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MYANMAR COMPANIES LAW (Unofficial Translation) i ii DRAFT MYANMAR COMPANIES LAW TABLE OF CONTENTS PART I – PRELIMINARY ........................................................................................................................... 1 Division 1: Citation, commencement and definitions ...................................................................... 1 PART II – CONSTITUTION, INCORPORATION AND POWERS OF COMPANIES ............................. 8 Division 2: Registration of companies ............................................................................................. 8 Division 3: Nature of companies ..................................................................................................... 8 Division 4: Incorporations and registrations under this Law ........................................................... 9 Division 5: The company constitution ........................................................................................... 12 Division 6: Company names .......................................................................................................... 15 Division 7: Company dealings ....................................................................................................... 16 Division 8: Activities prior to registration ..................................................................................... 18 Division 9: Other corporations authorised to register or taken to be registered under this Law.... 20 Division 10: Change of company type ........................................................................................... 27 PART III – SHARES AND MATTERS RELATING TO A COMPANY’S CAPITAL ............................ 30 Division 11: Shares and other securities ........................................................................................ 30 Division 12: Transfers of shares and other securities .................................................................... 36 Division 13: Registers and certification of interests in a company ................................................ 37 Division 14: Dividends .................................................................................................................. 43 Division 15: Transactions and matters affecting share capital....................................................... 45 PART IV – MANAGEMENT, ADMINISTRATION AND GOVERNANCE; OFFERS OF SECURITIES TO THE PUBLIC; GRANT OF SECURITY BY A COMPANY; MAINTENANCE OF COMPANY ACCOUNTS .......................................................................................................................... 56 Division 16: Office and name ........................................................................................................ 56 Division 17: Meetings and proceedings ......................................................................................... 57 Division 18: Directors and their powers and duties ....................................................................... 67 Division 19: Members rights and remedies ................................................................................... 81 Division 20: Matters relating to share offers by public companies ............................................... 86 Division 21: Share offers by corporations incorporated outside the Republic of the Union of Myanmar ........................................................................................................................................ 96 iii Division 22: Mortgages and charges granted by a company ......................................................... 99 Division 23: Appointment of receivers, keeping of book and registration of charges granted by corporations incorporated outside the Republic of the Union of Myanmar ................................. 105 Division 24: Financial Reports and Audit ................................................................................... 106 Division 25: Arbitration, compromise with creditors and members and buy-out rights ............ 116 PART V – WINDING UP ......................................................................................................................... 119 Division 26: Winding up a company ........................................................................................... 119 Division 27: Winding up of unregistered companies ................................................................... 154 PART VI – THE REGISTRAR, REGISTRATION OFFICE, REGISTRATION OF DOCUMENTS, POWERS OF INSPECTION AND FEES; REMOVAL OF COMPANIES FROM THE REGISTER ... 157 Division 28: The Registrar, registration office, registration of documents, powers of inspection and fees and removal of companies from the register.................................................................. 157 PART VII – PROCEEDINGS; OFFENCES; REGULATIONS AND TRANSITIONAL PROVISIONS 165 Division 29: Jurisdiction of the Courts and legal proceedings .................................................... 165 Division 30: Offences and defences ............................................................................................ 175 PART VIII – MISCELLANEOUS ........................................................................................................... 180 Division 32: Regulations, notifications and guidelines................................................................ 180 Division 31: Savings and transitional provisions ......................................................................... 181 iv
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