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The bill was approved in parliament with the opportunity to open a single company.
On Monday (November 18), Commerce Minister Tipu Munshi proposed passing the Companies Bill (Second Amendment) 2020 in Parliament, which was approved by oral vote.
Under the Corporations Law, private corporations are now governed by boards of directors. There are certain rules to be followed in the performance of the functions of the directors and presidents of this council.
According to the definition of law in the bill, a ‘sole proprietorship’ is a company whose board of directors has only one member. According to the bill, the paid share capital of an individual company will be at least Tk 25 lakh and not more than Tk 5 crore. In the bill presented in Parliament, the paid-up capital was kept at least 5 million rupees and no more than 10 million rupees. The parliamentary committee recommended a change in this section. That has been approved in Parliament.
Immediately before the bill, the annual turnover for the previous financial year was at least Tk 2 crore and not more than Tk 100 crore. The proposal of the parliamentary commission was increased to Tk 1 crore and 50 crore.
If the paid-up share capital and annual turnover exceed the condition, one person’s company can become a limited liability company or, where appropriate, a limited liability company.
The bill stipulates that a sole proprietorship must hold at least one board meeting a year.
As the director and the main person are one, these companies will be exempt from the rules in the process of meeting the board and making decisions. The proposed law states that if a single member dies, his nominee will own all the shares.
In the event of the transfer of shares of said company, the bill seeks to ensure the personal presence of the transferor and the signing of the transfer deed through the commission.
The bill states that creditors must be given priority in repaying loans when the company rises. The company law has been amended to provide for online registration. Current law provides for a board meeting with 14 days notice. The proposed law proposes that it be 21 days.
HS / JH / MS
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