Professional Documents
Culture Documents
REPUBLIC OF SOMALILAND LAND TRAVEL SERVICE COMPANY. Article 1. Name Of The Company. The name of the Company is LAND TRAVEL SERVICE COMPANY. Article 2. Head Quarter. The head quarter of the company is the Hargeisa, but the company has other branches, representative and agents in other regions. Article 3. The Emblem of the company is:Emblem of the Company is. Article 4:Objectives of the Company. Collecting the garbage of the city general To enhance the hygiene of the city Make consultation toward the ways the hygiene of the city could be enhanced To invest the ways that the hygiene of the city could be up graded Article 5. The Capital Of the Company The capital of the company is $10,000. Article 6. Share Holders and Board of Directors Of The Company; 1- the shareholders and board of directors are as flows;1- Abdi Salan Ismail Nuur 50%..................................... 2- Mohamed Yousuf Omar.. 50%.....................................
Article 7. Type of the Company. The liability of the company is limited, it is private L.T.D. Article 8. Authority of the Chairman. Chairman is the holder ship of the company. Chairman is the higher authority of the company. Chairman is the manager of the company. Chairman will nominate every employee. Chairman will sign every contractor with other international company. Coordinates the daily activities of the company according to the policy and procedures of the company
Assist the chairman in fulfilling his responsibilities. Represents the chairman in his absence for business, or medical reasons, or any other justifiable reason. Responsible for any other responsibility the chairman delegates to the vice chairman and movement daily operations.
Article 11. Executive Board. Executives Board is as flows:1- Mohamed Yousuf Dahir Chairman..................................... 2- Mohamed Jama Hassan Vice Chairman ................................... 3- Nassir Omar Hassan n Member . 4- Osman Muxumed warsame Member .. 5- Husein Hassan Ismail Member . 6- A/qani Jirde Cilmi Member . 7- A/rahman Nuur A/Lahi Member
Article 12. Loss of company membership The member my lose membership if he dies and will be replaced by inheritance. He may lose membership by his own personal decision. If the members commits felonies against the goals and objectives of the company. Article 13: Membership of the company The membership of the company shall be decided by the Board of Directors when the applicant is qualified for admission, the required shares must be paid in full. Article 14: Foreign Investors 1. According to the country Foreign Investment Law, foreign investors are encouraged to come to the country with open hands for investment.
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B.S.C. charter also permits Joint-Venture (JV) commitments with the foreign investors who are interested to make capital investment in Somaliland. Should the Board deem viable and profitable in the best of company interests. All the international joint-venture business agreement would be implemented when the concerned parties signed a legally binding agreement obliging certain conditions and or responsibilities to all concerned parties.
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Article 15: Shareholder Certificate The company BOD would design a shareholder certificate that every shareholder should be given for recognition. Article 16: External Audit 1. The company would hire an external audit that reviews the overall financial procedures and legality of payment at the end of every year. 2. They would present final report concerning the overall financial systems and procedures of the company and how the obligated budget has been disbursed.
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Article 167 The Accounting System of the Company 1. The accounting system of the company is double entry system.
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The financial year of the company ends December 31st and begins January 1st All the company accounts are closed on the December 31st and financial statements are prepared.
Article 18: The systems of the company accounts 1. A qualified accountant should be responsible for keeping all the books of accounts and preparing the financial statements. 2. 3. All the financial statements should be prepared at the end of the financial year. The accountant would also protect the counterfoils and all the necessary records of evidence.
Article 19: The cash management procedure 1. The company should hire a qualified financial officer. 2. 3. 4. The financial officer receives all the cash receipts and records in the cashbook and keeps in the safe. He/she transfers and deposits all the cash in the bank on daily basis. The financial officer withdraws any money with a check signed by the Executive Director or the Finance Director and the accountant.
The BOD of Directors, the Chairman and the Executive Director(s) would have a secretary. The secretary would be appointed by the Executive Director. The secretary would take the minutes of the meetings and responsible for the filling system of the office.
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The secretary is responsible for printing all the documents and proper filing systems that must be kept up to date accordingly.
Article 21: Founders Rights and Responsibilities 1. 2. 3. 4. The Founders have the maximum power and authority of the company affairs. The Founders are the top policy decision makers of the company. The Founders are also in the Board of Directors of the company. The Founders are the persons who established (Founded) the company.
Article 22: The Death of the Shareholder 1. 2. If a Shareholder died his/her share and other rights would be transferred to the next of kin as stated by the Islamic Sharia law. The next of kin has the right to continue the membership or can quit.
Article 23: The Principal rights of the Shareholders The basic principle rights are as follows: 1. The rights to share for the distribution of earnings (dividends). 2. 3. 4. 5. Right to maintain their shares and buy any additional number of stocks issued by the corporation. The right to keep or withdraw his share after the completion of investment period. The right to share the assets upon liquidation. The right to receive a copy of the company annual reports.
Article 24: Share capital The share capital can be increased either by issue of new shares or by increasing the par-value of the existing shares. Article 25:
Sale of Shares The sale of shares are only restricted to the shareholders and CANNOT be transferred to another person until the decision of the Board (BOD) is obtained. Article 26: Employment opportunity 1. 2. All employment positions of the company should be based on equal employment opportunity and all vacancies will be advertised. Vacancies/Jobs of the company are open to all Somalilanders who meet the job criteria.
