New Companies Act: Restrictions in a company’s MOI

new-companies-act Under the old Companies Act, a company only had the powers and capacity determined by its main objects, which were set out in the company’s Memorandum of Incorporation (MOI). However, the new Companies Act (the Act) provides that a company has all the legal powers and capacity of a person except for those powers that, by their very nature, can only be exercised by a natural person or except if the company’s MOI provides otherwise. The Act also allows for the amendment of a company’s MOI in certain circumstances. Here, we overview these and other legal issues associated with the new Act.

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