It is thus submitted that in such circumstances, the absence of a company seal is immaterial and the corporate is bound the place either pair of the two signatures is current.
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The new Act, beneath section 18, offers that a company shall be registered by filling within the particulars contained in the registration type in the second schedule (new) to this Act and on submitting it, the registrar shall register the company and assign to it a registration quantity, supplied that the registrar is glad that the Act has been complied with. On registration of the corporate, the registrar shall situation a certificate signed by him or her that the company is incorporated and within the case of a limited liability company, that the corporate is limited.