The companies act 61 of 1973 the previous act was repealed on 1 may 2011. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. The commission is a juristic person, and as mandated by the companies act, 2008, has jurisdiction throughout the republic, is independent, and subject only to the constitution and the law and any policy statement, directive or request issued to it by the minister of trade and industry in terms of this act. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. On 1 may 2011, the companies act 71 of 2008 came into effect, replacing the companies act 1973 and amending the close corporations act of 1984. It is hereby notified that the president has assented to the following act, which is hereby published for general information. Rather than a memorandum and articles of association, a companys constitutional documents. Power of unlimited company to provide for reserve share capital on reregistration. Capital rules in the companies act 71 of 2008 with. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Notes on the guide to companies act no 71 of 2008 this guide is intended as an easy reference, pocketsized guide for directors, shareholders, company officers and any other stakeholder who has an interest in corporate law reform.
It has been announced that the new companies act no. The saica guide to the companies act 71 of 2008 has been released. Promote the development of the south african economy by. Substituted by the companies amendment act, 2017 amendment effective from 5th july 2018. Unless otherwise noted, these activities will be conducted throughout the united states. This is my llb dissertation to satisfy the part requirements of the llb degree with the university of south africa. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south. Companies acts means the companies acts as defined in section 2 of the companies act. Superiority ofact part ii incorporation and registration of companies 6. It has been modernised and brought into line with international best practices.
Summary of relief measures relating to statutory and. In order to properly provide the analysis, a comparison with the companies act no. The new modus operandi of a company has to comply with the companies act 712008, the companies. Companies act no 71 of 2008 western cape government. Act to amend the companies act, 2008, so as to effect certain legaltechnical and. International business companies act, 2016 act 15 of 2016 arrangement of sections sections part ipreliminary 1. The main features of the companies act, 2008 are as follows. Request pdf on may 31, 2016, piet delport and others published henochsberg on the companies act 71 of 2008 find, read and cite all the research you need on researchgate.
Acts online provides legislation, including amendments and regulations, in an intuitive, online format. There are changes that may be brought into force at a future date. Some of the provisions relating to the windingup of insolvent companies in the 1973 companies act will continue to apply until alternative. Changes that have been made appear in the content and are referenced with annotations. Pdf companies act 1956 and 20 pdf download, high quality. Mineral and petroleum resources development amendment. Jul 24, 2012 companies act no 71 of 2008 by ira epstein. Companies act 2006, section 1072 is up to date with all changes known to be in force on or before 18 april 2020. The act has elicited much discussion and some confusion.
In the third king code of governance principles, the chairman of the king committee. Sections 482 and 483 of the 2008 companies act, governs acquisitions by a company of its own shares and shares of its holding company. Each notice is available for inspection at the federal reserve bank indicated. This act is called the companies act, 2008, and comes into operation on a date. May, 2011 after much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. A brief background to the introduction and status of the companies act 20 is as under. Companies act no 71 of 2008 by ira epstein fluxmans inc. Mineral and petroleum resources development amendment act, 2008. Manner reckoning fifth, eighth and tenth days in sections 72 and 73 75.
A preexisting company may file within two years of the general effective date of the new act without charge an amendment to its moi to harmonise it with the act, and if necessary a notice of name change and. A significant change from the previous act of 1973 arises in section 45 relating to. Piercing the veil under section 209 of the companies act 71. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. The companies act 71 of 2008 the act came into effect on 1 may 2011. Despite the repeal of the companies act, 1973, the regulation for the. With the enactment of the companies act 71 of 2008 the act, there was a call for the courts and other bodies, such as the companies and intellectual property commission cipc, to harmonise the changes and differences between the outgoing companies act, namely the companies act 61 of 1973 the 1973 act and the act. The companies act 1985 public company limited by shares articles of association of intertek group plc adopted by a special resolution passed on 9 may 2008 and to become effective as from 1 october 2008 preliminary 1. Consider the following commonly encountered scenario. The impact of the sarbanesoxley act and similar legislation. Power of inspectors to carry an investigation into the affairs of related companies. Registrar and offices for registration of companies.
Puertoricotaxincentivesstatutesamendmentsacts202273. This moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing. The new modus operandi of a company has to comply with the companies act 71 2008, the companies. The pdf file you are about to download is not created by writinglaw. Companies act institute of directors in southern africa. Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008 companies amendment act, no 3 of 2011 companies regulations, 2011 pages 1 107 companies regulations, 2011 pages 108 212 companies regulations, 2011 pages 2 320. One area that has been receiving attention is the new requirement for social and ethics committees. This item appears in the following collections theses and dissertations mercantile law 403. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Companies may file a new moi with the companies and. Prohibition of partnership exceeding twenty m embers. The minister of trade and industry has, in terms of section 223 and. Special measures under companies act, 20 ca20 and limited liability partnership act, 2008 in view of covid19 outbreak. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous.
