Directors to have regard to interests of employees. This legislation regulated trading companies and other associations including the imposition tax on nominal capital. The company s scope of operation shall be the east african region. Tanzania revised edition, may 2014 the companies act 2002 act no. Mar 15, 2014 in june 2002, the companies act was enacted and subsequently assented to by the president.
The employment and labour relations act the evidence act cap 6, r. E 2002 the hire purchase act no 22 of 1966 the investment act, 1990 the judicature and application of laws act, cap 358 r. Pdf transfer of shares under the 2012 companies act. The object for which the company is established is to carry on business as a general commercial company. The registered office of the company shall be situated at arusha. A company thus has legal rights and obligations in the same way that a natural person does.
Transfer of shares is free under the companies act a public company is the. Acts and bills online parliament of tanzania pdf consulted on 20110506 abstractcitation. Capital markets and securities authority means the authority established by section 6 of the capital markets and securities act iii. Formation and registration of the companies in the united republic of tanzania is not a union matter as such companies are registered and monitored under two different laws, the companies act cap 212 of 2002 and the companies act no. Critical analysis of the companies act, 2002 by luckness william jangu reg. The regulations underlined in table c of the first schedule of the company act 2002 act no. Jurisdiction to wind up companies registered in tanzania. Companies act principal legislation laws of tanzania. In 2002 as part of the companies act, 2002 of tanzania, tanesco was incorporated as a limited liability company. Fees and percentages to be taken by the official receiver or registrar of companies as the case may be 1. This act may be cited as the land disputes courts act, 2002 and. Hans francis mamuya is do hereby appointed to act as official liquidator of the company for a period of three months within which he shall, subject to the control of the court, exercise all the powers enumerated under sections. The registered office of the company will be situated in tanzania. The qualifications of company directors and the performance of.
The companies amendment act, 2002 no 1 of 2003 31st december 2002 an act, further to amend the companies act, 1956 be it enacted by parliament in the fiftythird year of the republic of india as follows. It provides definitions for inter alia local investor, foreign investor and local capital. A partnership is created by the express or implied agreement of the parties, and requires no. Prior to the 1 st of march earlier this year, the main legislation relating to companies in tanzania was the companies act cap. This act may be cited as the nongovernmental organizations act, 2002 and shall come into operation on such date as the minister may, by notice published in the gazette, appoint. Laws and regulations governing investments in tanzania. Companies act, 19, as applied to tanzania debenture includes debenture stocks, bonds and any other securities of a company whether. Act, 19, as applied to tanzania or in table a in the first schedule to this act. While mainland tanzania and zanzibar have similar laws in several areas, each. Short title and commencement 1 this act may be called the companies amendment act, 2002. In this act, unless the context otherwise requires act means the business activities registration act, 2007. He merely has to satisfy the tanzania revenue authority of the extent of. Establishment of the tanzania national commission for science and technology.
Winding up process in tanzania attachment 4 return and account sample form 345 the united republic of tanzania business registrations and licensing agency return of final meeting in a members voluntary windingup pursuant to section 345 of the companies act 2002 to the registrar of companies company. This act may be cited as the written laws miscellaneous amendments no. Chapter 318 the trustees incorporation act an act to provide. In this act, unless the context requires otherwise act no. Companies and partnerships compared a a company can be created only by certain prescribed methods most commonly by registration under the companies act 1985. This order may be cited as the societies act application order. Breakthrough attorneys changes to the companies law in. Dated 7 th june, 2002 printed by the government, da r es salaam, by order of government. The registered office of the company shall be situated at arusha, tanzania.
Thus, cap 212, is the governing law as matter of companies in tanzania are concerned. An act to repeal and replace a law relating to companies and other associations, to provide for more comprehensive provisions for regulation and control of companies, associations and related matters. The magistrates courts act an act to provide for the jurisdiction, powers and functions of magistrates courts and for other related matters. Power of companies incorporated outside tanzania to hold lands. This act may be cited as the microfinance act, 2018 and shall come into operation on such date as the minister may, by notice published in the gazette, appoint. Under this law, company audit committees must be independent, chief executive. Amendments to the nongovernmental organisations act.
