The simplicity and flexibility reflected in the act will contribute significantly to promote efficiency and transparency. Part i interpretation interpretation 21in this act, a articles means the articles of association of a company, as originally framed or as altered by special resolution, and includes, so far as they apply to the company, the regulations made. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms. They will be regulations in the form of government notices and. Superiority ofact part ii incorporation and registration of companies 6. 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 notify in the. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Creamer media reporter save this article email this article. The new companies act is now operative schoemanlaw inc. After much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. Retrospective corporate validity and the companies act 71. The minister of trade and industry, dr rob davies, signed and approved the companies regulations, 2011. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past.
The act was signed by the president on the 9th april 2009 and gazetted in gazette no. References to companies incorporated under companies act. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Promote the development of the south african economy by. New derivative action under the companies act, the. Chapter 6 of the south african companies act 71 of 2008. Practice note 01 of 2018 qualifications of practitioners in terms of section 81. The regulations, deal with the functions of the companies commission, takeover regulation panel and companies tribunal, and other matters relating to the regulation of companies, which will come into. Be it enacted by parliament in the sixtyfourth year of the republic of india as follows.
The new act and regulations became effective on 1 may 2011. This information should be considered in conjunction with the act itself. Comparative guide to the old and new companies acts, the. The new companies act 71 of 2008 chapter 6 being called business rescue and compromise with creditors was signed by the state president in april 2008 and is expected but nobody is sure to come into effect in november 2010. Companies act regulations 2011 under companies regulations 2011. An act to consolidate and amend the law relating to companies. Under the new act, companies may store documents in electronic format, give notice of meetings electronically, and electronic signature of documents is permitted.
A guide to business rescue prepared by werksmans attorneys the long anticipated new companies act no. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. As such, it is intended to provide the reader or hisher entity with general information of interest. The new modus operandi of a company has to comply with the companies act 712008, the companies. Companies act 2008 summary of transitional arrangement. A guide to business rescue prepared by werksmans attorneys. The act fundamentally rewrites south african company law and accordingly will have far reaching effects. