Chapter 16 — General Provisions
1–11 of 11 provisions
Section 241 — Repeal of Law
Chapter: 16 — General Provisions
Upon the commencement of this Act, Law No. 10/96 (Companies Act of the Maldives) is repealed.
Text status: Unofficial English translation.
Section 242 — Continuance of Companies Registered at the Commencement of the Act
Chapter: 16 — General Provisions
Notwithstanding section 241 of this Act, a company registered under Law No. 10/96 (Companies Act of the Maldives) immediately before the commencement of this Act shall continue in existence as a company registered in the register specified in section 231 of this Act, and this Act shall apply to…
Text status: Unofficial English translation.
Section 243 — New Obligations under this Act
Chapter: 16 — General Provisions
(a) Where a company registered under Law No. 10/96 (Companies Act of the Maldives) is required, upon commencement of this Act, to fulfil any new obligation imposed by this Act, the company shall fulfil that obligation within one year from the date of commencement of this Act. (b) Notwithstanding…
Text status: Unofficial English translation.
Section 244 — Commencement of Director Qualifications
Chapter: 16 — General Provisions
(a) The qualifications for directors specified in section 115 of this Act shall apply, beginning one year after the date of commencement of this Act, to directors serving on the Board of Directors of a company at the commencement of this Act. (b) Notwithstanding subsection (a), section 115(b)(3)…
Text status: Unofficial English translation.
Section 245 — Fulfilment of New Obligations by Re-registered Foreign Companies
Chapter: 16 — General Provisions
Where a foreign company re-registered under section 94 of Law No. 10/96 (Companies Act of the Maldives) is required, upon commencement of this Act, to fulfil any new obligation imposed by this Act, the company shall fulfil that obligation in accordance with this Act within one year from the date of…
Text status: Unofficial English translation.
Section 246 — Regarding Companies Designated for Dissolution under the Previous Law
Chapter: 16 — General Provisions
(a) This section applies only to a company that, at the commencement of this Act, had been designated by the Registrar for dissolution under section 75(a)(3) of Law No. 10/96 (Companies Act of the Maldives). (b) Any outstanding annual company fee or fine payable under Law No. 10/96 (Companies Act…
Text status: Unofficial English translation.
Section 247 — Regulations to be Made under the Act
Chapter: 16 — General Provisions
(a) The Registrar shall formulate and implement the regulations required to be made under this Act. (b) All regulations required to be made under this Act shall be formulated and published within 90 days from the date of commencement of this Act.
Text status: Unofficial English translation.
Section 248 — Model Articles of Association
Chapter: 16 — General Provisions
The Registrar shall formulate and publish the model Articles of Association for private companies referred to in section 46(a) of this Act within 30 days from the date of commencement of this Act.
Text status: Unofficial English translation.
Section 249 — Schedules
Chapter: 16 — General Provisions
The Schedules to this Act form part of this Act and shall have effect as an integral part of it.
Text status: Unofficial English translation.
Section 250 — Commencement of the Act
Chapter: 16 — General Provisions
This Act comes into force on 1 January 2024.
Text status: Unofficial English translation.
Section 251 — Definitions
Chapter: 16 — General Provisions
In this Act, unless the context otherwise requires— (a) “Holding Company” means a company that holds all or a majority of the shares of another company, being its subsidiary, to such extent as to have a controlling interest in that company; (b) “Special Resolution” means a decision made by a…
Text status: Unofficial English translation.
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