B gower, there have only been sporadic revisions to the act. Under the new companies act, 2019 act 992, the ultra vires rule applies only to companies which have chosen to be registered with specific objects. Companies act 1963 act 179 section 21 effects of regulations 1 subject to the provisions of this code, the regulations, when registered, shall have the effect of a contract under seal between the company and its members and officers and between the members and officers themselves whereby they agree to observe and perform the. All you need to know about the new companies act article. Gower and davies, principles of modern company law 7th ed. Object clause under the new companies act, act 992, is. Regulations required in the case of an unlimited company or company limited by guarantee. The companies act 2014 consolidated the 196320 acts as well as introducing some new innovations. Government publication, national government publication. The companies act 2014 replaced the companies acts 196320 on 1st june 2015.
Search for library items search for lists search for contacts search for a library. The companies act 1963 act 179 the incorporated private partnership act, 1962 act 152 the registration of business names act, 1962 act 151 books. At a very high level, the new act seeks to introduce improved corporate governance standards for companies operating in ghana. Insurance act 2006 act 724 securities industry act 2016. Companies act, 1963, section 182 irish statute book. Companies act of ghana legal documents constitutional law. New companies act will improve ease of doing business.
The companies code 1963 act 179 regulations of hfc bank ghana limited 1 the name of the company is hfc bank ghana limited 2 the businesses which the company is authorized to carry on are. Part ii incorporation of companies and matters incidental thereto 5. Please refer to schedule 5 of the new companies act, no. Companies act 1963 act 179 section 1commencement spent. The act draws on the experience of more developed jurisdiction and specifically incudes international best. Implement the new ghana company act 992 prof gatsi. Directors duties under the 2019 ghanaian companies act by.
Way in which and extent to which objects of company may be altered. The companies act, 2019 act 992 has been in the works since 2018 and replaces the companies act, 1963 act 179. Complete form with blue ink and in block letters please spell out all words no abbreviations indicates mandatory field no. Ghana has a new companies act the companies act 2019. Companies code, 1963 act 179 report of the commission of enquiry into the working and administration of company law in ghana 1961 gowers report. Government print department, 1963 corporation law 311 pages. Arrangement of sections section part i preliminary 1. Addressing the gathering, the president noted that since the enactment of the companies act act 179 of 1963, a statute inspired by the late, celebrated english jurist, professor l. The companies act, 2019, act 992 was given assent to by the president of the republic of ghana on 2 august 2019 and it comes into force on the date of the assent. This paper measures the trajectory of the regulation of directors duties under ghanaian company law from the companies act, 1963 act 179 to the companies act, 2019 act 992. The new companies act of ghana firstcode management.
A person shall pay contributions and other moneys due to the trust a at the nearest regional, district, branch or agency office of the trust. Section 1 commencement this act shall come into operation on the first day of january, 1963. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. Companies act, 2019, act 992 ghana national accounting standards. Companies act 1963 part i preliminary companies act 1963 sect 1 short title and commencement. Shares shares shares shares shares shares shares shares shares shares shares shares shares shares shares. Companies act 1963 act 179 section 162 power of court to order meeting 1 if for any reason it is impracticable to call a meeting of a company in any manner in which meetings of that company may be called, or to conduct the meeting of the company in the manner prescribed by the regulations of this code, the court may, on the. Companies code, 1963 act 179 as amended arrangement of sections section chapter ipreliminary 1. Ghanas new companies act 2019 passed, this is what to. Pursuant to section 24 of the companies code, 1963 act 179 the association has for the furtherance of its authorized objects, all the powers of a natural person of full capacity and in furtherance of the objects outlined above indepth shall have the power to solicit and. In the matter of section 231 of the companies act, 1963 act 179 and noble mining ghana limited noble gold bibiani limited drilling and mining services limited the companies notice of an update regarding the scheme arrangement of the companies take notice that an update to creditors of the companies is provided herein. The directors are responsible for ensuring that the bank keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the bank. Companies code 1963, act 179 as amended resourcedata. The links are to the irish statute book produced by the attorney generals website.
The companies act, 2019 has been in the works since 2018 and replaces the companies act, 1963 act 179. Ghana gets a new companies act after fifty six 56 years since the companies act, 1963, act 179 now repealed came into force on 1 july 1963. Audrey grey, ghanas new companies act passed, september 2019. Previously the old companies act 1963 placed a minimum capital requirement of ghc500 for ghanaianowned private companies limited by shares and ghc for public companies, however, this requirement has been removed by the companies act 2019, act 992 and as such the only capital requirements that exist, are in respect of foreign enterprises as. Construction of references in other acts to companies registered under the companies consolidation act, 1908.