| Abstract: | The transition from Protectorate status to Independence faced Malawi with the familiar problem of how to deal with foreign companies carrying on business in Malawi in such a way as to achieve the greatest possible economic independence. Rejecting the policies of nationalization and State socialism as being more likely to frighten overseas investors away than to attract them, the Legislatur has concentrated its attention on paving the way for increased local equity participation in foreign companies. The English 1908 Act, which forms the basis of Malawi's companies legislation, permitted foreign companies to be controlled entirely from outside the country. This state of affairs was tackled by the Companies (Amendment) Acts of 1971 and 1972, and the author explains and evaluates their provisions, the most important of which concern registration formalities, the necessity that a majority of the directors be locally resident, ministerial encouragement of local financial participation and full disclosure of accounts. Notes; ref. |
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