The object of this Bill is to—

(a) promote the development of the economy by encouraging entrepreneurship, enterprise efficiency, flexibility and simplicity in the formation and maintenance of companies;

(b) provide for the incorporation, categorisation, management and administration of different types of companies;

(c) provide the procedure for the approval of company names, change of name and conversion of companies;

(d) provide for shareholders’ rights and obligations, the conduct of meetings and the passing of resolutions by shareholders;

(e) encourage transparency and high standards of corporate governance by providing for the functions and obligations of company secretaries and directors;

(f) provide for issue of shares, share capital requirements, procedures for alteration and reduction of share capital and disclosure requirements of companies;

(g) provide for the public issue of shares, the issue and registration of charges and debentures;

(h) incorporate financial reporting provisions, maintenance of accounting records, and access to financial information of companies;

(i) provide for amalgamations;
(j) provide for the registration of foreign companies doing

business in Zambia;

(k) provide for the deregistration of companies;

(l) repeal and replace the Companies Act, 1994; and

(m) provide for matters connected with, or incidental to, the foregoing.