Enacted by the parliament of the united republic of tanzania. Aug 06, 2019 following a publication of a bill on written laws miscellaneous amendments no. The companies act 2002 the act although assented to by the president on 27 june 2002 only came into effect from 1 march 2006. E 2002 and the nongovernmental organizations act, no. The companies second amendment act, 2002 indian kanoon. In this act, unless the context otherwise requires 6. Company may sell sharesthe company may sell any shares on which it has a lien, but no sale shall be made unless a sum in respect of which the lien exists is presently payable, nor until the expiration of fourteen days after a notice has been given to the registered holder for the time being of the share. United republic of tanzania the companies act, 2002 act. Jul 24, 20 the new reforms are contained in the companies act 2002 the ca 2002, an act on the shelf for almost three years which came into force as from the 1 st of march, 2006. The business registration act 2002 act 40 2002 proclaimed by proclamation no.
Section title tanzania financial intelligence unit. The ca 2002 also introduces certain prohibitions, including on the making of tax free payments to directors andor loans to directors of the company or its holdings. So this tool was designed for free download documents from the internet. A company is treated as a foreign company when it is incorporated by the laws of the foreign countries or its management, the majority number of the shareholders. This act shall apply to tanzania mainland as well as tanzania zanzibar. Building societies registered under the building societies act. After section 10f of the principal act, the following section shall be inserted, namely. Current as of february 2021 download print version pdf this section describes.
After much debate on the insertion of a controversial provision in the companies act 2002, the said insertion has now come into force albeit a slightly improved version, vide the written laws miscellaneous amendments no. Certain trustees to be resident in tanzania 1 where a body incorporated under this act consists of a sole trustee, that trustee shall be a person ordinarily resident in tanzania. Like the preceded company laws the existing act, provides inter alia the requirement that an incorporated company should have its constitution. Jul 11, 2019 registrar has strong powers to strike out companies. Subsidiary legislation of the tanzania investment act 1997. A notice was released by brela through an authorization from the ministry of industry trade and investment on 12 th july 2019, whereas. Duty of directors to act in good faith and in best interests of company. A company that has been incorporated outside of tanzania may establish a branch office in tanzania by obtaining a certificate of compliance from brela s. A limited liability company can be established under the companies act 2002 which sets out the. Short title this act may be cited as the registration of documents act. About us we believe everything in the internet must be free. The ca 2002 introduced significant reforms to tanzanian company law. In accordance with section 141 of the law reform commission of tanzania act, 1980, we have the honour to submit the final report on the designated legislations in the nyalali commission report.
Establishing a business in tanzania practical law westlaw. Companies act subsidiary legislation laws of tanzania. The societies described in the schedule hereto are hereby declared not to be societies for the purposes of this act. This act may be cited as the records and archives management act, 2002 and shall come into operation on such date as the minister may, by notice published in the gazette, appoint. Composite development goal for the tanzania development vision 2025, february 2001 government of tanzania. Chapter 212 the companies act an act to regulate trading. The name of the company is east africa law society limited. Companies incorporated outside tanzania to establish place of business within tanzania with the approval only of the registrar.
Due to the high dependence on hydroelectric dams and poor hydrology between 2005 and 2008, tanesco lead to the procurement of their first emergency power project. Short title and commencean act to establish the records and archives management department to provide for the proper administration and management of public. In these rules, unless the context otherwise requires act means the societies act. On the audit of a liquidators accounts by the registrar of companies a fee according to the following scale on the amount brought to credit, including the produce of calls on contributories, but after deducting a the amount spent out of the money received in carrying on the business. Amendments to the nongovernmental organisations act lexology. Jul 15, 2019 the combination of the amended definition of a company, the addition of section 3a2 and amendments to section 33 and section 14 mean that if the new act gives effect to the intentions of the bill, companies limited by guarantee that. It is important to understand that considering, the change done on the companies act cap 212r. The companies amendment act, 2002 no 1 of 2003 31st. Breakthrough attorneys changes to the companies law in tanzania. Lissu, advocate, co lawyers environmental action team leat, mazingira house, plot no. This is an act to guide investment activities in tanzania, to provide for more favourable conditions for investors. Section 2 of the companies act, 2002 cap 212 defines company as a. This act may be cited as the business activities registration act, 2007 and shall come into operation on such a date as the minister may, by notice published in the gazette, appoint.
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