Publication of name, Business Law and Ethics

Publication of Name:

                            Section 109(1) requires every company (except one exempted under s.21):

(a)     To paint or affix its name in a conspicuous position on the outside of every office or place in which its business is carried on and to keep it so painted or affixed;

(b)     To mention its name on all letters, notices, official publications, bills of exchange, promissory notes, endorsements, cheques, bills of parcels, orders, invoices, receipts and letters of credit of the company; and

(c)     To engrave its name on its seal which shall be in the form of an embossed metal die.

If a company does not paint or affix its name as prescribed, the company and every officer in default are liable to a fine not exceeding one hundred shillings and if the company does not keep its name painted or affixed as prescribed, the company and the officer in default shall be liable to a default fine.

In the event of failure to comply with (b) or (c) above, the company and the offiver responsible shall liable to a fine not exceeding one thousand shillings and the officer may be made personally liable to any creditor who has relied on the document, if the company fails to pay. This personal liability has been explained in paragraph 1.10.1(b) above, under "lifting the veil of incorporation".

Posted Date: 1/12/2013 2:24:41 AM | Location : United States

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