The National Assembly unanimously adopted the new Companies Bill 2015, today. All the 42 members present in the House voted in favor of the bill, which will now be sent to His Majesty the King for the Royal Assent.
The bill, once endorsed, will provide a legal framework to reform the law on incorporation, registration, conduct, reorganization, winding up and dissolution for companies and related matters.
The National Assembly, after deliberating, had sent the bill to the National Council. The Upper House had sent the bill back with some recommendations.
One of the major provisions includes allowing one or more individuals to form an incorporated company.
The National assembly also deliberated on how many directors a private company must have. Most agreed, at least two directors would be required while others expressed having two directors was not practical.
Deliberations also included where a private company could appeal against the decision of a regulatory authority. While the council recommended that an unsatisfied private company should appeal to the High Court, most members of the assembly submitted it was not necessary to appeal directly to the High Court.