Article 27: Employment Policies The recruitment policies of the company are as follows: 1. Job advertisement 2. 3. 4. 5. 6. 7. 8. 9. Job applications Qualifications Experience Written examinations Interviews Personal references Employment contract On the job training
10. Probation period Article 28: Dismissal Employees can be dismissed from their post/job because of (in any case it should be decided in accordance and within the framework official HR policy- code of conduct that clearly defines rights, entertainments and all other essential requirements for that matter):
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Article 29: Annual Reports There will be an annual report covering the overall activities of the company past operations, this report will be prepared by the Executive Director(s) and reviewed by the Board of Directors for the submission to the shareholders annual meeting. Article 30. Power and Functions of the Chairman 1. The Chairman is the head of the Board of Directors. 2. 3. 4. 5. 6. 7. He chairs the board meetings. He approves all the business commitments with the Executive Directors He initiates all the business plans and coordinates. He initiates all the company meetings with the suggestion of the Executive Directors. He makes the international business contacts on behalf of the company. He would propose the nomination of the department directors to the Board of Directors for approval.
Article 31: Arbitration of the disputes The disputes between the shareholders would be settled by following current commercial procedures and the national constitution of the State (Somaliland) or Islamic Sharia law. Article 32: Liquidation If any circumstance arise that forces the company to liquidate all its assets, all creditors are first to be paid and the shareholders after all expenses have been cleared out. Article 33: The duties and responsibilities of the Executive Director(s) 1. The Executive Director is the head of the department directors. 2. He coordinates the work activities of all the departments.
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He plans, organizes, directs and controls all the managerial activities of the department. He signs the company disbursements with the approval of the Board. He controls all the payment procedures and other transfers of the funds. He prepares the company expenditure budget with the appropriate department and reviews with the Finance director before the approval of the board He prepares the company situational report on yearly basis and semi-annual if needed and submits to the chairman and the board of directors. The executive director initiates departmental meetings at anytime or when needed. All the company financial systems and procedures would be reviewed by the executive director for control purpose.
10. The policies of sales and marketing promotions would be prepared by the executive director and reviewed by the Chairman. 11. All payments are signed by the executive director or the Finance Director with the accountant. 12. Any other duties as and when it may arise or considered by the board as necessary. Article 34: Land ownership of the company The company would have a property of land anywhere it sees fit for animal breeding, animal feedlot and holding grounds. Article 35: Taxation The corporation as a law is subject to income tax when its earnings are shown on the balance sheet. Article 36: The Company Charter 1. The company (L.T.S.) has the authority to engage import/export transaction as well the right to enter a contract of Joint/Venture and related projects with any prospective foreign investor.
2. The company will enter Joint/Venture projects in accordance to the Foreign Investment Law and will harmonize the contract on the basis of that law.
Article 37: Code of Practice 1. The company Secrecy should not be disclosed to outsiders. All members of the Board of Directors of B.S.C should agree on consent that they will abide by the code of practice of the company.
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No Board of Director member of B.S.C. should be a member simultaneously of a rival organization. 5. Penalties will be levied if the Board of Director member breaches the companys code of practice Article 3: The effectiveness of the company (L.T.S.) constitution 1. Any amendment or additional article can only be approved by the current of the shareholders or founders and finally will be ruled by the Board of Directors. The Article of Association (the Company Constitution) of this company is purely confined to the application of the L.T.S. (LAND TRAVEL SERVICE Company) policies and is effective on the date signed by the Founders.
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Article 38: The application of this law This law will be implied by the time approved and signed by the Founders. Article 39: The company Founders We, the company Founders whose names and addresses are listed below are desirous of being formed into a company: Name and responsibilities Signatures
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3- NASSIR OMAR HASSAN MEMBER 4- HUSEIN HASSAN ISMAIL MEMBER 5- A/QANI JIRDE 6- OSMAN . CILMI MEMBER
MUHUMED
WARSAME MEMBER
The Company will employ every Somali-Lander there is a vacancy Position and the Company and every one most fulfill the Conditions needed in the Position.
Article 19.
Bankruptcy
If the company is faced bankruptcy, the asset will not be divided, unless it will pay the liability of the company.
JAMHUURIYADDA SOMALILAND
JAMHUURIYADDA SOMALILAND
ayaa saxeexay wixii heshiisyo ah ee lala galaayo Shirkadaha kale ama maraakibta. Wuxuu xidhiidhinayaa shaqo maalmeedka, marka loo eego siyaasadda iyo hab raaca. In uu Gudoomiye waligii inta uu noolyahay ee ay shirkaddu jirto uu xilka haynaayo , iyadoo gudoomiyaha arintaa looga dhigay abaal guud iyo maamuus markki la eegay qodabdan
Gudoomiyuhu waa ninkii hindisay ama ikhtiraacay in shrkaddan la sameeyo Gudoomiyuhu waxa uu awood u leeyahay Dhamman shaqada maamuulka iyo maaraynta shirkadda hortiina lama furo dabadiina xidho.
Qodobka 10aad
Waayida Xubinadda.
Xubinimadda waxaa lagu waayi karaa, geeri ku timaada xubinta, waxaana badalaya dhaxlayaashiisa. Haddii uu xubintu iskeed uga tagto. Haddii uu galo dembi weyn oo ka hor jeeda ujeeddoyinka loo asaasay.
Guddomiyaha iyo Agaasimaha ayaa magacaabaya xisaabiyaha iyo Khasnajiga, xisaabiyaha waxaa uu siinayaa warbixin ku saabsan Miisaaniyadda Guddoomiyaha iyo Xubnaha kale,.
Qodobka 17aad.
Guddiga Fulinta.
34567-
Naasir Cumar Xasan Cisman Muxumed Warsame Xuseen Xasan Ismaaciil C/Qani Jirde Cilmi C/raxmaan Nuur C/laahi
Qodobka 18aad.
Kicida Shirkadda.
Haddii ay la soo gudboonato kicid (salafid) hantida ay shirkadani leedahay lama qaybsan doono ilaa laga bixiyo wixii deyn ah ee lagu leeyahay.