Vaavu Atoll Council moves ahead with plans to form a company. The authority last week on Wednesday, November 16 announced seeking directors for its board.
This is the first time a council authority announced plans for creating a company under its management. A statement from the council said, it has decided to move forward with plans to launch a local authority company in accordance with Maldives Decentralization Act.
The announcement further confirmed the council was seeking for four qualified individuals for the local authority company's board. The authority will appoint directors based on the regulations on local authority companies and commerce with private entities.
Interested candidates must submit application form to the authority before December 8, 2022.
Regulations dictate in order for local authority companies to register, credentials of its board of directors must be submitted as supporting documents. Documents the council is required to submit to register the company include;
- Business Registration Form
- Articles of Association of the Local Authority Company
- Memorandum of Association of the Local Authority Company
- Credentials of the members appointed for the company's board
- Credentials of the member appointed as the company's Managing Director
- Credentials of the company's Secretary
Meanwhile, the council affirms it was moving forward with all necessary formalities prior to registration. The council envisions a local authority company will greatly benefit the island communities within the atoll.