XN000022-1990-05-18 — Page 8

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FRIDAY, MAY 18, 1990

NEW SYSTEM FOR REGISTERING COMPANY NAMES PROPOSED

STREAMLINED

THE GOVERNMENT IS PROPOSING TO INTRODUCE A FOR THE REGISTRATION AND APPROVAL OF COMPANY NAMES WHICH WOULD THE TIME TAKEN TO INCORPORATE NEW COMPANIES.

SYSTEM

REDUCE

COMPANIES (AMENDMENT}

THE PROPOSED SYSTEM IS CONTAINED IN THE (NO. 5) BILL 1990, WHICH WAS GAZETTED TODAY (FRIDAY).

+

KINGDOM

THE

"BASED ON THE

APPROACH, UNITED GENERALLY CONSIDERED TO BE SIMPLER AND QUICKER, AND SHOULD GREATLY REDUCE THE TIME TAKEN TO REGISTER NEW REGISTRAR GENERAL, MR NOEL GLEESON, SAID.

IS

NEW SYSTEM ITS INTRODUCTION

COMPANIES, THE

THE

"AT PRESENT, OWING TO THE LARGE NUMBER OF APPLICATIONS AND

TIME TAKEN TO INCORPORATE NAME, IS BETWEEN TWO AND

LIMITED RESOURCES AVAILABLE, THE OVERALL COMPANIES, INCLUDING THE APPROVAL OF THE THREE MONTHS WHICH IS CONSIDERED UNSATISFACTORY.

IT IS THE

"UNDER THE NEW SYSTEM, A COMPANY NAME IS REGISTRABLE IF

IN THE COMPANY NAME INDEX IN NOT THE SAME AS A NAME ALREADY COMPANIES REGISTRY.

THE OPINION OF THE "HOWEVER, WHERE A NAME REGISTERED IS, IN

NAME PREVIOUSLY ENTERED IN THE REGISTRAR OF COMPANIES, TOO LIKE A

MONTHS OF REGISTRATION, DIRECT INDEX, THE REGISTRAR MAY, WITHIN 12

SPECIFY," THE COMPANY TO CHANGE ITS NAME WITHIN SUCH PERIOD AS HE MAY MR GLEESON SAID.

SYSTEM WILL RESULT IN "THE INTRODUCTION OF THE PROPOSED NEW

THE THE NAME RESERVATION SYSTEM BEING ABOLISHED, THEREBY CUTTING DOWN

ABOUT 10 WORKING TIME TAKEN TO INCORPORATE COMPANIES TO A PERIOD OF DAYS.

APPROACH WILL BE ΤΟ "ONE OF THE RESULTS OF THE NEW

RELIEVE OF DECIDING STAFF OF THE COMPANIES REGISTRY FROM THE RESPONSIBILITY

NAME

ΤΟ AND

PLACE WHETHER A NAME IS TOO LIKE' AN EXISTING COMPANY THIS RESPONSIBILITY ON THE PARTY REGISTERING THE NEW COMPANY.

+

NAME' 'SAME

AND 'TOO LIKE NAME' "TO THIS END, MANUAL (FOR

'SAME NAME' SEARCHES ONLY) SEARCH SEARCHES) AND COMPUTERISED (FOR

THE FACILITIES WILL BE MADE AVAILABLE TO THE PUBLIC FREE OF CHARGE AT PUBLIC SEARCH AREA OF THE COMPANIES REGISTRY," HE SAID.

"MORE DETAILS OF ARRANGEMENT FOR SEARCHES WILL BE GIVEN

HE ADDED. THE NEW SYSTEM COMES INTO OPERATION,"

BEFORE

THERE SHOULD BE A TRANSITIONAL THE BILL ALSO PROVIDES THAT

SYSTEM COMES INTO PERIOD OF THREE MONTHS BEFORE THE NEW "SAME NAME" FORCE.

/MR GLEESON