A new ohada uniform act on insolvency and restructuring in. Ohada updates its law on arbitration and implements a new act. Elected by ohada council of ministers at its november, 2017 session in conakry. The parties can directly file an appeal before the ccja against a decision of a domestic. The new ohada uniform act on security legal integration in francophone africa results in particular from the uniform acts adopted by the organization for the harmonization of business law in africa ohada, established by the treaty signed in port louis mauritius in 1993, entered into force in september 1995. Ohada is the french acronym for the organisation for the harmonisation of business. Organization for the harmonization of business law in. Organization for the harmonization of business law in africa. The longawaited english version of the ohada treaty and ohada uniform acts has now been formally published in the special edition nov.
Adoption of a new uniform act on companies on january 30, 2014 the ohada adopted a revised uniform act on companies the revised act which will enter into force on may 5, 2014. Ohada is the french acronym for the organisation for the harmonisation of business law in africa, which was founded on. Ohada reform of uniform act organizing security interests. Publiclimitedcompanies in ohada me mber countries comply with the ohada uniform accounting act. This innovation is far more important that that caused by the adoption of the european regulation. The act now includes provisions for information technologies that contribute towards the smooth running of. The uniform ohada act on general commercial law on 17 october 1993 there has been set up to port louis the organization for the harmonization of business law in africa ohada 1. Conference of commissioners on uniform state laws created the uniform securities act usa to make the states securities laws more uniform and modeled it after the securities and exchange act. The new ohada uniform act in a nutshell legal integration in francophone africa results in particular from the uniform acts adopted by the organization for the harmonization of business law in africa ohada, established by the treaty signed in port louis mauritius on 17 october 1993 as amended in quebec on 17 october 2008. On november 23, 2017, the ohada council of ministers. It is widely agreed that this law is an important development in multilender financings and syndications.
Ohada uniform act relating to commercial companies and. With regard to the rules to govern trade middlemens contracts, the ohada uniform act has an extensive approach taking into account at the same time its provisions, the standard rules of agency entailed in domestic laws which were maintained in force in this regard and the professional practises in the field concerned. Subject to the special provisions of this uniform act, real securities may be. Securities in the domain of fluvial, maritime and air space law, legal securities other than those governed by this uniform act, as well as securities to guarantee the execution of contracts existing exclusively between financial institutions may be regulated by specific legislation. Security interests governed by waterway, sea and air law, legal security interests other than those governed by this uniform act, as well as securities warranting the performance of agreements. Apr, 2016 the deadline of 5 may 2016, set by the organization for the harmonization of business law in africas ohadas new uniform act the act on the law of companies and groups of economic interest for harmonizing corporate articles of association with the provisions of the act is approaching.
Uniform act organizing securities date and place of adoption. Compilation of treaties and uniform acts official translation the usbased foundation for a unified business law in africa foubla, whose goal is to foster the. A revised uniform companies code for the 17 african countries. Release of the official english translation of ohada.
Securities in the domain of fluvial, maritime and air space law, legal securities other than those governed by this uniform act, as well as securities to guarantee the execution of contracts. Organization for the harmonization of business law in africa ohada. Uniform securities act as originally contained in subsection b and as deleted by the 1981 nasaa action. The act will enter into force on june 30 and be directly enforceable in the 17 subsaharan ohada member states. The new uniform act organizing securities uniform act was enacted on december 15, 2010 in lome and published in the official journal of the organization for the harmonization of business law in africa ohada on february 15, 2011, i. Article 1 every trader, be he a natural or legal person including all commercial companies of which a state or a person governed by public law is a member, as well as every economic interest. Ohada includes 17 member states member state of west and. New subsection f authorizes the administrator to provide for exemptions by rule or order to accommodate, for example, fees permitted under section 205 of the investment advisers act of 1940. Ohada uniform act on commercial companies and economic.
While the uniform act on mediation was inspired by the 2002 uncitral model law on international commercial conciliation and takes into account benchmarks of international best practices, it has adopted innovative provisions for the enforcement of settlement agreements within ohada. Theuniformactorganisingcollectiveproceedingsfor 2 thewipingoffdebts 2. The revised code adds tailwind to a fast developing market and further incentivizes investors, including private equity investors, to enter the dynamic african markets. Uniform act on bankruptcy proceedings the council of ministers of the organization for the harmonization of business law in africa ohada, having regard to the treaty on the harmonization of business law in africa, signed in port louis on 17 october 1993, and revised in quebec on 17 october 2008, especially its articles 2, from 5 to 10, and 12. Dec 21, 2016 the longawaited english version of the ohada treaty and ohada uniform acts has now been formally published in the special edition nov. Ersuma hereby announces the publication of the ninth issue of its monthly bulletin called ersuma bulletin of professional practice bepp. Ohada revises uniform act on commercial companies and gie. Ohada permanent secretariat calls for the creation of an ohada afcfta area. Unless otherwise provided for in this uniform act, security interests governed by.
