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Companies Act 1957

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  • Essay length: 2228 words
  • Submitted: 19/06/2006
University Degree Other Jurisdictions

An extract from this essay...

COMPANY LAW

Companies Act 1957

It is an act to provide for the incorporation and registration of companies in Brunei, to control and regulate the relation between members of a company and its creditors and the company and between the company and its creditors and the public, to provide for the conditions under which companies incorporated outside Brunei may carry on business in Brunei and generally to control the functioning within Brunei of companies registered locally or carrying on businesses within Brunei. The Companies Act is enacted on 1st January 1957. this applies to every company registered in Brunei irrespective of the place or places where the business of such company may be carried on.

Rules and Fees (General Rules)

1) The Chief Justice may, with the occurrence of His Majesty make general rules for carrying into effect the objects of this Act so far as relates to the winding up of companies, and also rules for the purposes of this Act generally, including rules as to costs.

2) Minister of Law with the approval of His Majesty The Sultan and Yang Di-Pertuan:

a) the manner in which applications by persons desirous of being placed upon the authorized list of auditors shall be made;

b) the examination of such applications and if thought fit of applicants by an Advisory Board;

c) the establishment of an Advisory Board to advise Minister of Finance in elation to such applications and also as to whether the name of any person on the authorized list should be removed therefrom;

d) anything which may require to be prescribed, and

e) carrying this Act into effect.

3) All rules made under this section shall be judicially noticed, and shall have effect as if enacted by this Act.

4) There Shall be paid in respect of proceedings under this Act, where no fee is otherwise fixed, such fees as the Chief Justice may, with the sanction of His Majesty direct, and he may direct by whom and in what manner the same are to be collected and accounted for.

Memorandum and Articles of Association

Two of the most important documents are the Memorandum and Articles of Association, which have to be filed with the Registrar for the purposes of incorporating a company. The Memorandum sets out the company structure and aims; and

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