Companies Act, 2017
ZambiaAct of Parliament2017
In force, and amended by 2 amendment Acts. Check the amendments before relying on the wording of a section.
The Companies Act, 2017 is an Act of the Parliament of Zambia enacted in 2017. It contains 394 sections. Read its sections below, or ask Levy any question about the Companies Act, 2017 and get an answer grounded in the Act with citations.
Sections of the Companies Act, 2017
- S. 1Short title and commencement
- S. 2Application of Act
- S. 3Interpretation
- S. 4Definition in other laws
- S. 5Superiority of Act
- S. 6Types of companies to be incorporated
- S. 7Public companies
- S. 8Private companies
- S. 9Private companies limited by shares
- S. 10Companies limited by guarantee
- S. 11Private unlimited companies
- S. 12Application for incorporation
- S. 13Declaration of compliance
- S. 14Certificate of incorporation and share capital
- S. 15Certificate to be evidence of incorporation
- S. 16Legal status of registered company
- S. 17Contractual effect of incorporation
- S. 18Display of certificate of incorporation
- S. 19Rejection of application for incorporation
- S. 20Pre-incorporation contracts
- S. 21Register of Companies and Register of Beneficial Owners
- S. 22Capacity, powers and rights of company
- S. 23Validity of acts
- S. 24Presumption of knowledge
- S. 25Articles of association
- S. 26Effect of articles of association
- S. 27Amendment of articles of association
- S. 28Registered office and change of registered office
- S. 29Publication of name of company
- S. 30Records kept at company’s registered office
- S. 31Register of directors and secretaries
- S. 32Seal of company and execution of documents
- S. 33Common seal for use abroad
- S. 34Service of documents on company
- S. 35Service of documents by company
- S. 36Section 36
- S. 37Section 37
- S. 38Revocation of approval to dispense with “Limited”
- S. 39Clearance and approval of proposed name
- S. 40Rejection of application for approval of name
- S. 41Reservation of company name
- S. 42Change of name
- S. 43Registrar may direct change of name
- S. 44Document with incorrect name not void
- S. 45Liability where company name incorrectly stated
- S. 46Publication of change of company name prior to public notices
- S. 47Legal effect of change of name
- S. 48Conversion of private company limited by shares into company
- S. 49Conversion of private company limited by shares into unlimited
- S. 50Conversion of company limited by guarantee into company
- S. 51Conversion of unlimited companyinto private limited company
- S. 52Conversion of public company into private company limited
- S. 53Conversion of private company limited by shares into public
- S. 54Process of conversion
- S. 55Imposition of penalty by Registrar for non-compliance
- S. 56Typesofmeetings
- S. 57Annualgeneralmeeting
- S. 58Businesstobetransactedatannualgeneralmeeting
- S. 59Extraordinarygeneralmeeting
- S. 60Classmeetings
- S. 61Requisitionofgeneralmeeting
- S. 62Entitlementtoreceivenoticeofmeetings
- S. 63Lengthofnoticeforconveningmeeting
- S. 64Meetingbyorderof Court
- S. 65Placeof meetings
- S. 66Attendance at meetings
- S. 67Conductofmeetingsandvoting
- S. 68Chairperson’sdeclarationastoresultofvote
- S. 69Righttodemandpoll
- S. 70Votingonpoll
- S. 71Proxies
- S. 72Representation of body corporates and unincorporated
- S. 73Circulationofmembers’resolutionsandsupportingdocuments
- S. 74Circulationofmembers’statements
- S. 75Refusaltocirculatemembers’statements
- S. 76Referencetoordinary,extraordinary,andspecialresolutions
- S. 77Writtenresolutionsforprivatecompanies
- S. 78Lodgementofresolutions
- S. 79Dateofcertainresolutions
- S. 80Minutesofproceedingsofmeetings
- S. 81Inspectionofminutebooks
- S. 82Company secretary
- S. 83Responsibilitiesofcompanysecretary
- S. 84Appointmentofbodycorporateascompanysecretary
- S. 85Appointmentofdirectors
- S. 86Powersanddutiesofdirectors
- S. 87Limitationsonpowersofdirectors
- S. 88Delegatingpowersofboard
- S. 89Boardcommittees
- S. 90Number of directors falling below prescribed minimum
- S. 91Residential requirements of directors
- S. 92Qualifications of director
- S. 93Disqualification by court from holding office of director
- S. 94Consent before appointment as director
- S. 95First and subsequent directors
- S. 96Appointment of directors by Court
