Following the presentation of the National Budget for Mauritius for the financial year 2023-2024, the Finance (Miscellaneous Provisions) Act 2023 was enacted on 20th July 2023 to translate some of the proposed measures into law.
CORPORATE AND COMMERCIAL
Service of documents
The Companies Act has been amended to now state clearly that the service address for companies is now limited to the address at which documents may be served within Mauritius. Previously, the definition of service address which is used in relation to e.g. shareholders, directors, and secretary did not explicitly restrict the service address to Mauritius. This provision will come into force on 1 January 2024.
Replacement of last director
In the event that there is only one Director remaining, and that Director resigns or passes away, shareholders are required to call a meeting within one month of the Director's intention to resign or from the date of the Director's death, or within one month of the appointment of one or more directors.
Failure to hold the meeting within the specified timeframe may result in the Registrar of Companies having discretionary power to remove the company from the register of companies.
Sending of annual report to shareholders
The delay for sending a copy of annual report of the company to shareholders has been extended to 21 days in lieu of the 14 days previously in place. The copy of the annual report may now be in such form as the Registrar of Companies may approve although the shareholders retain the right to receive a hard copy of the annual report within a reasonable time.
Women representation on boards of public companies
Public companies are now required to have a minimum of at least 25% of women on their board of directors.
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Read the original publication at Venture Law.