Wednesday 8 April 2015

Fiji: Companies Bill 2015 introduced in Parliament

Earlier this year the Companies Bill 2015 was introduced in Parliament and referred to the Standing Committee on Justice, Law and Human Rights. A copy of the Bill as introduced is available here (pdf). Its purpose is to modernise the legal framework concerning the incorporation, regulation and winding-up of companies in Fiji.

Directors' duties are set out in some detail (see Part 10, division 3) and in language very similar to that found in Part 10, Chapter 2, of the UK's Companies Act 2006. Elsewhere in the Bill it is provided that only a natural person can be a director (clause 93) and all companies (with the exception of private companies) must have at least three directors (clause 91). Private companies must have at least one director (clause 91). The Bill also provides that shares of a company have no par value (clause 193) and it removes the power of companies to issue bearer shares (clause 195).

Update - a copy of the new Act is available here (pdf).

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