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Law No: 10/96 (An Unofficial Translation)
Introduction and name
1. (a) This is the law governing
the formation, registration and management of companies in the Republic
of Maldives.
(b) This law shall be cited
as the “The Companies Act of the Republic of Maldives”
Formation of companies
2. Companies in the Maldives shall be formed and managed in the manner prescribed in this Act.
Private companies and public companies
3. (a) Any two or more persons
may as prescribed in this, Act having the liability of its members limited
form a private company. A private company is a company whose memorandum
and articles of association states that it is a private company, and that
shares may only be transferred in accordance with its articles of association
and the number of member of the company is limited to fifty and the sale
of shares to the public is prohibited by the articles of association.
(b) Any ten or more persons,
may in accordance with this Act having the liability of its members limited
form a public company. A public company is a company whose memorandum and
articles of association states that it is a public company and can sell
shares to the public in accordance with this Act.
