The Companies Act, 2019 ( ACT 992)
Section 328: (1) A public company shall not grant a loan to a person who is a director or a director of an associated company, or enter into a guaran- tee or provide a security in connection with a loan made to that person by any other person.
(2) Subsection (1) does not apply,
(a) to the making of a loan to an associated company or the entering into a guarantee or the providing of a security in connection with a loan made to an associated company by any other person; or
(b) subject to subsection (3), in the case of a company whose ordinary business includes the lending of money or the giv- ing of guarantees in connection with loans made by other persons, to anything done by the company in the ordinary course of that business.
(3) Paragraph (b) of subsection (2) does not authorise the mak- ing of loans or the entering into a guarantee or the providing of a secu- rity, unless the total amount lent, guaranteed and secured in respect of loans to those persons does not exceed one per cent of the net assets of the company.
(4) Where a company defaults in complying with this section, the company and any officer of the company that is in default is liable to pay to the Registrar, an administrative penalty of five hundred penalty units, and the directors authorising the making of the loan or the enter- ing into the guarantee or the providing of the security are jointly and severally liable to indemnify the company against the loss arising from the default.
(5) For the purpose of subsection (3), "net assets" means the assets less the liabilities of the company as shown in the last audited statement of financial position of the company.
Subject : Registration of Business
Procedure to Follow
1. Applicant may purchase a set of Limited Liability Forms from the in-house bank or via download
2. Provide Consent letter from certified auditor by the Institute of Chartered Auditors and must be registered as a Sole Proprietor/Partnership
3. Form 3 must be witnessed by Commissioner for Oaths/Notary Public/Self-Declared
4. A minimum of two directors is required. Each must submit Statutory Declaration & Consent Letter with the registion Form
5. Submit filled forms at the Company Registration Counter for Verification and Capturing or via Online
6. Pay two hundred and thirty Ghanaian Cedi (GHS 230) for Incorporation or via Online Also Filing fee of Fifty Ghanaian Cedi (GHS 50) and 0.5% stamp duty on stated capital at the in-house bank or via Online Registrar Examines, Approves & Issues : Certificate of Incorporation Certified Copy(CTC) of Standard/Registered Constitution of the Company Certified Copy(CTC) of Form 3 File Annual Returns at Fifty Ghanaian Cedi(GHS 50) together with Audited Account
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Responsible Institution
- Email: info@rgd.gov.gh
- Website: https://www.rgd.gov.gh
- GPS: GA-143-4647
- Telephone: +233 302 664 691-93
Relevant Forms to Download
Online System
Link Unavailable
Fees/ charges
Not Avaiable
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