One of the leading financial institutions in the country GCB Bank Limited has changed it’s name to GCB Bank PLC.
Eventhough the change of name from GCB Bank Limited to GCB Bank PLC seems insignificant, there is a lot to it as the new name of the bank reflects it’s shareholding arrangements.
Difference Between Limited and Public Limited Company
Limited refers to private company whose owners are legally responsible for it’s debts only to the extent of the amount of capital they invested.
Public Limited Company (PLC) designates a company that has offered shares of stock to the general public. The buyers of those shares have limited liability meaning that they cannot be held responsible for any business losses in excess of the amount they paid for the shares.
READ THE PRESS STATEMENT FROM THE BANK BELOW.
For Immediate Release
OFFICIAL NOTIFICATION OF CHANGE OF NAME FROM GCB BANK LIMITED TO GCB BANK PLC
Accra, December 29, 2021:
This is to officially inform the general public and stakeholders that the corporate name of the Bank has been changed from GCB Bank Limited to GCB Bank PLC as per a resolution passed by the shareholders of the Bank at its Annual General Meeting on 25th March, 2021 and subsequent publication of the new name on the 1st November, 2021 in the Commercial and Industrial Bulletin No 48 on page 406.
The change was mandated by the coming to force of the Companies Act, 2019 (Act 992) section 21 (b) which directs the last words of the corporate name of public companies limited by shares to be Public Limited or the abbreviation PLC.
The corporate name is therefore GCB Bank PLC, and as such going forward the Bank shall be referred to as GCB Bank PLC in all future publications and contracts with third party providers.
However, by section 21 (14) of Act 992, the change in name shall not affect the rights or obligations of the company or render defective legal proceedings by or against the company. Hence, for existing agreements and contracts that bear the Bank’s old name, their validity will not be affected by the use of the Bank’s new name.