Revised Uniform Act Brings Major Innovations For Sub-Saharan OHADA Member States
100 Days to Go!
On January 30, the Organization for Harmonization of Business Law in Africa ("OHADA") adopted a revised Uniform Act on Commercial Companies and Economic Interest Groups (the "Revised Act"). The Act will enter into force on June 30 and be directly enforceable in the 17 sub-Saharan OHADA member States.
The Revised Act introduces a number of much-awaited legal innovations, thus enhancing the attractiveness of this region where economic growth has been rapidly increasing over the recent period. The main advantages contemplated under the Revised Act are as follows:
New Corporate FormThe Société Par Actions Simplifiée
The Société Par Actions Simplifiée ("SAS") draws its inspiration from the French corporate form of the same name. It offers a welcome alternative to the rather strict alternative corporate forms available until now by providing a very high degree of flexibility, in particular in terms of corporate governance, that can be widely tailored by the shareholders in the articles of incorporation.
Corporate Governance Practical Improvements
The use of electronic communications (convening notices by email, meetings by video conferences, etc.) is now permitted and is a practical innovation of obvious importance for foreign investors. Shareholders' ability to delegate powers to the board for share capital increases will also facilitate the day-to-day governance of companies in the OHADA region.
New Types of Securities
The validity of preferred shares or hybrid securities such as convertible bonds was unclear before the Revised Act. These sophisticated legal tools are now expressly permitted. The new...
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