President Dr Mohamed Muizzu has ratified the first amendment to the Companies Act (Act No. 07/2023) today.
Under the amended Act, the 21-day deadline to send out invitations for meetings, as mentioned in section 100, number a(1), has been reduced to a 3-day deadline, and the three-month deadline for holding the meetings mentioned in section 100, number a(2), has been reduced to ten days.
The bill amends section 100, number b(1), stipulating a 14-day prior notice for private companies to send invitations for Extraordinary General Meetings (EGM), reducing it to a 7-day prior notice. It also amends section 100, number b(2), stipulating a 14-day prior notice for public companies to send invitations for Extraordinary General Meetings (EGM), reducing it to a 7-day prior notice.
In addition, the amendment stipulates in Section 126(a) a ten-day deadline for appointing directors when instructed by the Registrar, compared to the previous 30-day period. It also stipulates in Section 126(b) a ten-day deadline for appointing a managing director when instructed by the Registrar, compared to the previous 30-day period.
Parliament passed the bill at its third extraordinary sitting held on Tuesday, September 17, 2024. The amendment has been published in the Government Gazette following the ratification and will take immediate effect.
Under the amended Act, the 21-day deadline to send out invitations for meetings, as mentioned in section 100, number a(1), has been reduced to a 3-day deadline, and the three-month deadline for holding the meetings mentioned in section 100, number a(2), has been reduced to ten days.
The bill amends section 100, number b(1), stipulating a 14-day prior notice for private companies to send invitations for Extraordinary General Meetings (EGM), reducing it to a 7-day prior notice. It also amends section 100, number b(2), stipulating a 14-day prior notice for public companies to send invitations for Extraordinary General Meetings (EGM), reducing it to a 7-day prior notice.
In addition, the amendment stipulates in Section 126(a) a ten-day deadline for appointing directors when instructed by the Registrar, compared to the previous 30-day period. It also stipulates in Section 126(b) a ten-day deadline for appointing a managing director when instructed by the Registrar, compared to the previous 30-day period.
Parliament passed the bill at its third extraordinary sitting held on Tuesday, September 17, 2024. The amendment has been published in the Government Gazette following the ratification and will take immediate effect.