- S. 97Alternate directors
- S. 98Removal of director from office
- S. 99Vacancy in office of director and filling up of casual
- S. 100Notice of change of directorship and particulars
- S. 101Executive director
- S. 102Acts done in dual capacity as director and secretary
- S. 103Loans to directors by company
- S. 104Directors to comply with Act and articles
- S. 105General responsibilities of directors
- S. 106Fiduciary duties of directors
- S. 107Duty to avoid conflict of interest
- S. 108Meaning of ‘interest’
- S. 109Duty not to accept third party benefits
- S. 110Disclosure of interest of director
- S. 111Avoidance of transaction in which director has interest
- S. 112Effect of avoiding transaction on bona fide purchase
- S. 113Use of information
- S. 114Disclosure of interest in shares issued, acquired or disposed
- S. 115Restrictions on director regarding disposal of shares
- S. 116Director’s liability on share dealing
- S. 117Exception for companies dealing in securities
- S. 118Remuneration for directors
- S. 119Approval of other distributions by special resolution
- S. 120Liability of director for breach of duty
- S. 121Validity of decisions by executive officer
- S. 122Liability and indemnity with regard to decisions made bona
- S. 123Declaration in respect of beneficial interest in share
- S. 124Beneficial ownership of shares
- S. 125Liability of shareholders
- S. 126Liability of former shareholders
- S. 127Liability of person ceasing to be shareholder before
- S. 128Shareholders not required to acquire shares by alteration to
- S. 129Liability of personal representative
- S. 130Liability of assignee
- S. 131Exercise of powers reserved for shareholders
- S. 132Power to acquire shares of minority on takeover
- S. 133Rights of minority on takeover
- S. 134Remedy against oppression of minority on takeover
- S. 135Classes and interest groups
- S. 136Alteration of shareholder rights
- S. 137Shareholder requiring company to purchase shares
- S. 138Right of shareholder to commence action
- S. 139Share capital
- S. 140Alteration of share capital
- S. 141Rights and powers attaching to shares
- S. 142Types of shares and rights conferred
- S. 143Variation of class rights
- S. 144Pre-emptive rights
- S. 145Share premium account
- S. 146Issue of shares on incorporation and amalgamation
- S. 147Issue of other shares
- S. 148Forfeiture and surrender of shares
- S. 149Return on allotment of shares
- S. 150Reduction of share capital
- S. 151Confirmation of reduction by Court
- S. 152Consideration for shares
- S. 153Consideration to be determined by board
- S. 154Exceptions to consideration for shares
- S. 155Consideration to issue of options and convertible securities
- S. 156Subsequent issue of shares
- S. 157When share is issued
- S. 158Board to authorise distribution of dividends
- S. 159Dividendstobepaidoutofprofits
- S. 160Sharesinlieuofdividends
- S. 161Recoveryofdistributionsofdividends
- S. 162Reductionofshareholder’sliabilityanddistribution
- S. 163Companymayacquirefullypaid-upshares
- S. 164Acquisitionofcompany’sownshares
- S. 165Board may make offer to acquire shares
- S. 166Specialofferstoacquireshares
- S. 167Disclosuredocument
- S. 168Securitiesexchange acquisitionssubjecttoprior noticeto
- S. 169Disclosuredocumentforsecuritiesexchangeacquisitions
- S. 170Securitiesexchangeacquisitionsnotsubjecttopriornotice
- S. 171Cancellationofsharesrepurchased
- S. 172Enforceabilityofcontracttorepurchaseshares
- S. 173Companymayholditsownshares
- S. 174Suspensionofrightsandobligationsattachingtosharesheld
- S. 175Reissueofsharesheldbycompanyinitself
- S. 176Redeemable shares
- S. 177Redemptionatoptionofcompany
- S. 178Specialredemptionofshares
- S. 179Disclosuredocument
- S. 180Cancellationofredeemedshares
- S. 181Redemptionatoptionofshareholder
- S. 182Redemptiononfixeddate
- S. 183Restrictiononfinancialassistanceinacquisitionofshares
- S. 184Relaxationofrestrictionsforprivatecompanies
- S. 185Holdingcompaniesandsubsidiarycompanies
- S. 186Subsidiarymaynotholdsharesinholdingcompany
- S. 187Statementofshareholder’srights
- S. 188Transfer of shares
- S. 189Restrictionsontransferability
- S. 190Transmissionofsharesbyoperationoflaw
- S. 191Evidenceoftransmissionofsharesbyoperationoflaw
- S. 192Company’slienonshares
- S. 193Rightsandoptionstosubscribeforshareissuetodirectors,
