- Rudolph Brown/Staff Photographer
Solicitor-General Michael Hylton (left) is deep in discussion with Phillip Paulwell (right), Minister of Commerce, Science and Technology, during yesterday's Master of Laws Symposium at the University of the West Indies, Mona campus, St. Andrew.
THERE NEEDS to be a greater level of public participation before laws are brought before Parliament to be enacted, Minister of Commerce, Science and Technology, Phillip Paulwell, said yesterday.
Speaking at the 2004 Master of Laws Symposium, held at the University of the West Indies (UWI), Mona campus, St. And-rew Mr. Paulwell said he would like to see a lot more involvement on the part of interest groups, especially during this legislative year "when an abundance of new Bills are expected to be brought before the Houses of Parliament."
"I find in Jamaica that before the passage, the interest is not as it ought to be. People don't respond, people don't give commentary on proposed legislation. But the day the law is passed, we get turnouts like this," Mr. Paulwell told the gathering of eminent members of the legal and business fraternities. The symposium focused on the provisions of The Companies Act, 2004, which was recently passed in Parliament.
Minister Paulwell also announced that Governor-General, Sir Howard Cooke, was expected to assent to the Bill yesterday, finally bringing it into law and making substantial changes to a regime which has been in effect since 1964.
During the day-long symposium, several presentations were made by legal authorities, including UWI lecturers in law, Suzanne Ffolkes Goldson and C. Dennis Morrison, attorney-at-law.
Among the changes to the Companies' Act which were examined during the symposium were the reduction of the minimum membership requirement for incorporation and the removal of par value sharing.
The minimum membership requirement for incorporation has been reduced from two for a private company and seven for a public company. Once the Bill becomes an Act, it will be legal for one person to form a company.
Among the pieces of legislation the Commerce Minister promised would be brought before Parliament this year are the new patent and design laws to complement the already passed Geographical Indications Bill. He also noted that a new E-Transactions law will be passed to allow persons to conduct business on the Internet.
"You won't have to join lines to pay taxes," he said, noting that the days of face to face business would soon be a thing of the past.
He also reiterated that new legislation to modernise insolvency rules will soon be proposed in the House.
MAJOR CHANGES IN COMPANIES ACT, 2004
Minimum share capital of $500,000 for public companies
Liquidity requirement for payment of dividends
Shares to be issued without nominal or par value
Persons who are owners of shares deposited in a securities depository are recognised as members of the company
A trustee in bankruptcy and representatives of deceased shareholders are deemed to be members of a company
One comprehensive document instead of two (Memorandum and Articles of Association)
One person permitted to form a company
Higher standards of care and skill are imposed on directors/shadow directors
Requirements for directors to disclose to the company any family interest in shares of the company and in prospective contracts
Restrictions on making loans or other forms of financial assistance to directors, shareholders or officers of companies
Courts can disqualify directors of insolvent companies
Courts can disqualify directors for persistent breaches of companies legislation
- Complied by Financial Services Commission
