Section 21: Section 85 of the Companies Act, 2009 is amended as

(a) in subsection (2) by inserting the word “public” immediately after the word “No” (b) in subsection (3) by (i) inserting the word “public” immediately after the word “existing” (ii) deleting the figure “30” and substituting the figure “15” (c) by repealing and replacing subsection (5) with the following new subsection- “(5) Where a company to which subsection (3) applies fails to comply with the applicable subsection, it shall be in default and liable to a default fine of Le 5,000,000 and every officer who is in default shall be liable to a default fine of Le.850,000.00 for each day during which the default continues.” Alteration of share capital