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 … Read more