The mineral rights regulations have defined an indigenous company as a company incorporated under the companies act that has i at least 51 per cent. Section 81 of the companies act, 2002 the act limits alteration of the memorandum. The records and archives management act, 2002 tanzania. Uk merger control under the enterprise act 2002 pdf. Capital markets and securities authority means the authority established by section 6 of the capital markets and securities act iii. In tanzania, all companies are governed and regulated under the companies act no 12 of 2002. The applicable tanzanian laws and regulations governing mergers and acquisitions include the companies act 2002 and the fair competition act 2003, which is supplemented by the fair competition. The companies act 2002 the act although assented to by the president on 27 june 2002 only came into effect from 1 march 2006. The nongovernmental organizations act, 2002 arrangement of sections section title part i preliminary provisions 1. The act further provides for regulations and control of an entity through its officers, who have different duties and obligations as specified through company law. The objects for which the company is formed are a nd it is expressly.
Fica pe of compliance r certify that 200 day ot has this beeh duly complied the ms and conditions of ngos under non governmental organization this certificate is subjected to following conditiondirections. The project, launched in 2002, looks at domestic small and mediumsize companies and measures the regulations applying to them through their life cycle. A company is treated as a foreign company, when it is incorporated by the laws of the foreign countries or its management, majority number of the shareholders are. United republic of tanzania the companies act, 2002 act. The legal framework for mergers and acquisitions in tanzania consists of the fair competition act 2003, the companies act 2002, the capital markets and securities substantial acquisitions, takeovers and mergers regulations 2006, sector legislation such as the energy and water utilities authority act 2001 and the tanzania communications authority act 2003 and other general.
The registered office of the company shall be situated at arusha, tanzania. This act may be cited as the income tax act, 2004, and shall come into operation on the 1st july, 2004. Doing business captures several important dimensions of the regulatory environment as it applies to local. It is the fair competition commission fcc which is responsible for monitoring mergers and acquisitions in tanzania and the applicable laws are.
Lissu, advocate, co lawyers environmental action team leat, mazingira house, plot no. Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Director for nongovernmental organizations coordination. The prevailing company law system was introduced in tanzania in 1932 by the adoption of the companies ordinance cap. Companies act 2002 overview introduction the companies act 2002 the act although assented to by the president on 27 june 2002 only came into effect from 1 march 2006. The company s scope of operation shall be the east african region. The name of the company is east africa law society limited.
Stamp duties in case of shares registered in branch registers. Short title and commencement 1 this act may be called the companies amendment act, 2002. A company that has been incorporated outside of tanzania may establish a branch office in tanzania by obtaining a certificate of compliance from brela s. Mergers and acquisitions in tanzania breakthrough attorneys. Under this law, company audit committees must be independent, chief executive. The main tasks of the promoters are to prepare various documents, and lodge these, with. This may feature much during mergers where caution need to be taken to. The companies act, 2002 provides for the qualification of a company director. Establishing a business in tanzania practical law westlaw. The companies act principal legislation arrangement of sections section title part i preliminary 1. Formation of companies currently in tanzania companies are formed under the companies act 2002, cap 212. The companies act provides for different types of companies or entities that are formed for various purposes, commercial or non commercial. This act was preceded by the policy statement in 2001, that aimed at providing a clear. Vision entrusted institution on legal reform in promoting rule of law for societal wellbeing.
In terms of the companies act, 2002 cap re 212 the act, every company incorporated or registered in tanzania as a branch of a foreign. Members are those listed on incorporation or joining later with agreement of. The application is made at high court of tanzania, commercial division. He merely has to satisfy the tanzania revenue authority of the extent of his. Part ii incorporation of companies and m atters incidental thereto chapter i the compnys memorandum and articles memorandum of association 3. The ca 2002 introduced significant reforms to tanzanian company law. The regulations in table c in the first schedule of the companies act, cap 212 of 2002 shall not apply to the institute, except so far as the same are repeated. Every overseas company that establishes a branch in tanzania must submit accounts in such form, contain such particulars and together with such other required documents, as if the branch were a company incorporated under the companies act. Acts and bills online parliament of tanzania pdf doc. The name of the company is tanzania bankers association limited 2. This definition is provided for under section 2 of the fair competition act, 2003.
Section 2205 shall apply for the purposes of this subsection as it applies for the purposes of that section. The tanzania passports and travel documents act, 2002. The companies amendment act, 2002 no 1 of 2003 31st december 2002 an act, further to amend the companies act, 1956 be it enacted by parliament in the fiftythird year of the republic of india as follows. The registered office of the company shall be situated in tanzania. A limited liability company can be established under the companies act 2002. For purposes of scope of mergers in tanzania the competition act defines a. The relevant definition of local companies for this purpose is.
Enacted by the parliament of the united republic of tanzania. After section 10f of the principal act, the following section shall be inserted, namely. Competition act 2003, the companies act 2002, the capital markets and. Uk merger control under the enterprise act 2002 5 3. In this act, unless the context requires otherwise adjusted assessment means an assessment adjusted in accordance with section 96. The tanzanian legal system has evolved largely on the basis of english common. Companies act, 2002 enacted but not yet enforce 10. The term dividend is not defined under the law governing companies in tanzania, that is, companies act companies act, no. The new reforms are contained in the companies act 2002 the ca 2002, an act on the shelf for almost three years which came into force as from the 1 st of march, 2006. This act shall apply to mainland tanzania as well as tanzania zanzibar. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. A merger means an acquisition of shares, a business or other assets, whether inside or outside tanzania, resulting in the change of control of a business, part of a business or an asset of a business in tanzania.
An act to repeal and replace a law relating to companies and other associations, to provide for more comprehensive provisions for regulation and control of companies. Act, 19, as applied to tanzania or in table a in the first schedule to this act. This act may be cited as the records and archives management act, 2002 and shall come into operation on such date as the minister may, by notice published in the gazette, appoint. Duties of company directors in tanzania lawbay advocates. The shareholders of the company or companies, as the case may be will have substantial shareholding in the merged company. Blackett ord partnership, butterworths, 2002 chapter 1 pp 15. In tanzania mergers and acquisitions are guided by the legal. Part 11 incorporation of companies and matters incidental thereto chapter i the company s memorandum and articles memorandum of association 3. Directors and the performance of companies in tanzania. An act to make provision for the charge, assessment and collection of income tax, for the ascertainment of the income to be charged and formatters incidental thereto. The companys scope of operation shall be the east african region. Jurisdiction to wind up companies registered in tanzania.
Law, practice and procedure relating to dividend in tanzania. Section 2 of the companies act, 2002 cap 212 defines company as a. The non governmental organization act, 2002 as amended by act 112005 was enacted to achieve two major objectives namely registration and monitoring of ngos in tanzania. Part ii administration and coordination of nongovernmental organizations 3. According to the generally accepted definition, dividend means the profit of a company, which is not retained in the business and is distributed among the shareholders in proportion to the amount paid. The position in tanzania company law in tanzania is a product of common law of england. Regulatory system in mergers and acquisitions in tanzania. This means companies incorporated in a country outside tanzania under the law of that. Chapter 212 the companies act an act to regulate trading. Companies act 2006 changes the documentation of company constitutions. Chapter 212 the companies act an act to regulate trading companies and other associations, to impose tax on nominal capital, to regulate dividends and surpluses, and to provide for related matters. Numerous and frequentlyupdated resource results are available from this search.
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