Pdf assessment of compliance with ohada uniform accounting. Ohada accounting plan is a regulatory framework of accounting applicable in states which are part of the ohada treaty. The uniform act relating to general commercial law adopted by the ohada has entered into force with effect from 1 january 19982. Insight energy, infrastructure and project finance in a nutshell. This periodical provides you with updates on business law, whether ohada law, law of member states, other african community laws and comparative law. The usbased foundation for a unified business law in africa foubla, whose goal is to foster the advancement continue reading release of the. The ohada organisation adopted in 1999 the ohada uniform act on. Ohada revises uniform act on commercial companies and gie the uniform act on the commercial companies law and the gie economic interest group of 17 april 1997 was revised by the new uniform act adopted on 30. Almost 18 years after the uniform act on ohada arbitration law was adopted and the common court of justice and arbitration created the ccja, the ohada council of ministers has adopted three new, very important, texts for arbitration and dispute resolution within the ohada area. Ohada uniform act on commercial companies and economic interest groups pdf. The new ohada uniform act on security clifford chance. A revised uniform companies code for the 17 african. The revised uniform act, which replaces the uniform act of 17 april 1997, was published in the ohada official gazette on 4 february 20141.
Feb 24, 2014 legal integration in francophone africa results in particular from the uniform acts adopted by the organization for the harmonization of business law in africa ohada, established by the treaty signed in port louis mauritius on 17 october 1993 as amended in quebec on 17 october 2008. The council of ministers of the member states of ohada, the panafrican organisation for the harmonisation of business law in africa, recently formally adopted a new uniform law that simplifies the creation, perfection and enforcement of security interests, permits security to be granted directly in favour of a security agent and authorises cash. This uniform act shall govern any individual who is selfemployed or. The revised uniform act relating to companies was published in the ohada official gazette on 4 february 2014 and will enter into. The uniform arbitration act aims to enhance transparency, promptness, and efficiency of arbitral proceedings in the member states. The work of ohada ohada is the acronym in french of the organisation for the harmonisation of commercial law in africa.
Ohada accounting standards and financial information on. Pdf icon organization for the harmonization of business law in africa ohada the uniform acts in brief. The registration of securities, essential to making banking and commercial. Under this statute, all security created on or after that date is governed by the new act. Uniform act relating to general commercial law adopted on april 17,1997 and enforced by derogation on january 1st, 1998. A new ohada uniform act on insolvency and restructuring. States parties, referred to as ohada accounting system and appended to this uniform act on the organization and harmonization of companies accounting. Ohada is an organisation whose main aim is to harmornize accounting practice in africa. Bulletin ohada reform of uniform act organizing security. Dec 19, 2012 the revised ohada uniform act on security law has been adopted on 15 december 2010, but it became effective in each of the then 16 member states on 16 may 2011 it specifies that the security. The deadline of 5 may 2016, set by the organization for the harmonization of business law in africas ohadas new uniform act the act on the law of companies and groups of economic interest for harmonizing corporate articles of association with the provisions of the act is approaching. More specifically, as regards the terms and conditions for the formation and functioning of commercial companies, this document summarizes the various changes stipulated in the revised uniform act.
Business law in africa ohada adopted a revised uniform act on commercial companies and economic interest groups the revised act. With the entry into force of the african continental free trade area, a flagship project of the african union on 7 july, court activities. The deadline of 5 may 2016, set by the organization for the harmonization of business law in africa s ohadas new uniform act the acton the law of companies and groups of economic interest for harmonizing corporate articles of association with. Release of the official english translation of ohada treaty. A renewed company law for the 17 ohada member states.
However, banks, financial institutions and insurance companies shall be subject to specific charts of accounts. The traders status, the trade and personal property credit register, commercial leases, business, trade middlemen, commercial sales. Organisation for the harmonization of business law in. Published in the ohada officialjournal on 15 february 2011, the new uniform actentered into effect automatically in each member state,without any.
