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no 3969 government gazette 28 december 2007 1ywvutsrponmlkihgfedcbazyxvutsrponmlihgfedcba act no 9 2007 companies amendment act 2007 government gazette of the republic of namibia n 2 00 windhoek 28 december 2007 ...

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                                                                                                                                   No. 3969                                                                                                                    Government Gazette 28 December 2007                                                                                                                                                                                                                                                                                                               1ywvutsrponmlkihgfedcbaZYXVUTSRPONMLIHGFEDCBA
                                                                                                                                   Act No. 9, 2007                                                                                                  COMPANIES AMENDMENT ACT, 2007
                                                                                                                                                                                             GOVERNMENT GAZETTE  
                                                                                                                                                                                                                                                                                                                                               OF THE 
                                                                                                                                                                                                          REPUBLIC OF NAMIBIA  
                                                                                                                                   N$2.00                                                                                                                  WINDHOEK ­ 28 December 2007                                                                                                                                                                                                                                                                               No. 3969 
                                                                                                                                                                                                                                                                                                                                          CONTENTS 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Page 
                                                                                                                                   GOVERNMENT NOTICE 
                                                                                                                                   No. 234                                                Promulgation of  Companies Amendment  Act, 2007 (Act No. 9 of 2007), of the 
                                                                                                                                                                                          Parliament.........................................................................................................................                                                                                                                                                                                                                                                                                    1 
                                                                                                                                                                                                                                                                                                                       ________________ 
                                                                                                                                                                                                                                                                                      Government Notice  
                                                                                                                                                                                                                                                             OFFICE OF THE PRIME MINISTER 
                                                                                                                                   No. 234                                                                                                                                                                                                                                                                                                                                                                                                                                                  2007 
                                                                                                                                                                                                                                                                                               PROMULGATION OF ACT  
                                                                                                                                                                                                                                                                                                                        OF PARLIAMENT  
                                                                                                                                   The following Act which has been passed by the Parliament and signed by the President 
                                                                                                                                   in terms of the Namibian Constitution is hereby published in terms of Article 56 of that 
                                                                                                                                   Constitution. 
                                                                                                                                   No. 9 of 2007:                                                                                          Companies Amendment Act, 2007. 
                                                                                                                                                                                                                                                                                                                                _________________ 
                            2                          Government Gazette 28 December 2007                           No. 3969 
                            Act No. 9, 2007         COMPANIES AMENDMENT ACT, 2007 
                            EXPLANATORY NOTE: 
                                    ____________               Words underlined with a solid line indicate insertions in 
                                                               existing provisions. 
                                    [               ]          Words in bold type in square brackets indicate omissions 
                                                         
                                                               from existing provisions. 
                            ___________________________________________________________________________ 
                                                                         ACT 
                            To      To amend the Companies Act, 2004, so as to relocate certain provisions in 
                                    section 82 to their appropriate places to make the application of certain 
                                    conditions in that section clearer; and to provide for incidental matters. 
                                                   (Signed by the President on 21 December 2007) 
                                    BE IT ENACTED by the Parliament of the Republic of Namibia, as follows: 
                            Amendment of section 82 of Act No. 28 of 2004 
                                    1.     Section 82 of the Companies Act, 2004 (Act No. 28 of 2004) is amended ­
                                    (a)    by the substitution for paragraph (c) of subsection (3) of the following 
                                           paragraph: 
                                           “(c)   subject to subsections (4) and (5), in providing for the premium 
                                                  payable on redemption of any redeemable preference shares of the 
                                                  company [-
                                                  (i)     that premium must not be so provided unless it is payable 
                                                          according to the terms of issue of the shares concerned and 
                                                          those terms have been embodied in the articles of the 
                                                          company as from a date prior to the date on which those 
                                                          shares were allotted and issued or on a later date allowed 
                                                          by the Court on application to it; 
                                                  (ii)    in the case of ordinary shares which are converted into 
                                                          redeemable preference shares redeemable at a premium, 
                                                          only that portion of the amount standing to the credit of 
                                                          the share premium account which arose on the original issue 
                                                          of those shares may be applied in providing for the premium 
                                                          payable on redemption; or]; or”; and 
                                    (b)    by the substitution for subsection (4) of the following subsections: 
                                                  “(4)  [Subsection (3)(c) does not apply in respect of redeemable 
                                           preference shares issued before the commencement of this Act] The 
                                           premium contemplated in subsection (3)(c) may not be so provided unless 
                                           it is payable according to the terms of issue of the shares concerned and 
                                           those terms have been embodied in the articles of the company as from a 
                                           date prior to the date on which those shares were allotted and issued or on a 
                                           later date allowed by the Court on application to it. 
                       No. 3969            Government Gazette 28 December 2007                       3 
                       Act No. 9, 2007    COMPANIES AMENDMENT ACT, 2007 
                                        (5)   In the case of ordinary shares which are converted into 
                                  redeemable preference shares redeemable at a premium, only that portion 
                                  of the amount standing to the credit of the share premium account which 
                                  arose on the original issue of those shares may be applied in providing for 
                                  the premium payable on redemption. 
                                        (6)   Subsections (4) and (5) do not apply in respect of redeemable 
                                  preference shares issued before the commencement of this Act.”. 
                      Short title and commencement 
                            2.    This Act is called the Companies Amendment Act, 2007 and commences 
                      on a date determined by the Minister by notice in the Gazette. 
                                                     ________________ 
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...No government gazette december ywvutsrponmlkihgfedcbazyxvutsrponmlihgfedcba act companies amendment of the republic namibia n windhoek contents page notice promulgation parliament office prime minister following which has been passed by and signed president in terms namibian constitution is hereby published article that explanatory note words underlined with a solid line indicate insertions existing provisions bold type square brackets omissions from to amend so as relocate certain section their appropriate places make application conditions clearer provide for incidental matters on be it enacted follows amended substitution paragraph c subsection subject subsections providing premium payable redemption any redeemable preference shares company i must not provided unless...

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