Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill
Explore the details of bill number 19/2024.
Summary
- The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill aims to ensure that companies and limited liability partnerships keep their registers of controllers, nominee directors, and nominee shareholders up-to-date and correct.
- Companies and foreign companies are required to lodge returns with details of their registers at the time of submitting financial statements or allowed documents to the Registrar.
- The bill introduces penalties for non-compliance, including fines of up to $25,000 for companies or individuals failing to meet the new requirements.
- Limited liability partnerships are also mandated to notify registrable controllers of any changes and confirm the correctness of information at prescribed intervals.
- The Act will come into operation on a date designated by the Minister through a notification in the Gazette.
Summary written by AI (edit)
Timeline
The bill is formally presented in Parliament for consideration.
4 months ago
The bill's title and key objectives are read out, but no debate occurs at this stage.
4 months ago
Members of Parliament debate the bill's general principles and overall merits.
2 months ago
The bill is examined in detail by a select committee, which may suggest amendments.
2 months ago
Members of Parliament debate the final version of the bill, including any amendments made.
2 months ago
The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.
2 months ago
The bill is passed and becomes law.
2 months ago