Ministry to expendite firms' articles amendments<\/p>\n
JAKARTA (JP): The government yesterday promised to process
\nquickly and approve any amendments companies make to their
\narticles of association, as mandated by the new company law.<\/p>\n
The director of civic law at the Ministry of Justice,
\nRatnawati Prasodjo, said yesterday at a seminar that by the end
\nof this month her office aims to have approved all amendments to
\ncompanies' articles of association submitted prior to March 7.<\/p>\n
The law gives two years -- since its promulgation on March 7
\n-- to companies established before that date to change their
\narticles.<\/p>\n
\"Although the law gives two years, please submit your
\nproposals to amend your articles of association as soon as
\npossible, considering our limited human resources,\" Ratnawati
\ntold the seminar, organized by the Bisnis Indonesia daily and the
\nLontoh & Kailimang law firm.<\/p>\n
According to article 15 of the 1995 company law, specific
\namendments of the articles of association require approval from
\nthe justice minister, registration in the government's company
\nregister and announcement to the public.<\/p>\n
Such amendments include changes in the name of a company, its
\npurposes, objectives, business activities, duration (if stated),
\namount of authorized capital, decrease in issued capital and
\npaid-up capital or changes in the status of the company from a
\nprivate limited liability company to a public limited liability
\ncompany or vice versa.<\/p>\n
Amendments related to changes other than those listed above do
\nnot need the justice minister's approval but the companies are
\nrequired to report them to the minister.<\/p>\n
Although the new law does not require companies to completely
\namend their articles of association, Ratnawati suggested that
\nthey do so to become more efficient.<\/p>\n
She said a shareholders meeting is an alternative way for a
\ncompany to amend its articles of association to be in accordance
\nwith the new law. (rid)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ministry-to-expendite-firms-articles-amendments-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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