The National Executive Council has approved the repeal of Business Names Act 1963 to enable small enterprises to understand amendments to the Companies Act 1997.
Acting Prime Minister Leo Dion said Cabinet endorsed the repeal of the act, which is aimed at simplifying business names registrations and making the legislations easier for small enterprises to understand amendments to the Companies Act 1997 to bring it in accord with the ever-changing trends in corporate governance.
Mr Dion said NEC endorsed the enactment of the Business Names Act 2013 also aimed at simplifying business names registrations and making the legislation easier for small enterprises to understand.
“The Cabinet directed the First Legislation Council to draft the amendments as per the drafting instructions,” he said.
Mr Dion said Cabinet also endorsed amendments to the Companies Act 1997 to reform the law relating to companies and accordingly bring it in accord with the changing trends in corporate governance.
“NEC approved amendments to the Companies Act 1997 to facilitate on-line lodgements (filling). The First Legislative Council has been directed to draft the amendments,” he said.
The Acting Prime Minister said the act has remained unchanged since its passage in 1997 and is based upon the New Zealand Companies Act since 1993.
“The changes are intended to update the act to bring it in accord with the changing trends, using the changes made to the New Zealand Companies Act since 1997 as a guide,” Mr Dion said.
Approved for release!
HON. LEO DION, GCL QPM MP
Acting Prime Minister
Acting Prime Minister