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Morning Talk: Highlights of the Companies Act 2016

CCIFM in collaboration with Mohamed Ridza & Co. organized a talk on the Companies Act 2016, the “New Act” which replaces the Companies Act of 1965 (“CA 1965”).

Consisting of 5 parts, 620 clauses and 13, the new Act differentiates itself from the CA 1965 which is made up of 12 parts, 374 sections and 10 schedules. Coming into effect on 31st January 2017 by the Companies Commission Malaysia (CCM), this new Act is coming into force in stages.

Mohamed Ridza – the managing partner of Mohamed Ridza & Co. gave us a detailed insight of this new Act, highlighting convergences and divergences from the 1965 Companies Act. Encompassing the Incorporation of a company to the Application of the Main Market, the progressing implementation of the Companies Act raises new challenges that should be acknowledged by companies doing business in Malaysia.

This talk enabled to unveil many aspects of this Act, requirements for the creation of a company, number of directors, shadow director, optional creation of a company constitution, and creation of a company constitution, common seal, and issuance of shares, Annual General Meeting requirements, solvency and many others.

Finally, the main message this morning talk seems to share is the idea that while this Companies Act 2016 gives to CEOs and directors a larger field of action, decisions are held by broader responsibilities, transparency and integrity.     

Morning Talk - TPPA

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