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Act A1605: Companies (Amendment) Act 2019 comes into operation on 15 January 2020. It is an Act to amend the Companies Act 2016

The highlight of the amending Act is the amendment to section 84 by deleting the word “special” which allows company to alter its share capital by way of an ordinary resolution instead of a special resolution, unless otherwise provided in the company’s constitution. Amendment to section 409 is by replacing the word “and” to “or” which makes it easier for the high court to refuse a grant of a judicial management order by mere opposition of a secured creditor. The amendment also includes insertion of a new section 580A: Security for costs which reintroduce section 351 of the Companies Act 1965. It empowers the court to require a company initiating legal proceedings as a plaintiff to provide sufficient security for all costs and to stay all proceedings until such security is given.

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