Companies Act, 2014
The consolidated company-law statute of Sierra Leone governing the formation, administration and winding up of companies.
Summary
The Companies Act, 2014 is the consolidated statute governing company law in Sierra Leone, carrying forward and updating the modern framework introduced in 2009. It is the principal law for the incorporation, regulation and winding up of companies.
The Act provides for the formation and registration of companies, the roles of shareholders and directors, share capital and corporate finance, company accounts, audit and disclosure, the protection of minority shareholders, and the enforcement of directors' duties. It also provides for company charges, receivership, schemes of arrangement and the various modes of winding up.
It supports the work of the corporate registry and provides the legal foundation for incorporated business in Sierra Leone.
Main provisions
- Provides for the incorporation and registration of companies.
- Regulates shareholders, share capital and corporate finance.
- Sets out directors' duties, powers and liabilities.
- Requires company accounts, audit and disclosure.
- Protects minority shareholders and provides remedies.
- Provides for charges, receivership, arrangements and winding up.