ABSTRACT
This chapter focuses on the provisions of the Companies Act which is the main legislation in the field. Provincial laws comprise both the primary and delegated legislation of the provincial parliaments. The Constitution determines the order of validity of these laws by providing that in all cases of inconsistency the Constitution overrides all other laws. Company law is concerned with a certain form of economic organization. It operates effectively in a society that has either created or has captured certain economic conditions favourable for use of capital. The colonial rule introduced the modem regime of company law through legislation beginning in 1912 in what was then Papua and was extended to the United Nations Mandated Territory of New Guinea in 1921. Any map showing both Asia and the Pacific will invariably show the Island of New Guinea lying across north of Australia like a bridge linking Asia to the Pacific.
