Nsection 295 of companies act pdf namibian

Companies act 28 of 2004 legal assistance centrenamibia. Transitional provisions as to unlimited companies and partly paidup shares. Save as otherwise provided in sub section 2, no company hereinafter in this section referred to as the lending company 1 without obtaining the previous approval of the central government in that behalf shall directly or indirectly, make any loan to, or give any. Changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this. Act online ministry of trade and industry, namibia consulted on 20080519 abstractcitation. Definitions relating to basic conditions of employment 1 in this chapter a annual leave cycle means the period of 12 consecutive months employment with the same employer immediately following i an employees commencement of employment. Part iii constitution of companies division 1 incorporation section 14. To consolidate and amend the law relating to companies. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past. However, in practice, the namibian government has jurisdiction to influence certain applications of the act under specific sections and circumstances and these official instructions are seldom reflected in public records. Does not apply to, as set out in the schedule published. The doctrine of constructive notice has been abolished, and the application of the turquand rule has been codified in section 207 and section 208 of the act. Signed by the president as amended by act to provide for. Companies act 71 of 2008 english text signed by the president assented to.

The namibian competition commission for one is by virtue of act no. Promulgation of national housing enterprise act, 1993 act 5 of 1993, of the national. It also has the purpose of providing consumers with competitive pricing and increased product choice as per section 2 b of the act. Deloitte namibia changes to the 2004 companies act made. I general structure of public administration the state and its constitutional basis constitutional and legal basis of public administration namibia is a sovereign, secular, democratic and unitary state, with the seat of. To provide for the incorporation, management and liquidation of companies. President in terms of the namibian constitution is hereby published in terms of. Companies act 28 of 2004 companies administrative regulations, 2010 9. This section assesses the external position of namibia. Financial reporting for small and medium sized entities. Signed by the president on 27 september 2002 be it enacted by the parliament of the republic of namibia as follows. Registration of external companies as companies in namibia. Section 63 of the companies act stipulates that the memorandum and. Please refer to schedule 5 of the new companies act, no.

New derivative action under the companies act, the. The following act which has been passed by the parliament and signed by the president in terms of the namibian constitution is hereby published in terms of article 56 of that constitution. Annual financial statements that have been prepared in accordance with the namibian statement of generally accepted accounting practice nac 001. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly impact all companies, directors and officers.

Namibia has published regulations relating to the development, production, marketing, transport and application of genetically modified organisms and specified products derived from genetically. Most of the amendments made, however, relate to a modernisation of the act with wording amendments. Companies act 2006, section 293 is up to date with all changes known to be in force on or before 25 april 2020. Section 295 of the act provides that, if any financial statements or circulars of a. Online source of namibian labour law, including labour court reports, comments and general information pertaining to namibian law. Business law quarterly namibia newsletter labour law new requirement to notify the bureau of vacancies in the government gazette of 15 september 2015, part 3 of the employment services act act 8 of 2011 officially came into operation with immediate effect. An analysis of the impact of competition act, 2003 act no. The companies act 71 of 2008 the act has, however, changed the playing field in this regard. The namibian companies act, act 28 of 2004 the act contains a number of provisions that will directly impact all companies, directors and officers. We have highlighted some portions of a letter from mihe gaomab ii, secretary and chief executive of the namibian competition commission, which. A legal framework is provided under section 21 of the companies act, act 61 of 1973. Most of the amendments made, however, relate to a modernisation of the act with wording amendments, from south west africa to namibia, to remove gender bias, to include namibian legislation. In this act, unless the context indicates otherwise. Section 21 companies in existence before 1 november 2010 are deemed to comply with the requirements of.

Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Certain regulations of the longterm insurance act and of the pension funds act were amended to prescribe to insurance companies and pension funds that they must invest a. No 294 2012 close corporations act amendment of the regulations under the close corporations act, 1988 amendments to. No 307 2012 competition act determination of threshold of annual turnover or value of assets below which part ii of chapter 3 of competition act, 2003. Offence to issue incomplete financial statements and circulars. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Rsm south africa is a member of the rsm network and trades as rsm. Application of act to existing companies and savings. This booklet provides insight into how creditors may.

The officewill be open to the public from mondays to fridays from 09. Namibian labour act 2007, relevant codes of good practices, etc. Changes that have been made appear in the content and are referenced with annotations. Act rule means a rule of the bank made under section. Namibian citizenship act, 1990 17 thecertificate ofregistration ornaturalisation issued under thisactinrelation tothestatus oftheperson. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly. Namibia publishes regulations under the biosafety act. Deloitte namibia changes to the 2004 companies act made in 2011. The basic forms of business enterprise in namibia are companies, branches of a foreign. Companies act 1993 no 105 as at january 2020, public act. Namibian citizenship second special conferment act, act no. Registrar and offices for registration of companies. Provides for the incorporation, management and liquidation of companies.

Registrar means the registrar of companies referred to in section 7 of the companies. By simana chimana 200141775 a thesis submitted in partial fulfillment of the requirements for the degree of master of laws international economic law, faculty of law, university of namibia. Hits of jurisdiction act n2 3 of 1990 territorial sea and exclusive economic zone of namibia act, 1990 be it eactedby the national assembly of the republic of namibia. Companies act 28 of 2004 gg 3362 brought into force on. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. The 1993 act is the only official legislative material available to provide an overview of the legal landscape. With acts you are guaranteed the latest and most up to date resource for your legislative needs. This wording has been approved by the technical committee of the institute. Companies act 2014, section 294 irish statute book. There are changes that may be brought into force at a future date.