The Companies Act In Trinidad And Tobago

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The Companies Act was established to improve the laws relating to companies and to provide for any sort of related and consequential matters. It came into operation on the 15th April, 1997 and is seen as an important step relating to the Government 's regulatory and legal framework for doing business in Trinidad & Tobago. This is to be known as one of the ways to attract persons in business in the Caribbean and Latin America. The Companies Act administers an up to date legal structure for the operations of companies in Trinidad & Tobago. It is stated in the act that no society, association or group consisting of more than ten (10) persons can form any trade or business unless it is incorporated under this act. The incorporation of…show more content…
The company must at least have two directors and only an individual or a body corporate may be the director and the articles of a company can partially or wholly restrict the powers of the directors to manage the business and affairs of the company. After the issue of a certificate of incorporation of a company, a meeting of the directors of the company shall be held at which the directors may make Bye-laws; adopt forms of share certificates and corporate records. At the time of delivering articles of incorporation of a company to the Registrar, the incorporators shall deliver, in the prescribed form, a notice of the names of the directors of the company; and the Registrar shall file the notice. The director of the company can only cease to hold office, when he or she dies, resigns, removed or becomes disqualified for the position. It is stated that only the directors of a company shall approve the financial statements and the approval shall be evidenced by the signature of one or more directors. A public company must have an audit committee composed of not less than three directors of the company, a majority of who are not officers or employees of the company or any of its affiliates. The Minister may, after consultation with the Institute of Chartered Accountants of Trinidad and Tobago, authorise, by instrument in writing, any person to be appointed as an auditor of companies, if that person is in the opinion of the Minister suitably qualified for such an appointment by reason of his knowledge and experience, provided that such appointment shall not be for a period exceeding one year at a time. A company shall at all times have a registered office in Trinidad and
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