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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:New company law for Malawi
Author:Nzunda, Matembo
Periodical:Journal of African Law
Geographic term:Malawi
Subject:company law
Abstract:Company law needs to be reformed so as to promote and maintain the protection of the interests of shareholders, creditors, and the community. In 1984 a Companies Act was enacted reforming the company law of Malawi. This paper surveys the Companies Act 1984 (which came into force on 1 April, 1986) in order to show the extent to which it takes into account the special conditions prevailing in Malawi now in its performance of the three above-mentioned functions of company law. There are three aspects to shareholder protection: the protection of shareholders as a general body from directors and managers of their company; the protection of minority shareholders from the majority, and the protection of class shareholders from other shareholders. Four topics related to creditor protection are examined: the abuse of the corporate entity theory; the abuse of limited liability; the raising and maintenance of share capital; and the security of transactions by and with companies. In order to demonstrate how the 1984 Act seeks to promote community interests, the author examines the ways in which the 1984 Act deals with the distribution or investment of company profits, the prevention of fraudulent manipulations, and the measure of disclosure required of companies. Notes, ref.