Thursday, 25 September 2008

The adjustment of article of association of companies pursuant to the new company law

Law 40 of 2007 regarding the Limited Liability Company (August 16,2007) stipulates that the companies that have obtained the legal entity status based on the prevailing laws and regulations must adjust their Articles of Association (“AoA”) within a period of one (1) year as from time of the coming into effect of Law 40/07.
Pursuant to above-mentioned provision, the companies that have not adjusted their AoA up to the dateline of August 16, 2008, the said companies may not access temporary the Administrative System of Legal Entity (SISMINBAKUM) of Ministry of Laws and Human Rights (“MoLHR”) since September 16, 2008. The purpose of closing the access to SISMINBAKUM temporary in order to achieve the administration harmonization on the law services of PT sector.
Furthermore, the said companies that wish to access the SISMINBAKUM again and to adjust their AoA pursuant to Law 40/07 shall submit the application letter to the MoLHR with attachment of the Integrity Pact signed by the Directors.

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