Burma hopes to pass a new act governing the operations of companies by the end of 2014, AFP reported Tuesday. The current law has not been revised for 99 years, the news agency reported. The plan to pass a new company act was revealed at the Myanmar Global Investment Forum in Naypyidaw, AFP said, adding that the act would spell out criteria for labeling a company local or foreign based on the makeup of the management board. AFP said Burma’s government was working with the Asian Development Bank to come up with the revised act.
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