Companies have to amend in their Memorandum/Articles of Association every provision that does not comply with the mandatory regulation under the Business Corporations Act, by 30 June 2014. Any company that fails to do so may be wound up by a court. We recommend that you fulfil this duty, using the option of subjecting your company to the Business Corporations Act (“choosing the Business Corporations Act”) for the following reasons:
- choosing the Business Corporations Act does not mean that you have to change the internal structure of your company,
- it will enable you to make use of certain flexible new regulations – even if you choose the Business Corporations Act, we will provide you with comprehensive advisory services, oriented towards your needs,
- by choosing the Business Corporations Act, you will avoid a situation in which it will be unclear whether, and to what extent, your company is concurrently governed in part by the Business Corporations Act, and in part by the Commercial Code – choosing the Business Corporations Act means that your company is governed only by its provisions.
