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10 days left to register company under old Act

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MBABANE –Directors of companies who were in the process of registering their companies have until next week Friday to conclude this process and submit their registration documents.

This is because next week Friday is the deadline set to accept company registration under the Companies Act of 1912 and as of the beginning of July, all companies will be registered under the newly enacted Companies Act No.8 of 2009.

The Companies Act No.8 of 2009 came into effect on April 1, 2010 after receiving royal accent by His Majesty King Mswati III last year.

The new Act repeals the Companies Act of 1912, which had been a cause for concern with the business community, as they argued it was outdated.

Among many other things, the new Act regulates the interest of company directors in company contracts, securities and loans.

Msebe Malinga of the Registry of Companies said applications for registration of companies under the old Act after the deadline would not be accepted.

Process

"The old Act ceased to operate on April 1, 2010 and the new act commenced on that date. If you were in the process of compiling documents with the intension of registering and do not meet the set deadline, it means your company will be registered under the new act," he said.

The Registrar of Companies has already issued out a notice requesting the public to submit the necessary files for registration before the deadline elapses.

"The office of the Registrar of Companies would like to bring to the attention of the public that the new Companies Act No.8 of 2009 commenced on April 1, 2010.

"The public is therefore advised to submit companies to be registered from July 1, 2010 using the new statute. The office of the Registrar is, by this notice, requesting all those who had reserved a company name and or were in the process of compiling documents with the intention to register a company to conclude this process and submit the registration documents by June 18, 2010," reads the statement in part.

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