As you can see, business world is moving than the word FAST and the passing of the Companies Bill 2015 which has been approved by our Dewan Rakyat on 4th April 2016 (definitely not April Fool!). The changes greatly make effect on operation, administration and secretary works. Besides that, making changes of the bill require hard work of 13 years preparation, updating and amendments.
If you are a fans of Company Law and no time to make the full reading, these are the simple layman terms of the current changes to company law.
Change 1: The NEW minimum of director of a company (incorporation or operating) which will be a single individual or a corporate shareholder and tax will be same as other Sdn. Bhd. As for now, it is encourage to have next-of-kin resolutions for single director company.
Change 2: The company is now given the unlimited capacity in carrying commercial activities where a company may choose not to specify its's business objectives in M & A.
Change 3: The good old Articles of Association & Memorandum of Association will be replace by a constitution under the Bill but with Terms & Conditions (T&C) apply and if the company to be elected without constitution, then it will regulated by the Companies Act, 2016.
Change 4: No PAR value where the new rulings will be all shares issued by the company will be a no- par value regime or no nominal value.
Change 5: The loosen prohibiting of providing financial help where the company may able to provide financial support for the purpose of buying of the company's share and the reducing or discharge of liability.
Change 6: To have or not to have the COMMON seal where the documents can be executed by having a witness to attest the signature and that sounds pretty challenging to property and developing company.
Change 7: AGM is no longer a must for a private company where the Bill allows private company in choosing the option of holding the Annual General Meeting (AGM).
Change 8: The abolished unanimity (every mind of being an one mind) where it allows the approving of a written resolutions by the same majority as required by the last general meeting.
These are some of the changes and you may need to consult your nearest company secretary for further info in looking at the difference of before and after for your "hunger" understanding.