The act replacesd the companies act, 61 of 1973 and came into effect on 1 may 2011. Amendment of the companies act regulation, 2011 5 february 2014. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. It is trite that the 1973 act, which has regulated our company law for over thirty 30 years, was old and outdated. Preservation and continuation of court proceedings and orders 11. Act requires that companies falling within specific categories. This paper entitled capital rules in terms of the companies act no. Corporations ccs until the companies act, 71 of 2008 came into force on 1 may 2011.
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 2008 summary of transitional arrangement. Fundamental transactions and their regulation by the. The minister of trade and industry has, in terms of section 223 and. The enactment of s724 and s5 of the companies act, no. Registration number 199701835208 the company this moi was adopted by special resolution passed on18 may 2017, a copy o f which was. General preservation of regulations, rights, duties, notices and other instruments 12. Several attempts were made to resuscitate it so as to bring it to par with prevailing international trends in. It has been modernised and brought into line with international best practices.
Previously regulated by voluntary standards and norms, the. Fundamental transactions and their regulation by the companies act no. Companies act, 71 of 2008 series dommisse attorneys inc. Some of the highlights, from a businessmans point of view, are. The longawaited new companies act no 71 of 2008 was promulgated in april 2009 and is expected to become effective around july 2010. 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. Promote the development of the south african economy by.
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. The information contained herein is a summary of some of the key aspects of. The companies act, 2008 has been updated by the companies regulations, 2011, being notice no. The new act sets forth to repeal, in the near future, the companies act no. This act makes significant changes to south african law, including the capital rules. Companies act 71 of 2008 english text signed by the president assented to. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. Companies act no 71 of 2008 western cape government. This guide is intended as an easy reference, pocketsized guide for directors, shareholders. Nothing in this document should be construed as professional advice. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. The minister of trade and industry has, in terms of. Continued investigation and enforcement of previous act 14. Jul 10, 2019 companies act, 71 of 2008 series part 2.
South african law used to provide for a business entity type called close. The act rewrites south african company law completely, and accordingly will have farreaching effects. Memorandum on the objects of the companies act no 71 of 2008 107kb pdf quick reference to the companies act of 2008 123kb pdf consolidated version of the companies act 1mb pdf proclamation of companies act effective date 89kb pdf. A corporate revolution in south africa the companies act no. Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008. The companies act, amendment act, together with the regulations completely replaced the companies act of 1973, however existing companies registered under the 1973. 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. The topic is motivated by the recent change in our company law ushered by the new companies act no. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Continued application of previous act to windingup and liquidation 10. Guide to companies act business in s no 71 of 2008a guide. Business rescue plan prepared in terms of section 150 of.