The saica guide to the companies act 71 of 2008 has been released. Act 1 companies act 2012 legal information institute. Black company means a company which is a bee controlled company and a bee owned company, each as defined in the codes. Certification courses gst live class gst certification course. While the new act does allow a two year transitional period transitional period from the. Chapter 2 of the duties act 2008 as at june 2019 introduction transfer duty is imposed under the duties act 2008 duties act on various dutiable transactions whether documented or not, including transfers of real estate and certain business assets. Failure on directorship level may ultimately result in the ruin of a company with aggrieved and unpaid creditors attempting to recover damages suffered and losses incurred. Companies ct 2008 act o 71 of 2008 6 right to incorporate company or transfer registration of foreign company one or more persons, or an organ of state, may incorporate a profit company, and an organ of state, a juristic person, or three or more persons acting in concert, may incorporate a nonprofit company, by. Table cr 3 methods and times for delivery of documents. Duty of director to dlosisc e payments for loss of office, made in connection with. A significant change from the previous act of 1973 arises in section 45 relating to. Cassim rehana, 2014 piercing the veil under section 209 of the companies act 71 of 2008. The rebatean advance tax credit for tax year 2008is available to individuals other than nonresident aliens, dependents, and estates or trusts.
This act is called the companies act, 2008, and comes into operation on a date. Secure and fair enforcement for mortgage licensing act faqs. With economists and economic indicators forecasting a recession for 2008, and in the midst of the subprime lending crisis, the economic stimulus act of 2008, p. 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. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Dissolution of companies and removal from register 83. To provide for the incorporation, management and liquidation of companies. Directors to comply with act and companys articles 151 189. Windingup of solvent companies and deregistering companies 79. Section 2205 shall apply for the purposes of this subsection as it applies for the purposes of that section. Policy statement on equity investments in banks and bank.
Preexisting companies on 1 may 2011 every preexisting company. Of navitelnavigatorautorus pdf 2008 new act, as amended quite extensively by the. Therefore, the act provides for the indefinite continued existence of the close corporations act. Bee act means the broadbased black economic empowerment act, 2003 and any regulations promulgated thereunder. Company act in addition to those imposed by the securities act. Superiority ofact part ii incorporation and registration of companies 6. Companies act, 71 of 2008 series dommisse attorneys inc. This article provides a broad overview of the company law reform process. Republic of south africa companies act, 2008 memorandum of. Operating the business under a close corporation, as long as this close corporation was registered and in operation before 1 may 2010. Companies without names it will become possible to form a company that is known only by its registration number. Section 3 of the companies act 71 of 2008 and interruption. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company.
Information technology act ministry of electronics and. Understanding the new companies act pwc south africa. This moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing. Companies act no 71 of 2008 by ira epstein fluxmans inc. The companies act 2009 sierra leone legal information institute. Companies act 2008 summary of transitional arrangement. Companies act, 2011 lesotho legal information institute.
This an act to consolidate and amend the law relating to companies. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. Pursuant to the judgment the creditor issued a writ of execution, but is now faced with the situation where an affected person has brought an application in terms of section 11 of the companies act 71 of 2008 the act to place. Reservation of name for later use part b incorporation and legal status of companies. Cfpb consumer laws and regulations safe act cfpb manual v. The statute and regulations g and h are the definitive sources of. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. A widely relied upon investment company act exception is section 3c7 of that act. The laws regarding confidential hr files your business. Definitions applicable to this part, part c and takeover regulations. Not everything kept in hrs personnel files is confidential, but to comply with the sarbanesoxley act, control and access to. Technology act amendment bill 2008 and in the process, the underlying act was renamed as information technology amendment act 2008 herein after referred to as itaa 2008. Companies act updated to 3 june 20 act 71 of 2008 gon 421, g.
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. Guidelines for corporate law reform may 2004, a policy document developed by the department of. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. 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. Piercing the veil under section 209 of the companies act. Accounting records, financial statements, financial reporting. Chapter 2 of the duties act 2008 western australia. Companies act, 2008 memorandum of incorporation name of company.
Summary of relief measures relating to statutory and. Power of a company to pay interest out of capital in certain cases. An act to reform company law and restate the greater part of the enactments relating to companies. The contribution does not attempt to discuss substantive provisions of the companies act 71 of 2008. There are some essential things you would need to know before you decide to incorporate a company in south africa. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Companies act 2008 notes on the guide to companies act no 71 of 2008 2 1.
Consider the following commonly encountered scenario. Memorandum of incorporation, shareholder agreements and rules of company 16. Approval of company requisite for payment in connection with transfer of its property to director for loss of office. The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament companies acts may be a generic name either for legislation. Pursuant to the judgment the creditor issued a writ of execution, but is now faced with the situation where an affected person has brought an application in terms of section 11 of the companies act 71.
Duty of directors to act in good faith and in the interests of company 151 188. Name and title of person signing on behalf of the commission or panel. This document has been compiled as service to our clients. The companies act 71 of 2008 the act came into effect on 1 may 2011. It amendment act 2008 2349 kb this pdf file is non accessible through use of assistive technologies i. Hr serves as the gatekeeper of employee information sensitive personal data, performance and compensation history, and healthrelated records. Corporate in a calabash introduction running a business in south africa may be done using one of three options. Instead, the author explains the process followed in the drafting of this groundbreaking piece of legislation. Operating the business under ones own name as a sole proprietorship. A creditor had instituted litigation proceedings against company x and obtained a default judgment against it. This form is prescribed by the minister ot trade and industry in terms af section 23 ot the compnies act, 2008 act no.
In this act, unless the subject or the context otherwise requires, a company means a company incorporated under this a ct. It has been announced that the new companies act no. Use of information and advice 152 transactions in which a directors is interested 191. Sasol limited registration no 197900323106 this moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing memorandum of incorporation of the company. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. Secure and fair enforcement for mortgage licensing act faqs the questions and answers below pertain to compliance with the secure and fair enforcement for mortgage licensing act of 2008 safe act as of november 24, 2019, the effective date of the 2018 amendments to the statute. Part 11 incorporation of companies and matters incidental thereto chapter i the companys memorandum and articles memorandum of association 3. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows.
For guidance, the developers looked to south african company law for the 21st century. The annual financial statements of public companies will continue to require an audit. We recommend that you seek professional advice prior to initiating action on specific issues. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Companies act 71 of 2008 english text signed by the president assented to.
Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. As such, it is intended to provide the reader or hisher entity with general information of interest. A new direction, south african mercantile law journal, 262 307337 show full item record files in this item. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Setting up your company if you are considering setting up a company, the two options that are available to you are to either incorporate a new company which is registered with the correct details from inception, or you can acquire a shelf company, transfer the shares held by the incorporator to the new. 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.
For user information document title is the gazette of india part ii dated february 5,2009. In 1982, the board issued a policy statement on nonvoting equity investments by bank holding companies the 1982 policy statement to provide guidance on the boards interpretation of the controlling influence prong of the control definition in the bhc act. Effect of removal of company from register 6 5 10 15 20 25 30 35 40 45. With acts you are guaranteed the latest and most up to date resource for your legislative needs. Companies act with its variations is a stock short title used for legislation in botswana, hong kong, india, malaysia, new zealand, south africa and the united kingdom in relation to company law. The companies act, 2008 the act defines a director as. Piercing the veil under section 209 of the companies act 71.