WHEREAS the progress of Our Empire in the field of commerce requires the codification of Our commercial laws; and
WHEREAS a Commercial Code has been prepared under Our supervision and has received the approval of Our Senate and Chamber of Deputies;
NOW, THEREFORE, in accordance with Articles 34 and 88 of Our Revised Constitution, We approve the resolutions of Our Senate and Chamber of Deputies and We hereby proclaim as follows:
1. This Proclamation may be cited as the “Commercial Code Proclamation, 1960.”
2. The Commercial Code of 1960, as published in a separate volume appearing as Extraordinary Issue No. 3 of 1960 of the Negarit Gazeta, shall come into force on the 11th day of September, 1960.
3. The Bankruptcy Law and the Company law of 12th July, 1933, are hereby repealed as from the 11th day of September, 1960.
Done at Addis Ababa this 5th day of May, 1960.
TSAHAFE TAEZAZ AKLILU HABTE WOLD
Deputy Prime Minster and Minster of Pen