- S. 194Power to return accumulated profits in reduction of paid-up
- S. 195Company to maintain share and beneficial ownership register
- S. 196Place of share and beneficial ownership register
- S. 197Evidence of legal title to shares
- S. 198Directors’ duty to supervise share and beneficial ownership
- S. 199Power of court to rectify share register
- S. 200Trusts to be entered on beneficial ownership register
- S. 201Personal representative to be registered
- S. 202Assignee of bankrupt to be registered
- S. 203Issue of share certificate
- S. 204Perpetual debenture
- S. 205Power to reissue redeemed debenture
- S. 206Specific performance of contracts for debenture subscription
- S. 207Shareholding in regulated companies
- S. 208Offer of sale by company
- S. 209First publication of prospectus
- S. 210Invitations to public to acquire shares and debentures
- S. 211Prospectus required for invitation to public to purchase shares
- S. 212Contents of prospectus
- S. 213Expert’s consent
- S. 214Registration of prospectus
- S. 215Over-subscription in debenture issue
- S. 216Reference to stock exchange listing in prospectus-allotment
- S. 217Civil liability for misstatements or omissions in prospectus
- S. 218Offence of misstatement or omission in prospectus
- S. 219Stop trading order
- S. 220Enforceability of agreement before end of waiting period
- S. 221Withdrawal of application after waiting period
- S. 222Allotment and minimum subscription
- S. 223Statement in lieu of prospectus
- S. 224Prohibition of waiver and notice clause
- S. 225Issue of debentures
- S. 226Documents of title to debentures
- S. 227Liability of assignee
- S. 228Appointment as assignee for debenture holders
- S. 229Right to copies of trust deed
- S. 230Unsecured debentures to be so described
- S. 231Register of debenture holders
- S. 232Holders of debentures secured by trust deed
- S. 233Meetings of other debenture holders
- S. 234Reissue of redeemed debentures
- S. 235Charge to secure fluctuating amount
- S. 236Company’s register of charges
- S. 237Registrar’s register of charges
- S. 238Registration of charges by companies
- S. 239Certificate to be issued by Registrar
- S. 240Priorities
- S. 241Entries of satisfaction and release of property from charge
- S. 242Variation of registered charge
- S. 243Registration of enforcement of security by mortgagee
- S. 244Endorsement of registration on debentures
- S. 245Extension of time for lodgement
- S. 246Accounting records
- S. 247Company to keep accounting records
- S. 248Inspection of accounting records
- S. 249Annual financial statements to include amounts paid to
- S. 250Annual financial statements to include particulars of loans
- S. 251Director to make disclosure of loans and receipts
- S. 252Statement of financial position to be signed by directors
- S. 253Appointment of auditors
- S. 254Auditing firm
- S. 255Signing of auditor’s report
- S. 256Qualifications of auditors
- S. 257Reappointment of auditor
- S. 258Auditortoavoidconflictofinterest
- S. 259Auditor’sreport
- S. 260Accesstoinformation
- S. 261Auditor’sattendanceatannualgeneralmeeting
- S. 262Furnishingauditor’sreport
- S. 263Smallprivatecompanyneednotappointauditor
- S. 264Appointmentofauditorforsmallprivatecompany
- S. 265Preparationofauditedfinancialstatement
- S. 266Standardsforfinancialstatementpreparation
- S. 267Obligationtoprovideconsolidatedfinancialstatement
- S. 268Comprehensiveincomestatementwhencompanybecomes
- S. 269Dateforfinancialstatementofsubsidiary
- S. 270Annualreturnto Registrar
- S. 271Filingofannualreturnsinreceivershiporliquidation
- S. 272Section 272
- S. 273Documentslodgedwithannualreturnofpubliccompany
- S. 274Noticeofadopteddategivento Registrar
- S. 275Obligationtoprepareannualreport
- S. 276Submittingannualreporttoshareholders
- S. 277Contentofannualreport
- S. 278Inspectionofcompany’srecords
- S. 279Recordstobemadeavailableforinspectionbymembers
- S. 280Mannerofinspection
- S. 281Commencementofinspection
- S. 282Amalgamation
- S. 283Amalgamationproposal
- S. 284Amalgamationresolution
- S. 285Documentsforsubmissiontoshareholders
- S. 286Proceduresbefore amalgamation
- S. 287Approvingamalgamationproposal
- S. 288Noticeofamalgamationtocreditors
- S. 289Lodgementofdocumentsforamalgamation
- S. 290Certificateofamalgamationorofincorporation
