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Zambia legislation

Companies (Amendment) Act, 1995

This Act amends the Companies Act, 1994, including how certain employee-related amounts are treated in a winding-up and how severance pay is handled.

amendmentsemployee severancewinding-up priorities
Jurisdiction
Zambia
Structure
1 provisions
Citation
Act 6 of 1995
Dates
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“This Act amends the Companies Act, 1994, including how certain employee-related amounts are treated in a winding-up and how severance pay is handled.”

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This Act amends the Companies Act, 1994, including how certain employee-related amounts are treated in a winding-up and how severance pay is handled.

Section document

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Short title
§ documentDocument textShort title

This Act amends the Companies Act, 1994, including how certain employee-related amounts are treated in a winding-up and how severance pay is handled.

Companies (Amendment) (No. 6 ort99S 81 I GOVERNMENT OF ZAMBIA ACT No. 6 ort995 Date of Assent: 21st April, 1995 An Act to amend the Companies Act [ 28th April, 1995 ENACfED by the Parliament of Zambia. I. This Act may be cited as the Companies (Amendment) Act, 1995, and shall be read as one with the Companies Act, 1994, in this Act referred to as the principal Act. 2. Section three hundred and forty-six of the principal Act is amended- (a) by the deletion of paragraphs (b) and ( c) of subsection (I) and the substitution therefor of the following para­ graphs: (b) all amounts due- Enactment Short title Act No. 26 of 1994 Amendment of section 346 (i) by way of wages or salary (whetheror not earned wholly or in part by way of commission) accruing to any employee within the period of three months before the commencement of the winding-up; (ii) in respect of leave accruing to any em­ ployee within the period of two years before the commencement of the winding-up; (iii) in respect of any paid absence (not being leave) accruing to any employee within the period of three months before the commencement of the winding-up; Single copies of 1his Acl may be obtained from the Governmenl Prinler. P.O. Box 30/36.10/00 Lusaka. Price K45.00. ' ' 82 No. 6 of 1995] Companies (Amendment) (iv) by way of recruitment expenses or other amounts reimbursable under any con­ tract of employment; ( c) an amount equal to three months' wages or salary, by way of severance pay, to each employee; (b) by the insertion after subsection (11) of the following new subsections: (12) An amount paid to an employee under para­ graph (c) of subsection (1) shall be deducted from any amount payable as·severance pay due to the employee under any law or agreement. (13) This section shall be deemed to have commenced on 1st November, 1994.
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  • Zambia. I. This Act

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