The Companies Act No. 17 of 2015▤
Consequences of unlawful distribution
(1) This section applies to a distribution, or part of a distribution, that is made by a company to one of its members in contrave…
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1,019 results · The Companies Act No. 17 of 2015
The Companies Act No. 17 of 2015▤
Distributions in kind: treatment of unrealised profits
(1) This section applies if— (a) a company makes a distribution consisting of or including, or treated as arising in consequence o…
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The Companies Act No. 17 of 2015▤
Distribution in kind: determination of amount
(1) This section applies for determining the amount of a distribution consisting of or including, or including or treated as arisi…
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The Companies Act No. 17 of 2015▤
Determination of profit or loss in respect of asset where records incomplete
In determining for the purposes of this Part whether a company has made a profit or loss in respect of an asset when— (a) there is…
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The Companies Act No. 17 of 2015▤
Treatment of development costs
(1) If development costs are shown or included as an asset in a company’saccounting records, any amount shown or included in respe…
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The Companies Act No. 17 of 2015▤
Successive distribution etc by reference to the same financial statements
(1) In determining whether a proposed distribution may be made by a company in a case in which— (a) one or more previous distribut…
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The Companies Act No. 17 of 2015▤
Justification of distribution by reference to relevant financial statements
(1) Whether a distribution may be made by a company without contravening this Part is determined by reference to the following ite…
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The Companies Act No. 17 of 2015▤
Net asset restriction on distributions by public companies
(1) A public company may make a distribution only— (a) if the amount of its net assets is not less than the aggregate of its calle…
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The Companies Act No. 17 of 2015▤
Distributions to be made only out of profits available for the purpose
(1) A company may make a distribution only out of profits available for thepurpose. (2) The profits of a company available for dis…
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The Companies Act No. 17 of 2015▤
Interpretation: Part XVII
(1) In this Part, “distribution” means every description of distribution of the assets of a company to its members (whether in cas…
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The Companies Act No. 17 of 2015▤
Effect of company’s failure to redeem or purchase
(1) This section applies to a company that— (a) issues shares on terms that they are or are liable to be redeemed; or (b) agrees t…
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The Companies Act No. 17 of 2015▤
Accounting consequences of payment out of capital
(1) This section applies if a payment out of capital is made in accordance with Division 4. (2) If the permissible capital payment…
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The Companies Act No. 17 of 2015▤
Company whose shares are redeemed or purchased to transfer amount to capital redemption reserve
(1) In this section, “capital redemption reserve”, in relation to a company, means the reserve referred to in subsection (2). (2)…
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The Companies Act No. 17 of 2015▤
When payment out of capital to be made
(1) A payment out of capital is invalid unless it is made— (a) no earlier than five weeks after the date on which the resolution u…
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The Companies Act No. 17 of 2015▤
Notice of Court application or order to be lodged with Registrar
(1) Within fourteen days after making an application under section 479, the applicant shall lodge with the Registrar for registrat…
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The Companies Act No. 17 of 2015▤
Objection to payment by members or creditors: application to the Court to cancel resolution
(1) If a private company passes a special resolution approving a payment out of capital for the redemption or purchase of any of i…
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The Companies Act No. 17 of 2015▤
Company to make directors’ statement and auditor’s report to be available for inspection
(1) A company that passes a resolution in accordance with section 475 shall ensure that the directors’ statement and auditor’s rep…
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The Companies Act No. 17 of 2015▤
Public notice of proposed payment
(1) Within the seven days immediately after the date of the resolution undersection 474, the company shall cause to be published i…
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The Companies Act No. 17 of 2015▤
Resolution authorising payment: disclosure of directors’ statement and auditor’s report
(1) This section applies to a resolution passed by a company under section 474. (2) The company shall ensure that a copy of the di…
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The Companies Act No. 17 of 2015▤
Resolution authorising payment: exercise of voting rights
(1) This section applies to a resolution passed by a company under section 474. (2) If the resolution is proposed as a written res…
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The Companies Act No. 17 of 2015▤
Payment to be approved by special resolution
(1) A payment out of capital is invalid unless it is approved by a special resolution of the company that complies with this secti…
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The Companies Act No. 17 of 2015▤
Directors’ statement: offence if no reasonable grounds for opinion
If the directors make a statement under sections 468 to 471 without having reasonable grounds for the opinion expressed in it, eac…
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The Companies Act No. 17 of 2015▤
Directors’ statement and auditor’s report
(1) The company’s directors shall make a statement that complies with subsection (2). (2) A statement complies with this subsectio…
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The Companies Act No. 17 of 2015▤
Requirements for payment out of capital
(1) A payment out of capital by a private company for the redemption orpurchase of its own shares is not lawful unless the require…
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