Senate: National Assembly Forwards Two Bills

The bills were tabled during the plenary sitting of the Senate on November 30, 2016.

 

The Speaker of the National Assembly has forwarded to the Senate for second reading the bill to fix the minimum registered capital and conditions for using notaries public in the establishment of limited liability companies in Cameroon and another one to authorize the President of the Republic to ratify the agreement between Canada and the Republic of Cameroon for the promotion and protection on investments, signed in Toronto, Canada, on 03 March 2014.

The Chairmen’s Conference of the Senate received the bills on November 30, 2016 before they were tabled during a plenary sitting of the House chaired by Senate President, Marcel Niat Njifenji. The National Assembly in a plenary sitting the previous day, November 29 adopted the bills. Concerning the bill to fix minimum  registered capital and conditions for using notaries public in the establishment of limited liability companies, government explained that passing the bill would mark the fulfillment of the recommendation of the Cameroon Business Forum. The adjustments contained in the bill are designed to ease starting a business, thereby making the national business environment more attractive to foreign and national investors.

The bill to authorize the President of the Republic to ratify the agreement between Canada and the Republic of Cameroon for the promotion and the protection, government explains was signed as part of efforts to strengthen ties between the two countries and seeks to facilitate reciprocal investments. By the bill each party is encouraged to create an enabling environment for investors of the other party to establish on their territories and enjoy the incentives granted to nationals, by ensuring fair and equitable treatment in conformity with international law.

When the bill will be enacted into law, there will be free transfers and companies of each State party will be encouraged to incorporate internationally recognized corporate social responsibilities. Besides clearly defining the scope of application of the most-favoured-Nation clause, henceforth, conditions for the establishment of various partners in each State party are laid down, as well as provisions relating to company managers, boards of directors and staff. There are also provisions on dispute settlement procedures, with details on arbitration, procedure for its entry into force and termination.

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