Companies act no 71 of 2008 pdf

This paper entitled capital rules in terms of the companies act no. Guidelines for corporate law reform may 2004, a policy document developed by the department of. Jul 24, 2012 companies act no 71 of 2008 by ira epstein. 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. The companies act, amendment act, together with the regulations completely replaced the companies act of 1973, however existing companies registered under the 1973. Pdf the impact of the companies act 71 of 2008 on the. The companies act, 2008 disclosure of directors and prescribed officers remuneration for external distribution june 2015 update the latest version of this guide is deemed to replace and supersede all previous versions of the guide. Superiority ofact part ii incorporation and registration of companies 6. The changes include inter alia provision for financial assistance for subscription of securities and acquisition of own. 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.

Throughout the text, specific reference is made to the sections of the. Several attempts were made to resuscitate it so as to bring it to par with prevailing international trends in. The act replaces the companies act, 61 of 1973 and came into effect on 1 may 2011. Promote the development of companies within all sectors of the economy, and encourage active participation in economic organization. The directors duty to avoid conflict of interest has been recognised and developed by common law. For guidance, the developers looked to south african company law for the 21st century. Companies amendment act 3 of 2011 south african government. It has been announced that the new companies act no. The simplicity and flexibility reflected in the act will contribute significantly to promote efficiency and transparency. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. The saica guide to the companies act 71 of 2008 has been released.

It is trite that the 1973 act, which has regulated our company law for over thirty 30 years, was old and outdated. Fundamental transactions and their regulation by the companies act no. Identifying directors and prescribed officers directors the term director has been defined in law. This information booklet serves as an explanatory guide to, and general reference tool about the stipulations of the. 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 minister of trade and industry has, in terms of. Nothing in this document should be construed as professional advice. The companies act, 2008 the act defines a director as. The simplicity and flexibility reflected in the act will contribute significantly to promote. 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. Understanding the new companies act pwc south africa. Companies act no 71 of 2008 western cape government.

Fundamental transactions and their regulation by the. Amendment of the companies act regulation, 2011 5 february 2014. The companies act implications for directors and prescribed. Noncompliance with s44, s45 and s46 of the companies act, no. Guide to companies act business in s no 71 of 2008a guide. The consequences of noncompliance with sections 44, 45 and 46 of the companies act, no 71 of 2008 companies act are discussed in this article. The companies act implications for directors and prescribed officers introduction the companies act the act contains a number of provisions that will directly impact all directors and. This guide is intended as an easy reference, pocketsized guide for directors, shareholders. Both the companies act 61 of 1973 hereinafter the companies act 1973 and the companies act 71 of 2008 hereinafter the companies act 2008 provide for the financial standards.

The minister of trade and industry has, in terms of section 223 and. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. Amendment act or the regulations where applicable, otherwise any. Promote the development of the south african economy by. Henochsberg on the companies act 71 of 2008 request pdf. Each of s 44 and 45 provides that both a resolutiondecision to provide financial assistance and the financial assistance itself is void to the extent that the provision of that assistance would be inconsistent with either the applicable. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. The topic is motivated by the recent change in our company law ushered by the new companies act no. Companies act institute of directors in southern africa. Each of s 44 and 45 provides that both a resolutiondecision to provide financial assistance and the financial assistance itself is void to the extent that the provision of that assistance would be inconsistent with either the applicable section or.

While the new act does allow a two year transitional period transitional period from the. The companies regulations, 2010 are hereby published for public comment with effect from date of. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008. Companies act 71 of 2008 english text signed by the president assented to. This act makes significant changes to south african law, including the capital rules. Noncompliance with s44, s45 and s46 of the companies act. 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. This act is called the companies act, 2008, and comes into operation on a date. Companies act institute of directors in southern africa iodsa. This information should be considered in conjunction with the act itself. The new act sets forth to repeal, in the near future, the companies act no. It has been modernised and brought into line with international best practices. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments.

Kranspoort eienaarskomitee rf npc reg no 200402332308 version 2 aug 16 page 7 of 66. The companies act, 2008 disclosure of directors and. A member of the board of a company, or an alternate director of a company and includes any. 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. The information contained herein is a summary of some of the key aspects of. The enactment of s724 and s5 of the companies act, no. While the new act does allow a two year transitional period transitional period from the date on which the new act. The selfdealing rule precludes a director from acting on behalf of the company in a transaction where heshe has.