Wakoli Bifwoli

All parliamentary appearances

Entries 201 to 210 of 1336.

• 24 May 2011 in National Assembly: Mr. Deputy Speaker, Sir, under Clause 28, there is the right to participate in the profits by a member. Now, that particular clause actually forbids somebody who is not a member to participate in the profits of that company. That way, the shareholders’ interests are protected. view
• 24 May 2011 in National Assembly: Mr. Deputy Speaker, Sir, if you come to page 1193, Clause 48, you will find that, for the first time, we have for now been reading the name of the company ending with the word “limited”. That will continue in some cases. That “limited” has been applied whether or not it is a private company or a public company. However, you find in Clause 48 that the name of a limited company will now, of course, bear the word “limited”. But if that private company is also a public company, then the abbreviation “public limited company” will appear after the ... view
• 24 May 2011 in National Assembly: Mr. Deputy Speaker, Speaker, Sir, another thing which the current company law does is to withhold information. This sort of shields the directors to such an extent that they even mismanage a company completely. There have been cases where a number of creditors could not be paid and so on, or the directors they knew that the company was insolvent, nevertheless they continued doing business as if the company was not insolvent and incurred more debts and so on. This new law provides that the veil must be pierced. Such people will not hide behind the shield of a body ... view
• 24 May 2011 in National Assembly: A number of financial institutions were formed in this country. The owners of those institutions got a lot of money, after which they withdrew it and put it into their personal accounts. The argument behind this is that it is a company, and you cannot be liable for the debts of the company. The process of getting that debt is very long and winding, through the courts and everything else; it only succeeds through sheer determination. I am glad to say that that process will now be easier according to this Bill. view
• 24 May 2011 in National Assembly: Mr. Deputy Speaker, Sir, I would like to, quickly, refer to Chapter 14 and just say that to hold a share is in itself like having a title deed. Therefore, the whole of that Chapter deals with ownership of shares. Shares can now be charged and redeemed. It is just like having a piece of land. These detailed provisions are not in the current Companies Act. Another important area for hon. Members to look at is Part 19, regarding financial statements, which have been captured in great detail. There is a distinction between a financial statement required in the case ... view
• 24 May 2011 in National Assembly: So, that is the regime of small companies or group of small companies. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, at the beginning I stated that directors are now going to be held more accountable. You start getting the inkling of that in Clause 366, which provides for matters about which information may be required, and particularly on the directors’ benefits and remuneration. I am quite sure that these are matters which my learned friend, hon. Baiya, knows about since they relate to income and law. There was a situation where the directors were really employees, but the shareholders could not get any money because their remuneration packages swallowed almost all the profits. So, there ... view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Clause 414 (2) (a) gives rights to members to require an audit. I thought I should mention that as part of the rights of the members. view
• 24 May 2011 in National Assembly: It is now an offence to give false information to an auditor. This was not very clear before, but if it is proved that you gave false information to an auditor then you have committed an offence under Clause 433. view
• 24 May 2011 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I will try to move fast because it is a big document. Another concept that has been introduced on page 1475 is that each quoted company must appoint an audit committee which is appointed by the shareholders and not by the directors to make directors accountable. The concept of corporate governance, which we have been hearing of, is incorporated under Clause 468. This clause deals with corporate governance principles that are appropriate for the nature and scope of the business, established policies, strategies for achieving them annually, ways of measuring adherence to these policies and ... view