What is the OHADA Uniform Act?

What is the OHADA Uniform Act?

A revised Uniform Act on commercial companies and economic interest groups (the “Revised Uniform Act”) was adopted on 30 January 2014 by the OHADA Council of Ministers. The Revised Uniform Act, which replaces the Uniform Act of 17 April 1997, was published in the OHADA official gazette on 4 February 2014 .

What are the four types of companies provided by the OHADA law?

Three types of business structures are provided for in Ohada revised Commercial Company Law for these categories of projects : the sole holder private limited company (SARLU), the sole holder public limited company (SAU) and the sole holder simplified corporation (SASU).

What are the advantages of OHADA?

The advantages are many: they are primarily the establishment of the legal integration, then, as we have already mentioned, the legal integration promotes economic integration, which together are the way to achieve the African Union. These advantages encourage the states to opt for the legal integration.

When and where was OHADA Uniform Act created?

Set up by a treaty signed on October 17, 1993 in Port-Louis (Mauritius), OHADA’s purpose is to promote regional integration and economic growth and to ensure a secure legal environment through the harmonization of business law. specialization. OHADA establishes the supremacy and the direct effect of OHADA uniform laws.

How many uniform acts does OHADA have?

nine validated Uniform Acts
As of today, OHADA includes nine validated Uniform Acts: General Commercial Law, Commercial Companies and Economic Interest Groups, Secured Transactions Law, Debt Resolution Law, Insolvency Law, Arbitration Law, Harmonization of Corporate Accounting, Contracts for the Carriage of Goods, Cooperatives Companies Law.

What are the organs of OHADA?

OHADA shall comprise the Conference of Heads of State and Government, the Council of Ministers, the Common Court of Justice and Arbitration and the Permanent Secretariat.

How is a company formed under OHADA law?

According to Article 309 of the Uniform Act relating to Commercial Companies and Economic Interest Groups of the OHADA Law stipulates that a private limited liability company may be formed by a natural person or a corporate body, or by two or more natural persons or corporate bodies.

What are OHADA countries?

OHADA member countries At present OHADA has 16 members: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Côte d’Ivoire, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Senegal and Togo.

Why was the OHADA Uniform Act created?

OHADA was created in a context of acute economic crisis and a drastic fall of investment level in Africa. Legal and judicial insecurity were identified as a major cause of investor distrust.

How many countries are in OHADA?

16 members
OHADA member countries At present OHADA has 16 members: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Congo, Côte d’Ivoire, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Senegal and Togo.

Who are OHADA’s shareholders?

Majority according to the Uniform Act is any shareholder or shareholders who own over 50 percent of the company’s equity interests or shares. An interesting example to consider would be in the case of a public limited company managed by a board of directors.

What are the organs of a company?

There are two organs of an incorporated company. And they are the General Meeting (Shareholders) and the Board of Directors. On the hand, the Black’s Law Dictionary defines a company officer as a person elected or appointed by the board of directors to manage the daily operations of a company (corporation).

Who are the two important organs in a company?

As general information about the organs of a Company, a Company is required to have three organs, namely the Board of Directors, the Board of Commissioners and the General Meeting of Shareholders.

What are the duties of promoter?

Promoter responsibilities include:

• Demonstrating and providing information on promoted products/services.
• Distributing product samples, brochures, flyers etc. to source new sales opportunities.
• Using lectures, films, charts, and/or slide shows.

Who appoints board directors?

shareholders
Usually, the appointment of directors is done by shareholders. A company, association, a legal firm with an artificial legal personality cannot be appointed as a director. It has to be a real person. In public or a private company, a total of two- thirds of directors are appointed by the shareholders.

Who called promoters?

A promoter is an individual or organization that helps raise money for some investment activity. Promoters often tout penny stocks, an area where false promises and misrepresentation of the company or its prospects have become commonplace.

What are functions of promoter?

What are the functions of a promoter?

• Coming up with an idea of forming a company and evaluating its market size.
• Collecting the required number of persons who agree to act as the first directors of the company.
• Finding people who can sign the Articles of Association and Memorandum of Association.

What is promoter law?

Under the common law, a person may be a promoter ‘who (merely) arranges for someone to become a director, or placement of shares, or negotiates preliminary agreements’ for the purchase of property by the company.