New Companies Act 2016 Changes

According to the 2016 companies act section 9 b.

New companies act 2016 changes. The default provisions in the new act will apply to companies without constitution namely the proceedings of the board third. You may wish to read some of my related posts on the companies act 2016 below. The new dynamics of company law in malaysia. I have been working hard over the last few months writing my book companies act 2016.

The companies act 2016 act came into force on 31 january 2017 save for section 241 in relation to the requirement of a secretary to register with the registrar and division 8 of part iii in relation to corporate rescue mechanism the act replaced the companies act 1965. 3 things companies should prepare for under the companies bill. Effectively all companies in malaysia will now have to operate under the companies act 2016 framework. Certainly there are wide ranging changes that affect many stakeholders including entrepreneurs directors business owners administrators sme accountants and anyone else interested to learn more.

It was a culmination of my 10 over years of experience in company law. Companies incorporated post 31 january 2017 being the effective date of the new act have the option of whether to have a constitution. The following are the important changes in this companies act. My co author is kenneth foo an experienced chartered company secretary.

Under the companies act 2016 new act the m a is replaced by constitution. Overview of malaysia new companies act 2016. The new companies bill 2015 bill which will replace the current companies act 1965 act as a whole and is expected to be gazzetted tentatively by end of august 2016 and its implementation shall commence as early as january 2017. The process was tiring but very rewarding.

The new dynamics of company law in malaysia. Malaysian companies act 2016. The 7 upcoming changes. This article summarises the key changes under the new act below.

As per the new companies act 2016 there are certain changes and reformed rules and regulation. Malaysia s companies bill passed. Purchase my book on the companies act 2016. It is stated that the company is required to have at least 1 or more members.

Faqs on the companies act 2016 act 777 background to the review process and new malaysian companies act faqs on the companies amendment bill 2019 documents to be lodged with the registrar for execution by directors officers or members of a company under the companies act 2016. The bill received royal assent on 31 august 2016 and was subsequently gazetted as the companies act 2016 ca 2016 on 15 september 2016. According to reports the major changes are in relation to the incorporation procedure of companies the omission of authorised share capital and par value for shares as well as a corporate rescue mechanism for companies.