2008 companies act pdf

Companies act institute of directors in southern africa iodsa. The companies regulations, 2010 are hereby published for public comment with. Section 4241 of the old companies act has been replaced by section 77 which, while. Companies and intellectual property registration office. Definitions and other interpretation provisions that apply to this act are set out in schedule 1. This article looks at the south african companies act 71 of 2008 hereafter the.

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. Reproduced by sabinet online in terms of government printer s. The companies act or the act refers to the companies act, no. The new companies act introduced fundamental changes to south african company law. Pdf the south african companies act and the realisation of. In terms of section 223, and item 14 of schedule 5, of the companies act, 2008 act. The act was signed by the president on the 9th april 2009 and gazetted in gazette no. It was argued t hat one of the consequences of the development of the bjr in the unite d states of amer ica usa was the. The minister of trade and industry has, in terms of. To amend the companies act, 2008, so as to change the definition of securities. If you have enough time between now and your act at least three weeks but preferably twelve to. The application of section 90 of the companies act, 2008.

Companies without names it will become possible to form a company that is known only by its registration number. Requirements or other laws shall prevail, and this memorandum of. Companies act 28 of 2004 companies administrative regulations, 2010 3 subregulation 2 does not apply in respect of a copy referred to in section 12 of the act which document is certified by the registrar of the high court as a true copy of the original document. Antiavoidance, exemptions and substantial compliance 7. Previously regulated by voluntary standards and norms, the. An act to consolidate and amend the law relating to companies. To amend the companies act, 2008, so as to effect certain legaltechnical and grammatical amendments in order to ensure the proper application and adminis tration of the principal act subsequent to its commencement.

Pdf the companies act 71 of 2008 the companies act was promulgated in april 2009 and came into effect on 1 april. Companies act 2008 summary of transitional arrangement. The companies act, 2008 the act defines a director as. M gwanyanya the south african companies act and the. Be it enacted by parliament in the sixtyfourth year of the republic of india as follows. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. To provide for the incorporation, management and liquidation of companies. The pfma refers to public finance management act, no. Guide to companies act business in s no 71 of 2008a guide. The enactment of s724 and s5 of the companies act, no. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. You can use these tests as dress rehearsals to get you ready for the whole experience of taking an act exam.

The simplicity and flexibility reflected in the act will contribute significantly to promote. In terms of section 223, and item 14 of schedule s, of the companies act, 2008 act no. The portfolio committee on trade and industry received a large volume of written comments, as well as oral representations during the public hearings on the companies bill, in the latter half of 2008. This information should be considered in conjunction with the act itself. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Companies act, 2008 companies regulations, 2011 i, dr rob davies, the minister of trade and industry, hereby in terms of section 223 of the companies act, 2008 act no. Claims against directors in terms of the companies act, 2008. Guidelines for corporate law reform may 2004, a policy document developed by. 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. Provided that different dates may be appointed for different provisions of this act and. The companies act 71 of 2008 turning now to the 2008 companies act, some of the provisions of the act relevant to the current status of the common law doctrine of constructive notice and the turquand rule are s 194, s 195, s 207 and s 208.

The companies act 61 of 1973 the previous act was repealed on 1 may 2011. For guidance, the developers looked to south african company law for the 21st. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms. The simplicity and flexibility reflected in the act will contribute significantly to promote efficiency and transparency. Companies act institute of directors in southern africa. Part 11 incorporation of companies and matters incidental thereto chapter i the companys memorandum and articles memorandum of association 3.

Pdf the impact of the companies act 71 of 2008 on the. Companies bill, 2008 ministry of corporate affairs. In terms of section 72 of the companies act read with companies regulation 43, the following companies should have appointed a social and ethics committee within one year after the act became effective i. The annual financial statements of public companies will continue to require an audit. Section 48 of the companies act 71 of 2008 by namala tabaro. Modified application with respect to nonprofit companies 11. The minister of trade and industry has in terms of section 223 and item 14 of schedule 5 of the companies act published the companies regulations. The minister of trade and industry has, in terms of section 223 and item 14 of schedule 5 of the companies act. If you have enough time between now and your act at least three weeks but preferably twelve to eighteen weeks, you should work through this entire book. Companies act 28 of 2004 gg 3362 brought into force on. Revised under the authority of the law revision act 2020 revision. The companies act, in this act referred to as the act, is amended.

It is hereby notified that the president has assented to the following act, which is hereby published for general information. Modified application with respect to stateowned companies 10. This act commences on a date appointed by the minister by notice published in the gazette. The companies act, amendment act, together with the regulations completely replaced the companies act of 1973, however existing companies registered under the 1973. For guidance, the developers looked to south african company law for the 21st century. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. This act may be cited as the companies amendment act, 2008. This falls away from the capital maintenance principle which required that the capital of a company be maintained. The companies act was introduced in parliament during 2008 and published for general comment on 27 june 2008 as bill no. This information booklet serves as an explanatory guide to, and general reference tool about the stipulations of the.

Sections 482 and 483 of the 2008 companies act, governs acquisitions by a company of its own shares and shares of its holding company. Page 2 revised as at 31st december, 2020 c publishing details cap. Incorporation of companies and matters incidental thereto 3. The companies act 71 of 2008 has codified the traditional directors common law duty to avoid conflict of interest, specifically the selfdealing and fair dealing rules. This book contains ten simulated act practice tests. According to the new companies act, a company may acquire its own. The regulations refers to the regulations to the companies act, no. This consolidated version of the enactment incorporates all amendments listed in the. General application of act and preservation of rights of existing companies. The draft regulations are released for further stakeholder engagement, and in preparing this draft regulations the dti took into account the companies act, 2008 and companies. The act replaces the companies act, 61 of 1973 and came into effect on 1 may 2011.