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Amendment Bill, 2006 (HB 2, 2006)
March 31, 2006
Gazetted Friday 31st March, 2006
the Companies Amendment Act, 2006
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the comparative table illustrating the effect of the Companies Amendment
Amendment Bill, 2006
This Bill will amend
the Companies Act [Chapter 24:03], by making provisions relating to the
subscription to shares by minors and corporate bodies, lodging of further
particulars by directors and secretaries of companies, replacement of
lost or destroyed documents and incidental matters. A clause-by-clause
analysis of the Bill is set out below:
Sets out the Bill's short title.
Clauses 2 and
These clauses provide that a guardian or director must sign the memorandum
of the company or indicate the number of shares taken on behalf of a subscriber
who is a minor or is a corporate body, as the case may be.
This clause provides that company directors and the company secretary
must provide further identification particulars for inclusion in the register
of their directors or secretaries. This is for the protection of the company
and shareholders since it has been realised that the existing requirement
of simply providing the residential address is inadequate as the address
is subject to change.
This clause inserts a new section which provides for the procedure for
replacing certain lost or destroyed documents. The purpose is to try to
minimise fraudulent claims for the issue of duplicate certificates of
incorporation or memoranda and articles of incorporation.
This clause provides for a period of twelve months within which existing
companies are required to comply with the new requirements of furnishing
to the Registrar further identification particulars concerning their directors
amend the Companies Act [Chapter 24:03].
ENACTED by the President and
the Parliament of Zimbabwe.
1 Short title
This Act may be cited as the Companies Amendment Act, 2006.
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