COMPANIES

CHAPTER 46:03
COMPANIES

ARRANGEMENT OF SECTIONS

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

PART II
THE OFFICE OF THE REGISTRAR OF COMPANIES

    3.    Establishment of the office of the Registrar of Companies

    4.    Functions of the Registrar

    5.    Fees payable to the Registrar

    6.    Registration of documents

    7.    Power to require delivery by electronic means

PART III
REGISTERS

    8.    The Registers

    9.    Allocation of unique identifiers

    10.    Preservation of original documents and reconstitution of lost documents

    11.    Records relating to dissolved companies

    12.    Searches and evidence of a register

    13.    Material not available for public search

    14.    Form of application for search

    15.    Certification of copies as accurate

    16.    Registrar’s powers of inspection

    17.    Power to require compliance

    18.    Power to extend time for doing any required act

    19.    Removal of material from the register

    20.    Rectification of the register

    21.    Application to foreign companies

    22.    Arrangements with other agencies

PART IV
CORE COMPANY REQUIREMENTS

Division I
Types of Companies

    23.    Private limited liability company

    24.    Public limited liability company

    25.    Company limited by guarantee

    26.    State owned companies

Division II
Company Formation

    27.    Forming a company

    28.    Requirements for incorporation

    29.    Incorporation

    30.    Statement of capital

    31.    Certificate of incorporation

    32.    Legal effects of incorporation

Division III
The Constitution of the Company

    33.    A company’s constitution and its effect

    34.    Power to adopt model constitution and default application of model constitution

    35.    Adoption, alteration and revocation of constitution

    36.    Constitutional documents to be provided to members

    37.    Right to participate in profits otherwise than as member is void

Division IV
Capacity, Powers and Validity of Acts

    38.    A company’s capacity and power of directors to bind the company

    39.    Validity of company actions

    40.    Dealings between a company and any other person

    41.    No constructive notice

    42.    Common seal

    43.    Official seal required for share certificates of public companies

    44.    Ratification of pre-incorporation contracts

Division V
Company Names and Registered Office

    45.    Application for reservation of a name

    46.    Availability of name

    47.    Prohibited names and power of the Registrar to refuse a company name

    48.    Public limited company’s requirement to use plc

    49.    Private limited company’s requirement to use limited

    50.    Company limited by guarantee requirement to use limited

    51.    Provision of misleading information as to activities

    52.    Change of name

    53.    Direction to change name

    54.    Requirement to use company name

    55.    Requirement for company to have a current registered office in Malawi

Division VI
Alteration of Company Status by Re-Registration

    56.    Re-registration of public company as private company

    57.    Objection to resolution for a public company to be re-registered as a private company

    58.    Certificate of re-registration from a public to a private company

    59.    Re-registration of private company as a public company

    60.    Consideration for shares recently allotted to be valued

    61.    Certificate of re-registration from a private to a public company

    62.    Single member company changing status

Division VII
Core Requirements for Private Companies

    63.    Number of shareholders

    64.    Private company not permitted to make a public offer of securities

    65.    Exemption of a private company from the requirement to keep a register of shareholders

    66.    Exemption of a private company from the requirement to hold shareholders’ meetings

    67.    Exemption of a private company from the requirement to have a company seal

    68.    Exemption of a private company from the requirement to have a company secretary

    69.    Permitted transactions

    70.    Directors of private companies to comply with applicable corporate governance standards

PART V
SHAREHOLDERS AND THEIR RIGHTS

    71.    Meaning of “shareholder”

    72.    Liability of shareholders

    73.    Code of conduct for shareholders of private companies

    74.    Code of conduct for shareholders of all public companies

    75.    Subsidiary may not hold shares in holding company

    76.    Prohibition in section 75 not to apply where a subsidiary is acting as personal representative or trustee

    77.    Residual interest under pension scheme or employees’ share scheme to be disregarded for purposes of section 75

    78.    Employer’s rights of recovery under pension scheme or employees’ share scheme to be disregarded for purposes of section 75

    79.    Subsidiary acting as authorized intermediary in securities

    80.    Application of provisions to companies limited by guarantee

    81.    Application of this Part to nominees acting on behalf of a subsidiary

PART VI
THE SHARES OF A COMPANY

Division I
Legal Nature, Types of…