Publiclimitedcompanies compliance with oh ada uniform act improved from 2008 to 2009 2. The council of ministers of the member states1 of thetreaty for the organization for the harmonization ofbusiness law in africa ohada adopted a newuniform act on security on 15 december 2010 thenew uniform act. It was adopted by the ohada member states to establish a community legislation on securities and applicable in all member states of the ohada. The act now includes provisions for information technologies that contribute towards the smooth running of companies. Compilation of treaties and uniform acts official translation. Article 15 any legal entity shall also prepare its annual summary financial statements in accordance with the provisions of the uniform act with respect to the organization and harmonization of corporate accounting and the uniform act on commercial companies and the economic interest group. A revised companies code was adopted by ohada on 30 january 2014 the uniform act on commercial companies and economic interest groups. Subject to the special provisions of this uniform act, real securities may be constituted by the debtor himself or by a third party to secure an obligation. In particular, the uniform act on commercial companies, in its article 7441 recognised the principle of dematerialisation of securities. Oct 27, 2015 the new uniform act will replace the previous one, which was enacted on 10 april 1998 and has regulated all matters relating to insolvency law in all 17 ohada member states.
In 2010, ohada adopted a revised uniform act on security, which took automatic effect in each member state on may 16 2011. After nearly ten years of negotiations within the ohada, a uniform act ua was approved on 15 december 2010 and published on 15 february 2011 in the ohadas official gazette ohada uniform act relating to cooperative companies law. December 15, 2010 in lome togodate of publication in the ohada official gazette. Jun 06, 20 in 2010, ohada adopted a revised uniform act on security, which took automatic effect in each member state on may 16 2011. Although this concept of nationality was outlined in the original 1997 treaty, certain implicit provisions that were ambiguous have now been explicitly outlined or reformulated in the uniform act. Real securities may be granted by the debtor himself or by a third party to secure the obligation subject to special provisions of this uniform act. The guarantor or counterguarantor shall have a reasonable time to examine whether the documents produced comply with the provisions of a. Ohada uniform act on arbitration arbitration notes. On 23 and 24 november 2017, the ohada council of ministers adopted three new texts on arbitration and mediation. Revised uniform act on companies global legal monitor. Ohada accounting standards and financial information on partners of cameroonian enterprises francoisxavier mayegle rene guy omenguele aboubakar mfopain abstract the financial information as a reflection of disseminated to third image is not dependent on the accounting organization in smes. In this regard, the general commercial law, the commercial companies and economic interest group law, the sureties law, the bankruptcy law and more recently, in november 2017, the ohada arbitration law have been modified by the ohada council of minister that has at the same occasion adopted a uniform act on mediation. Passed this deadline, any interested partymay file a motion with the.
This text repealed that of 17 april 1997 on 15 december 2010. Under the acts framework, member states can choose to arbitrate either under the ccja rules of arbitration or under the uniform act on the law of arbitration. The revised ohada uniform act on security law lexology. The deadline of 5 may 2016, set by the organization for the harmonization of business law in africas ohadas new.
Seventeen states and one terroritory have adopted the usa. This webpage gives brief summaries of various uniform acts adopted by the. Ohada uniform act on insolvency and restructuring in. Although the number of articles in the uniform act has increased from 258 to 378, the new regulation will significantly modernise and simplify the existing law, as it takes. The uniform act on commercial companies and economic interest groups the uniform act on commercial companies, as revised on 30 january 2014 brought about substantial changes to securities law. Ohada uniform act on insolvency and restructuring in africa. Published in the ohada officialjournal on 15 february 2011, the new uniform actentered into effect automatically in each member state,without any further formalities, on. The usa was revised in 1985, amended in 1988, revised in 2002, and amended in 2005. A revised uniform act on commercial companies and economic interest groups the revised uniform act was adopted on 30 january 2014 by the ohada council of ministers. The revised uniform act, which replaces the uniform act of 17 april 1997, was published in the ohada official gazette on 4 february 2014. Energy, infrastructure and project finance february 2014 the new ohada uniform act in a nutshell legal integration in francophone africa results in particular from the uniform acts adopted. Insight energy, infrastructure and project finance in a.
The revised act terminates and replaces in its entirety the previous uniform act on companies dated april 17, 1997 the five months to go. Natural persons who granted a security can also benefit from such grace. Ohada uniform act relating to commercial companies and economic interest group 7 paragraph 5 vacancy on the board of directors paragraph 6 remuneration paragraph 7 end of the duties of directors subsection 2 powers of the board of directors paragraph 1 scope paragraph 2 regulated agreements paragraph 3 securities, guarantees and sureties. The debtor or one or more of its creditors shall file a petition or a joint petition before. Favouring alternative dispute resolution mechanisms, the ohada council of ministers adopted on 23 and 24 november 2017 three major texts.
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