Company Compliance - tweaks to the Companies Act
The Regulatory Systems (Commercial Matters) Amendment Act is one of a three part package of omnibus bills recently rolled out to "maintain the effectiveness and efficiency of the regulatory systems established by the Acts they would amend, and so reduce the chance of regulatory failure".
The changes come into force at the end of May 2017 (except for those to the retention regime under the Construction Contracts Act which apply from 1 April 2017).
A number of the tweaks to the Companies Act and the Construction Contracts Act will provide welcome relief to business.
In this note we touch on a relaxation of audit requirements and removal requirements for overseas companies, annual report and annual meeting changes and a new way to hold retention monies in trust under commercial construction contracts.
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