Section 22(2)(b): amended, on 5 December 2013, by section 6(1) of the Companies Amendment Act 2013 (2013 No 111). 1 CHAPTER 386 COMPANIES ACT To regulate, in place of the Commercial Partnerships Ordinance, limited liability companies and other commercial partnerships. Note 4 at the end of this reprint provides a list of the amendments incorporated. Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint. Companies Act 2006, Section 157 is up to date with all changes known to be in force on or before 09 June 2020. For companies that were formed before 1 May 2015 (existing companies), these changes are being introduced in a staggered way.

Changes that have been made appear in the content and are referenced with annotations.

There are changes that may be brought into force at a future date. COMPANIES [CAP. Companies Act 1993. It provides for the business of the company to be managed by the directors and for shareholder protection against abuse of management power. Section 22(3)(b): amended, on 1 July 1994, by section 2 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).

Section 22(2)(c): amended, on 5 December 2013, by section 6(2) of the Companies Amendment Act 2013 (2013 No 111). Commencement see section 1(2) Note. Date of assent 28 September 1993. Other changes to the Act relate to the registration of companies. 386.

For companies that were formed before 1 May 2015 (existing companies), these changes are being introduced in a staggered way. Public Act 1993 No 105. Duties of directors under the Companies Act 1993 In this and future editions of The Legal Lounge I will outline some of the statutory duties and obligations that apply to directors and officers of corporate entities under a variety of statutes, and the potential civil liability and criminal sanctions that could follow if these duties or obligations are breached. Summary – Companies Act 1993 This Act provides the basic requirements for incorporation and operation of companies and defines the relationship between the company, directors, shareholders and creditors.