This act may be cited as the industrial and labour relations amendment act, 1997, and shall be read as one with the industrial and labour relations act, in this act referred to as the principal act short title cap. The new companies act is designed to enhance government policy on economic empowerment of citizens and the development of micro, small and medium enterprises. The style of operation in the state corporations and the degree of state intervention. Interpretation part ii law association of zambia 3. A company is able to buy back its shares or finance a person to buy its own share or reduce the shares, so long as solvency tests are performed and directors.
This act may be cited as the law association of zambia act. Superiority ofact part ii incorporation and registration of companies 6. From there it was sold to private distributors around the country. The rationale for the amendment is to simplify the registration procedures and. Companies act 1993 no 105 as at january 2020, public act. Middleton vs nico insurance zambia jan 2020 wood, kabuka and mutuna, jjs. The patents and companies registration agency act, 2010. An act to provide for the formation, management, administration and windingup of. Key legislation includes the 1994 companies act ca 1994 and the securities act 1993, which established the securities and exchange commission of zambia act as the principal regulator of securities markets. The new companies act commenced on the 3rd july 2007. The republic of zambia is a landlocked country in southern africa, neighbouring the democratic republic of the congo to the north, tanzania to the northeast, malawi to the east, mozambique, zimbabwe, botswana and. Proposal for strengthening the governance and performance monitoring of zambias state owned enterprises september 2008. Arrangement of sections part i preliminary section 1. The companies act chapter 388 of the laws of zambia.
All of zambia s major towns except three, lusaka, kahwe and livingstone, are on the copperbelt. This act may be cited as the companies act, 2017 and. Zambia july 7 employment special provisions act cap this is an enabling act and may be activated only when a state of emergency is in place. The companies act chapter 388 of the laws of zambia the. The law association of zambia act arrangement of sections part i preliminary section 1. In this act, unless the context otherwise requires interpretation the associationmeans the law association of zambia established by. Companies act 1993 no 105 as at january 2020, public. The previous arrangement had been that the governmentowned zambia national energy corporation znec was the sole importer of oil into zambia which was then sold to nosco. Corporate insolvency act, 2017 zambia legal information. The employment act chapter of the laws of zambia is the principal piece of legislation governing employee rights in zambia. This act may be cited as the companies act chapter 24. Do rules require a periodic audit of the soes financial statements by an external body. Insurance act no millennium challenge account zambia.
Jan, 2020 an act to reform the law relating to companies, and, in particular, a to reaffirm the value of the company as a means of achieving economic and social benefits through the aggregation of capital for productive purposes, the spreading of economic risk, and the taking of business risks. The companies act chapter 388 of the laws of zambia this document is part of the source library for nrgis 2017 resource governance index, a comprehensive measure of the quality of natural resource governance in 81 oil, gas and mineralrich countries. See section 1 3 and 4 arrangement of sections section part ipreliminary i short title and commencement. The companies act of 1994 requires every company to undergo an annual statutory audit. For more results, browse business categories or keywords. A company is able to buy back its shares or finance a person to buy. The patents and companies registration agency act, 2010 act.
Legal information from the uk malawilii is a member of the global free. The companies act should be revised and harmonized with the securities act. Introduction the new companies act commenced on the 3rd july 2007. The companies act chapter 388 of the laws of zambia datasets. The lusaka stock exchange corporate governance code is an important step in awareness raising and reform. It is an important prerequisite for attracting the patient capital needed for sustained longterm economic growth. In accordance with zambia companies act, each zambia llc must have at least one individual director ordinarily resident in zambia.
Highlights of the companies amendment act, 2017 the companies amendment act, 2017 which was passed by the lok sabha on july 27, 2017 and by the rajya sabha on december 19, 2017, has received the assent of the president of india on january 3, 2018 and subsequently published in the gazette of india. Extended meaning of subsidiary repealed control defined. Good corporate governance ensures that companies use their resources more efficiently, protects minority shareholders, leads to better decision making, and improves relations with workers, creditors, and other stakeholders. Specialised in aluminium windows and doors, cladding of alubond,dry wall office partitioning, suspended ceiling,stainless steel railing on balcony and staircases. Currently, 16 companies in zambia are registered to produce and distribute seed. An act to establish the patents and companies registration agency. Establishment of agency seal of agency functions of agency. This act is administered by the ministry of business, innovation, and employment.
