What is Section 63 of the Companies Act?
What is Section 63 of the Companies Act?
Issue of bonus shares. (iii) the capital redemption reserve account: Provided that no issue of bonus shares shall be made by capitalising reserves created by the revaluation of assets.
What is Section 52 of Companies Act?
52. Service of documents on Registrar. A document may be served on a Registrar by sending it to him at,, his office by post, under a certificate of posting or by registered post,’ or by delivering it to or leaving it for, him at his office.
What does Companies Act 71 of 2008 say?
to establish a Financial Reporting Standards Council to advise on requirements for financial record-keeping and reporting by companies; to repeal the Companies Act, 1973 (Act No. 61 of 1973), and make amendments to the Close Corporations Act, 1984 (Act No.
What is the Companies Act of Fiji?
Introduction The aim of the Act is to introduce modern business practices and streamline regulation within Fiji while also improving corporate governance practices to ensure that Company Directors and company officers are more accountable for their conduct.
What is Section 62 of Companies Act, 2013?
➢ Section 62(1)(a) of the Companies Act, 2013 states that company making right issue should send a letter of offer. ➢ No prospectus is required for ‘right issue’ to existing members, even if the members have right to renounce the right to a third person, who may or may not be a member.
Does a section 21 company have shareholders?
Section 21 companies resemble business oriented (for profit) companies in their legal structure, but do not have a share capital and cannot distribute shares or pay dividends to their members.
Which act replaced the Companies Act No 61 of 1973?
Companies Act and Regulations 32121 (Notice No. 421). The Act replaces the Companies Act, 61 of 1973 and came into effect on 1 May 2011.
Who can be a director company law?
Only an Individual (living person) can be appointed as a Director of a Company. A body corporate or a business entity cannot be appointed as a Director of a Company. A company can, however, have a maximum of fifteen Directors and it can be increased further by passing a special resolution.
Who owns a public corporation?
Ownership of a public company is distributed among general public shareholders through the free trade of shares of stock on stock exchanges or over-the-counter (OTC) markets.