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In this example of amalgamation, Company ‘A’ and Company ‘B’ will surrender all their fairness shares (ownership shares) to the newly shaped Amalgamated Company ‘AB’. The belongings and liabilities of Amalgamating Companies ‘A’ and ‘B’ will be transferred to Company ‘AB’. The shareholders of the Company ‘A’ and Company ‘B’ might be given the shares of Company ‘AB’. The amalgamating firms ‘A’ and ‘B’ will lose their individual existence (id) and continue to function jointly beneath the title of Company ‘AB’.
Where an organization fails to register a charge within the requisite forty-two days, the application for extension of time is to be made to the registrar beneath section 111 (1) of the brand new Act, this is not like within the repealed Act where it was made to Court by discover of motion. It must be noted however that the procedure for applying to the Registrar underneath part 111 of the brand new Act is but to be supplied for. It has been submitted that this modification might have been brought about by the need to keep away from delays and expenses involved in court process and to scale back the backlog within the courts as properly.
The phrase ‘lifting the corporate veil’ is outlined in part 2 of the new Act as, disregarding the company persona of a company with a purpose to apportion legal responsibility to a person who carries out any act. Section 20 of the new Act gives that the excessive courtroom could, where a company or its directors are involved in acts including tax evasion, fraud or the place, save for a single member company, the membership of an organization falls beneath the statutory minimal, carry the corporate veil.
Previously, the company governance rules imposed upon public listed corporations as offered for below the Capital Markets Authority Act, its regulations and tips had been relied upon. If adopted, the printed copy of Table F must to be annexed to or integrated to each copy of the articles of association. It then becomes a part of the articles of association, and the corporate (public or personal) is thereafter required to file an announcement of compliance with each the registrar and the Capital Markets Authority yearly.