Finland: Impact of Proposed New Companies Act on Financial Assistance RulesingentaconnectButterworths Journal of International Banking & Financial Law
Section 9(b) CA 2016 Act stipulates that ‘A company shall have one or more members…’. This provision allows the incorporation of a company with only one member.Types of CompaniesCompanies can generally be classified as (1) limited and unlimited liability companies; and (2...
Financial assistance - the Act abolishes the prohibition on private companies providing financial assistance for the purchase of their own shares, and the related "whitewash" exemption procedure.? Reduction of share capital - private companies will be able to reduce their 42、 share capital without ...
\o Financial assistance (share purchase) Financial assistance - the Act abolishes the prohibition on private companies providing financial assistance for the purchase of their own shares, and the related whitewash exemption procedure. Reduction of share capital - private companies will be able to ...
Financial assistance for the subscription of securities : a comparison of section 38 of the Companies Act 61 of 1973 and section 4 of the Companies Act 71 of 2008 Section 38 of the Companies Act 61 of 1973 prohibited a company to provide financial assistance for the acquisition of shares ...
financial assistance for the purpose of or in connection with a purchase or other acquisition made or to be made by any person of any shares or warrants in the Company or any company which is a holding company of the Company and should the Company purchase or otherwise ac...
relating to the prohibition against the giving of financial assistance for the shares of a company and that had it not done so, it might well have reached a different conclusion as to whether the guarantee had constituted financial assistance in contravention of section 38 of the Companies Act....
This section shall not prevent a subsidiary from continuing to be a member of its holding company if it was a member thereof either at the commencement of this Act or before becoming a subsidiary of the holding company; but except in the cases referred to in sub-section (2), the subsidiar...
(6) the payment of dividends to shareholders which violates section 115, or being liable under section 118, unless proven that such act was performed in good faith and based on the evidence or financial reports certified to be accurate by the chairman of the board or a financial officer of ...
A BVI company’s memorandum and articles may also provide that, where the BVI company is a wholly owned subsidiary, the directors may act in the best interests of the parent even where that action may not be in the best interests of the BVI company itself. It is however prudent for ...