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Where we refer in here to “your articles”, that includes any provisions that are incorporated by reference.

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The Act presents a number of drafting options and challenges for private companies deciding to adopt new-form constitutions.Companies Bill 2015 was passed by the Parliament on 28 April 2016.The new Companies Act 2016 (new CA) will be implemented once the new regulations, rules and guidelines are drawn up. Shares are currently issued with a par/nominal value.The transition period is an 18 month period from the date of commencement (extendible by the Minister by up to 12 additional months) during which an existing private company must elect either to register as a Designated Activity Company (“DAC”) or to register (or otherwise be deemed to register) as a new-form company limited by shares (“LTD”).(i) Adoption of an altered memorandum and articles of association upon re-registration as a DAC It is a requirement for re-registration of an existing private company as a DAC, that the company’s memorandum and articles of association must be altered in the following manner: With the foregoing exceptions, the form of the constitution of a new-form DAC will be the same to the form of a memorandum and articles of association under the current regime.

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