Company Law Reform

 Company Law Reform Essay

Organization Law Reconstructs in Tanzania: The Companies Act 2002

Prior to the 1st of March recording, the main laws relating to firms in Tanzania was the Corporations Act Limit. 212 that was enacted in 1929. This legislation controlled trading corporations and other organizations including the imposition tax on nominal capital, regulation of dividends and surpluses and related matters. This kind of legislation was at force for over 77 years which period covered not simply the tail end of the colonial period but likewise the period of state-planned economic system through to liberalisation in the nineties. Clearly it absolutely was time for reform to cover a progressively more sophisticated marketplace and the remarkable changes to the Tanzanian economic climate.

The new reforms are within the Companies Action 2002 (the " FLORIDA 2002”), an act on the shelf for nearly three years which in turn came into force as from the 1st of March, 2006.

The FLORIDA 2002 launched significant reconstructs to Tanzanian company regulation. Its full title only imparts a number of the significance from the act, declaring that it is an act to repeal and replace rules relating to businesses and other groups, to provide for much more comprehensive conditions for control and control over companies, groups and related matters. Problem then can be how far reaching are these reforms, and how difficult complying. The short answer is usually that the new legislation introduces substantial changes nevertheless is intended mainly to explain existing legislation regarded by many people as uncertain. Given the intention for that reason of the fresh legislation is merely clarification, complying should be fairly straightforward. The main element reforms introduced by the CA 2002 are as follows.

Directors

The FLORIDA 2002 was drafted and enacted in order to take into consideration innovations in company governance and directors' duties. Directors previously had different common legislation duties which have now recently been enshrined inside the CA 2002, and are now statutory responsibilities. These tasks include a duty to act in...


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