The preamble to the mines and minerals act defines the purpose of the act as. Application of act to existing companies and savings. Its principal functions are to operate a legal system for registration and protection of commercial and industrial property and to serve as a legal depository of the information tendered for registration. It is modern and incorporates fundamental changes in the concept and style of running of a company. Plant variety and seed act cap 236, cotton act, and plant pest and disease act. An act to consolidate and amend the laws in force in zimbabwe relating to the constitution, in corporation, registration, management, administration and winding up of companies and other associations, and for other purposes incidental thereto. Stakeholders should consider moving explicit protection against unfair related party transactions into the code, and revising the nonfinancial.
Companies act of 1995 export development act of 1994 privatisation act of 1993 lands act 1995 securities and exchange act. Agriculture, fishery and forestry, which account for 20 per cent of zambian gdp, shrunk by 2. Zambia is a common law country whose legislation and legal system have been strongly influenced by the. The financial sector is governed principally by the banking and financial services act of 1994 as amended in 2000 and 2005 bfsa. Compared to many other southern african countries, zambia has relatively abundant land and water. Overview ifrs and ifrs for smes standards adopted without modification as issued by iasb zambian financial reporting standards for micro and small. An act to provide for corporate receiverships, appointment of receivers and the duties and responsibilities of receivers. The companies act 2017, 2017 zambia legal information institute. Here you will find 7017 companies in lusaka, zambia. Zambia shares borders with eight countries in the southeastern subregion. List of companies in lusaka, zambia companies in lusaka.
Cooperative societies act vol 22 ch 397 companies certificates validation act vol 23 ch 414 companies act vol 21 ch 388 competition rules in zambia competition and fair trading act vol 23 ch 417 public private partnership act 2009 registration of business names act vol 21 ch 389 small enterprises development act vol 23 ch 425. In zambia, the companies act of 1994 and the accountants act of 2008 govern the corporate financial reporting requirements. Historical context at independence in 1964, zambia inherited companies act of 1921 1921 act was repealed and replaced by companies act of 1994 cap 388 which. If required, healy consultants will be pleased to provide your firm with a professional nominee director in zambia. Under the accountants act of 2008, zica is the auditing standardsetter and has adopted isa since 2005 as issued by the iaasb without modifications and including effective date for application in zambia. It includes companies organized under the companies act, and statutory companies organized under their own founding legislation.
Section i on 15th september, 2015 all other provisions. Solvency is a corner stone of the botswana companies act. Companies act amendment recommended subject to amendment of the zambia companies act. The companies act requires every company to keep accounting records but does not specify the applicable accounting standards. An act to promote the development of the economy by encouraging entrepreneurship, enterprise efficiency, flexibility and simplicity in the formation and maintenance of companies. App1162016african banking corporation zambia vs mubende country lodge ltd mar 2020 musonda dcj, hamaunda and kajimanga, jjs. Brief summary of botswana companies act rsm botswana. The capital city is lusaka, in the southcentral part of zambia. The act authorises the minister of finance and national planning mofnp, on the recommendation of the bank of zambia, to issue regulations14 to facilitate implementation of the act.
In accordance with zambia companies act, the issued share capital of zmk10,000 equivalent to. This act may be cited as the zambia development agency act, 2006 and shall come into force on such date as the minister may, by statutory instrument, appoint. The policy for the seed sector is outlined under the national agriculture policy 20042015, and the sector is governed by the following legislation. The list of included occupations is too long to list in this article. Mining legislation and mineral development in zambia muna ndulo. Companies act 71 of 2008 english text signed by the president assented to. The patents and companies registration agency pacra is a semiautonomous executive agency of the zambian ministry of commerce, trade and industry. Zambia particularly in the field of gemstone and industrial mineral, which offer great potential.
Zambia region subsaharan africa income category lower middle income population 17,351,822 city covered lusaka 85 db rank db score 66. Signed by the president as amended by act to provide for. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. Economy profile of zambia doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company dealing with construction permits procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety. The republic of zambia is a landlocked country in southern africa, neighbouring the democratic republic of the congo to the north, tanzania to the northeast, malawi to the east, mozambique, zimbabwe, botswana and namibia to the south, and angola to the west. The companies amendment act, 2017 which was passed by. Zambia limited liability company invoice continued on next page healy consultants. Revisions should be accompanied by an analysis of lessons learned from the recently revised companies act in the uk. Control in the parastatal sector in zambia ben turok. Prohibition of partnership exceeding twenty m embers. In some cases, these companies retained possession of valuable mining property without developing it. Solvency solvency is a corner stone of the botswana companies act. Registrar and offices for registration of companies. There is the possibility that the latter may be incorporated as soes but there no firm government policy as yet.
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