Section 4, The Companies (Amendment) Act, 2014

Section 22 of the Companies Act 2009 is amended insubsection (2) by repealing and replacing that subsection with the “(2) After the commencement of this Act, every company limited by guarantee shall be incorporated as a company limited by guarantee and not having a share capital and every existing company limited by guarantee and having a share capital shall not later than six months after the commencement of this Act, alter its memorandum so that it becomes a company limited by guarantee. Any company that fails to comply with this section shall be in default and shall be liable to a default fine not below Le 2,000,000 and not exceeding Le 5,000,000.00" 5 . Section 23 of the Companies Act, 2009 is amended as follows (a) by repealing and replacing paragraph (a) of subsection (2) with the following paragraph- “(a) the memorandum in the case of a private company shall also state the amount of shares, 25 percent of which shall be taken by subscribers” (b) by repealing subsection (5). Name of Company