A company has to be registered under and regulated by the companies act, 2008. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. The commission as per section 186 and 187 of the act have various functions to accomplish, and further help foster a business environment that is competent and efficient and also to. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Interestingly enough, it has enjoyed less attention than its cousin the consumer protection act, which became operational on 1 april 2011. The contribution is my own work, a research into the rescue proceedings as provided for in the new companies act 71 of 2008 and as interpreted and applied by the courts. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. Section 3 of the companies act 71 of 2008 and interruption of execution. The new companies act introduced fundamental changes to south african company law. Act 1 companies act 2012 legal information institute. Companies act 2008 summary of transitional arrangement. National conventional arms control amendment act, 2008 no. The tax issue of various aspects of the companies act 71.
Allotment of shares and debentures to be dealt in on stock exchange 74. This an act to consolidate and amend the law relating to companies. Definitions in this act a company means a company incorporated by letters patent under this act. A creditor had instituted litigation proceedings against company x and obtained a default judgment against it. Rights and options to subscribe for share issue to directors, officers and employees. The companies and intellectual property commission cipc the commission is a juristic person, and mandated by the companies act, 2008 act 71 of 2008. The background of companies act, 20 the companies act, 1956 is all set to be replaced by the companies act 20 which was passed by the lok sabha on 18th december 2012 and passed by the rajya sabha on 8th august 20. Social and ethics committees are required by the new companies act the companies act no. The tax issue of various aspects of the companies act 71 of 2008.
Promote compliance with the bill of rights as provided for in the constitution in the application of company law. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. Companies act regulations 2008 acts download sapoa. Unlisted large and mediumsized chinese companies are also encouraged to adopt the rules. Capital rules in the companies act 71 of 2008 with specific reference to sections 44 and 48. This falls away from the capital maintenance principle which required that the capital of a company be maintained. For guidance, the developers looked to south african company law for the 21st century.
Nothing in this document should be construed as professional advice. The companies act, 71 of 2008 act gives shareholders certain substantive powers which include, among others, the power to amend the memorandum of incorporation of the company moi, the power to elect and remove directors, and the power to approve the disposal of all or the greater part of the companys assets. Companies act no 71 of 2008 as amended audit requirement assessment example company name category of profit company note 1 company a public company b private company c private company d private company e private company a holding company company classification public turnover rnil number of employees none third party. Par value shares old act allowed par value and no par value share new act precludes creation of new authorised par value share existing par value shares remain may issue unissued par value shares from authorised capital as at 1 may 2011 if at least one such share issued new company cannot create or issue. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. Companies act, 2008 which will then supersede and replace its existing memorandum and articles of association, especially if it wishes to tailor the alterable provisions and does not wish to be bound by the default provisions housed under the act. Different provisions of the companies amendment act, 2017 including any amendments, references in any provisions there in, shall come into force on such date or dates as the central government may, by notification in the official gazette appoints. Regulations not to apply no regulations set out in any schedule to, or contained in any order, regulation or other. If you agree then only proceed to download companies act 20 pdf. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. Numbered acts adjustments appropriation act, 2008 no.
Retrospective corporate validity and the companies act 71 of. Companies act 71 of 2008 english text signed by the president assented to. While this provision is to be welcomed, it does however raise many questions, difficulties and uncertainties, some of which have been addressed by the court in the recent case of ex parte gore and others nno 20 3 sa 382 wcc, which handed down the first judgment on s 209 of the companies act 71 of 2008. The notice also will be available for inspection at the offices of the board of.
Piercing the veil under section 209 of the companies act. Application of act to existing companies and savings. Amendment of the companies act regulation, 2011 5 february 2014. Punishment for contravention of section 73 or section 76. December 2, 2015 page 7 c companies act chapter c14 1. Drugs of abuse act 2008 arrangement of sections part i.
The information contained herein is a summary of some of the key aspects of. According to the new companies act, a company may acquire its own. After much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. It is hereby notified that the president has assented to the following act, which is. Amended memorandum of incorporation of kruger park lodge homeowners association npc registration number 199701835208 the company this moi was adopted by special resolution passed on 15 may 2014, a copy of which was. Application of this act part ii company incorporation subpart i types of international business companies 5. There are some essential things you would need to know before you decide to. Drugs of abuse act 2008 arrangement of sections part i preliminary section 1. The new companies act is now operative schoemanlaw inc. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. This information booklet serves as an explanatory guide to, and general reference tool about the stipulations of the. Social and ethics committees are required by the new.
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