Formation of Company Advisory Board

Formation of Company Advisory Board

(1) The Government of Nepal shall, by a notification published in the Nepal Gazette, form a Company Advisory Board comprising a maximum of nine members consisting of one person from each of the fields of law, accounting profession, tax administration, commerce or trade administration, from amongst those who have done at least master’s degree in the respective fields and gained expertise after having served for at least seven years in such fields in the government and private sectors, as well as a representative of the Federation of Nepalese Chamber of Commerce and Industries, so as to study the practical problems coming across in the field of implementation of this Act and prevailing law relating to company administration and give advice, as required, to the Government of Nepal on timely reforms to be made in the prevailing companies law and reforms in the company administration. The Registrar shall be the member secretary of the Company Advisory Board.

(2) While forming the Company Advisory Board pursuant to sub–section (1), the notification shall designate any one of the members of the Board also to act as its chairperson.

(3) The Company Advisory Board shall submit to the concerned Ministry of the Government of Nepal, an annual report on the activities carried out by it pursuant to Sub-section (1).

(4) The concerned Ministry shall publish the report submitted pursuant to Sub section (3) and make the arrangement so that the general public can obtain a copy of such report at a reasonable price.