The Seventh Parliament has finally passed the Company’s Bill, 2018 into law after extensive amendments by the Plenary from both sides of the House.
The Company’s Bill, 2018 was moved for the Third Reading by the Deputy Attorney General and Member of Parliament for Tempane, Mr. Joseph Dindiok Kpemka.
The purpose of the Company’s Bill, 2018 is to amend, consolidate and revise the law relating to companies and reproduce substantially with amendments to the Companies Act, 1963 (Act 179).
The Bill also reflects several novel concepts in company law pertinent to new trends in business practices, and it is intended to enhance significantly, the legal and regulatory framework for doing corporate business in the country
The Company’s Bill was laid on the floor of Parliament by the Minister for Justice and Attorney General, Miss Gloria Akuffo, to create a new office to perform functions relating to incorporated partnerships and registered business names.
The Company’s Bill, 2018 is made up of 368 clauses, which start with Preliminary Provisions, through to Provisions Applicable to all Companies, among others.
A Legislative Instrument(L.I.) on the Company’s Bill is yet to be laid on the floor of the House, to ensure the operations and regulations of the new law.
When the Legislative Instrument is laid on the floor, the Parliamentary Select Committee on Subsidiary Legislation will consider the LI and produce a report to the Plenary.
After the Committee’s report and the maturity period of the L.I. for 21 Sitting Days, the Instrument becomes operational.
Source: GhanaJustice/S.Ayisi
