By Boris Martor, Nanette Pilkington, David S Sellers, Sebastien Thouvenot
Felony harmonization is an important step to encouraging international funding in Africa and the advance of sustainable pan-African exchange. Now in a completely up to date 2d variation, enterprise legislation in Africa explains the hot method of legislation, now being constructed and promoted by means of the association for the Harmonization of industrial legislations in Africa. OHADA's crucial target is to advertise fiscal integration and improvement via making a safe felony framework for the behavior of commercial in Africa. in an effort to accomplish that goal, OHADA has enacted a couple of legislation, referred to as Uniform Acts, on numerous facets of commercial legislations together with advertisement and corporate legislation, insolvency, securities and arbitration. those Uniform Acts are at once acceptable all through OHADA's member states and the goal is to recruit extra contributors and to unfold the rules of OHADA throughout Africa. This authoritative ebook bargains an outline of the goals and achievements of the OHADA method and explains intensive the laws that has been issued so far.
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Extra resources for Business Law in Africa: Ohada and the Harmonization Process (Global Market Briefings)
As a result, any persons or entities carrying out any of the above transactions in their normal course of business are deemed to be commercial operators and are thus subject to the Uniform Act on General Commercial Law. 2. 10 6 These include the most usual forms of company, the société anonyme and société à responsabilité limitée, discussed in detail in Chapter 5 below. 7 Article 6. 8 Article 7. 9 See Chapter 5. 10 Article 9. 13 On the contrary, the Uniform Act contains no similar provisions regarding the prohibition on minors.
When making a ﬁling, four originals of these forms must be submitted. 23 Article 20. In Cameroon the local register is held by the Court of First Instance in each division of the country, and the national register is held in Yaoundé. 24 Articles 25, 27 and 29. 25 Uniform Act on Commercial Companies and Economic Interest Groups, Article 98. 26 Article 43. Few Member States have enacted criminal penalties regarding Uniform Acts. However, for an example, see Cameroonian Law No. 2003/008 dated 10 July 2003.
21 Because of the existence of non-mandatory provisions and the consequent possibility for parties to make their own contractual arrangements to the extent that these do not conﬂict with mandatory rules in the Uniform Acts, it is likely that parties in the common law provinces of Cameroon will integrate common law concepts into their agreements. This might be the case for trusts or nominee shareholders, for example, because there seems to be nothing in the Uniform Act on Company Law to prevent the use of these devices.
Business Law in Africa: Ohada and the Harmonization Process (Global Market Briefings) by Boris Martor, Nanette Pilkington, David S Sellers, Sebastien Thouvenot