The aim of the activ is to encourage and support nonprofit organisations in their. The minister of trade and industry has, in terms of section 223 and. The companies act pocket book aids in providing for the incorporation, registration, organisations and management of companies, the capitalisation. The new companies act 71 of 2008 chapter 6 being called business rescue and compromise with creditors was signed by the state president in april 2008 and is expected but nobody is sure to come into effect in november 2010.
The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. Companies act 71 of 2008 english text signed by the president assented to. 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 provide access to services to all. Fundamental transactions and their regulation by the companies act no. A pocketbook containing the consolidated companies act no. Accounting records, financial statements, financial reporting.
Please refer to schedule 5 of the new companies act, no. Mlaw 211 group assignment 3 companies act 71 of 2008. Companies act 2008 summary of transitional arrangement. The enactment of s724 and s5 of the companies act, no.
The companies act provides the courts with wide discretion to either extend any disqualification for no longer than a period of five years at a time, or to exempt any person from the disqualifications as set out above. This act makes significant changes to south african law, including the capital rules. Companies act no 71 of 2008 872kb pdf maatskappywet no 71 van 2008 685kb pdf companies amendment act, no 3 of 2011 2mb pdf companies regulations, 2011 pages 1 107 3,1mb pdf companies regulations, 2011 pages 108 212 4,2mb pdf companies regulations, 2011 pages 2 320 6,5mb pdf memorandum on the objects of the companies. Duty of directors to act in good faith and in the interests of company 151 188. No close corporations may be incorporated after the effective date of the companies act, 2008. Common law duties and section 76 of the companies act, 71.
Companies act 2008 notes on the guide to companies act no 71 of 2008 2 1. Jul 24, 2012 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. Companies act no 71 of 2008 by ira epstein fluxmans inc. Act no 71 of 2008 872kb pdf maatskappywet no 71 van 2008 685kb pdf. Section 4241 of the old companies act has been replaced by section 77 which, while worded differently, retains the essence of the old section 424. 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 companies act pocket book has been printed together with the new draft companies amendment bill. The act replacesd the companies act, 61 of 1973 and came into effect on 1 may 2011.
Act requires that companies falling within specific categories. Chapter 6 of the south african companies act 71 of 2008. Kranspoort eienaarskomitee rf npc reg no 200402332308 version 2 aug 16 page 7 of 66. Feb 19, 2019 introduction although any mention of the windingup or liquidation of a business enterprise has the tendency to attract negative sentiments in the commercial world, the voluntary windingup of a solvent company remains a useful and practical tool for businesses to achieve certain defined outcomes. Companies without names it will become possible to form a company that is known only by its registration number. Declaration of conflicts of interest and the consequences of noncompliance.
Fundamental transactions and their regulation by the. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Bear in mind that the original act 71 of 2008 was amended by act 3 of 2011 just before it came into operation, so make sure you have the amended act. Guidelines for corporate law reform may 2004, a policy document developed by. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. Companies act institute of directors in southern africa iodsa. Companies act no 71 of 2008 western cape government. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Download a copy of the companies act, 2008 ammended companies act and. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous.
It is hereby notified that the president has assented to the following act, which is hereby published for general information. The companies act determines that the appointment of. Previously regulated by voluntary standards and norms, the. Companies act, 71 of 2008 series dommisse attorneys inc. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south africa. Directors to comply with act and companys articles 151 189. For guidance, the developers looked to south african company law for the 21st century. The act rewrites south african company law completely and will have far reaching effects. Understanding the new companies act pwc south africa. Child justice act 75 of 2008 english text signed by the president as amended by judicial matters amendment act 42 of 20 judicial matters amendment act 14 of 2014 legal aid south africa act 39 of 2014 also amended by prevention and combating of trafficking in persons act 7 of 20 with effect from a date to be proclaimed see pendlex. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. I, dr rob davies, the minister of trade and industry, hereby in terms of section 223 of the companies act, 2008 act no. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti.
It may not be used as an exhaustive legal reference or substitute for the act. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. The companies act 71 of 2008 the act came into effect on 1 may 2011. Recently, the south african legislature partially codified the common law duties of directors with the companies act, 71 of 2008 hereafter referred to as the 2008 companies act. Section 80 of the companies act, 71 of 2008 the companies. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. The companies act, 2008 the act defines a director as. Implementation checklist it has been announced that the new companies act no. In this article, we explore the requirements applicable to a disposal of the greater part of a companys assets or undertakings in terms of section 112 of the companies act act no. Chapter 2 of the 2008 companies act is dedicated to the formation, administration and dissolution of companies. With acts you are guaranteed the latest and most up to date resource for your legislative needs. The changes include inter alia provision for financial assistance for subscription of securities and acquisition of own. Promote the development of the south african economy by.