- S. 291Removingamalgamatingcompaniesfromregister
- S. 292Property, rights, powers and privileges of amalgamated
- S. 293Liabilities and obligations of amalgamated company
- S. 294Enforcement of Court ruling by or against amalgamated
- S. 295Objection to amalgamation
- S. 296Conversion of shares and rights in amalgamation proposal
- S. 297Application of Act to existing foreign company
- S. 298Register of foreign Companies
- S. 299Registration of foreign company
- S. 300Established place of business
- S. 301Financial year of foreign company
- S. 302Returns required on alteration of registered particulars
- S. 303Foreign company to appoint local director
- S. 304Responsibilities of local directors
- S. 305Service on foreign company
- S. 306Annual accounts of foreign company
- S. 307Maintenance of accounting records
- S. 308Name of foreign company
- S. 309Publication of name of foreign company
- S. 310Registration of charges by foreign company
- S. 311Notification of winding up of foreign company
- S. 312Winding up of foreign company in Zambia
- S. 313Cessation of business of foreign company
- S. 314Invitation to the public relating to foreign companies
- S. 315Invitation to public relating to other foreign corporates
- S. 316Penalties and disabilities
- S. 317Power of Registrar to deregister company
- S. 318Deregistration on application by company
- S. 319Registrar to act as representative of deregistered company
- S. 320Administration of Act
- S. 321Establishment of Companies Office
- S. 322Powers of Registrar
- S. 323Appointment of officers
- S. 324Seal of Agency
- S. 325Keeping of registers and lodged documents
- S. 326Inspection of registers
- S. 327Inspection of records
- S. 328Waiver of fees
- S. 329Collection of information
- S. 330Injunction
- S. 331Derivative actions
- S. 332Costs of derivative action to be met by company
- S. 333Powers of Court where leave is granted
- S. 334Compromise, settlement, or withdrawal of derivative action
- S. 335Actions by member against director
- S. 336Actions by members against company
- S. 337Actions by member to require company to act
- S. 338Representative actions
- S. 339Ratification of certain actions of directors
- S. 340Exercise of discretionary power
- S. 341Appeal against a decision of Registrar
- S. 342Registrar to sit with assessors in determining matter
- S. 343Registrar to act as soon as practicable
- S. 344Registrar to act in accordance with decision of Court
- S. 345Reference to Court by Registrar
- S. 346Registrar to appear in legal proceedings
- S. 347Immunity of officers as regards official acts
- S. 348Requests for information
- S. 349Registration of documents
- S. 350Extension of time
- S. 351Documents to be in official language
- S. 352Oaths and affirmations
- S. 353Evidence of entries and documents
- S. 354Loss or destruction of certificate
- S. 355Electronic Transactions
- S. 356Retention of records
- S. 357Failure to keep books
- S. 358Failure to provide documents
- S. 359Furnishing false document
- S. 360Fraudulent use or destruction of property
- S. 361Falsification of records
- S. 362Penalties for carrying on business fraudulently
- S. 363Persons prohibited from managing companies
- S. 364Failure to comply with registration requirements and
- S. 365Imprisonment for failure to pay fine
- S. 366Exemption from liability for actions or omissions
- S. 367Deceiving or influencing Registrar or officer
- S. 368Aiding and abetting offences
- S. 369False representation about Companies Office
- S. 370Administrative penalties
- S. 371Offences by body corporate or unincorporated body
- S. 372General offences
- S. 373General penalty
- S. 374Prescribed fee
- S. 375Regulations
- S. 376Repeal
- S. 377Transitional provisions
- S. IPRELIMINARY PROVISONS
- S. IIINCORPORATION AND REGISTRATION OF COMPANIES
- S. IIICORPORATE CAPACITY AND ADMINISTRATION
- S. IVCOMPANY NAME AND CHANGE OF NAME
- S. IXSHARES AND SHARE CAPITAL
- S. VCONVERSION OF COMPANIES
- S. VIMEETINGSANDRESOLUTIONS
- S. VIICORPORATEGOVERNANCE
- S. VIIISHAREHOLDERS‘ RIGHTS AND OBLIGATIONS
- S. XPUBLIC ISSUE OF SHARES
- S. XIDEBENTURES AND CHARGES
- S. XIIACCOUNTING RECORDS, AUDIT AND ANNUAL RETURNS
- S. XIIIAMALGAMATION
- S. XIVFOREIGN COMPANIES
- S. XVDEREGISTRATION OF COMPANIES
- S. XVIADMINISTRATION OF ACT
- S. XVIIENFORCEMENT AND GENERAL PROVISIONS