Companies act 71 2008 pdf

Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. Pdf piercing the veil under section 209 of the companies act 71. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Feb 19, 2019 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. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. 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 amendment bill as published. Promote the development of the south african economy by.

Companies act institute of directors in southern africa iodsa. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. The minister of trade and industry has, in terms of section 223 and. The enactment of s724 and s5 of the companies act, no. A significant change from the previous act of 1973 arises in section 45 relating to.

Amendment of the companies act regulation, 2011 5 february 2014. Jul 10, 2019 companies act, 71 of 2008 series part 2. Companies act no 71 of 2008 western cape government. Fundamental transactions and their regulation by the. While the companies act 71 of 2008 the act has increased the powers of company directors, it has, at the same time, increased their liabilities.

Companies act 71 of 2008 and the turquand rule by piet. Many companies have struggled with the interpretation of section 304 to 6 of the act, and for that reason we have collated a number of the frequently asked questions. Piercing the veil under section 209 of the companies act 71. This act makes significant changes to south african law, including the capital rules. Accounting records, financial statements, financial reporting. The exclusive saica branded launch edition of the guide has been produced to offer added value and comes in a handy a5 ring binder with additional free value added offerings. This dissertation shall analyse the origin and development of share buyback rules in south african law, and critically analyse the manifestation of this rule in act 71 of 2008 as it is embodied is section 48. The directors duty to avoid conflict of interest has been recognised and developed by common law.

Act requires that companies falling within specific categories. Delport, piet, companies act 71 of 2008 and the turquand rule february 6, 2011. The saica guide to the companies act 71 of 2008 has been released. A guide to business rescue prepared by werksmans attorneys the long anticipated new companies act no. The act fundamentally rewrites south african company law and accordingly will have far reaching effects. Understanding the new companies act pwc south africa. A company has to be registered under and regulated by the companies act, 2008. This information should be considered in conjunction with the act itself. Guidelines for corporate law reform may 2004, a policy document developed by. Henochsberg on the companies act 71 of 2008 continually. 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. A significant innovation under the act is that it provides for a court application to declare a director delinquent or to have him placed under an order of probation. The companies act 71 of 2008 has introduced into our company law a statutory provision permitting courts to pierce the corporate veil, contained in s 209. 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 act was signed by the president on 8 april 2009, but. The companies act, 2008 the act requires certain companies to include the disclosure of directors and prescribed officers remuneration in the financial statements. The simplicity and flexibility reflected in the act will contribute significantly to promote. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti.

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 foreign companies carrying on business within. Nothing in this document should be construed as professional advice. The act replacesd the companies act, 61 of 1973 and came into effect on 1 may 2011. The companies act, 2008 the act defines a director as.

Section 3 of the companies act 71 of 2008 and interruption of execution 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 company x under supervision and to. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Companies act 71 of 2008 english text signed by the president assented to. 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. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. For guidance, the developers looked to south african company law for the 21st. Section 3 of the companies act 71 of 2008 and interruption. This is the share buyback provision, which allows companies to acquire shares in themselves. Download a copy of the companies act, 2008 ammended companies act and. Pdf the companies act 71 of 2008 has introduced into our company law a statutory provision permitting courts to pierce the corporate veil. The changes include inter alia provision for financial assistance for subscription of securities and acquisition of own. Companies act, 71 of 2008 series dommisse attorneys inc.

Relief under section 163 of the companies act 71 of 2008 unscrambling the omelette omar v inhouse venue technical management pty ltd journal of contemporary romandutch law, vol. This act is called the companies act, 2008, and comes into operation on a date. Fundamental transactions and their regulation by the companies act no. Identifying directors and prescribed officers directors the term director has been defined in law. Add tags for henochsberg on the companies act 71 of 2008. The selfdealing rule precludes a director from acting on behalf of the company in a transaction where heshe has. Appointment of directors and functions of the board of directors the companies act, 71 of 2008 as amended the companies act provides that the business and affairs of a company must be managed by or under the direction of its board of directors the board. Companies act no 71 of 2008 872kb pdf maatskappywet no 71 van 2008 685kb pdf. Previously regulated by voluntary standards and norms, the. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. The companies act implications for directors and prescribed. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south.

Pdf the impact of the companies act 71 of 2008 on the. A guide to business rescue prepared by werksmans attorneys. Companies act 2008 notes on the guide to companies act no 71 of 2008 2 1. 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. This guide is intended as an easy reference, pocketsized guide for directors, shareholders.

The companies act 71 of 2008 the act came into effect on 1 may 2011. The companies act, 2008 disclosure of directors and. Henochsberg on the companies act 71 of 2008 request pdf. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. It is hereby notified that the president has assented to the following act, which is hereby published for general information. Relief under section 163 of the companies act 71 of 2008.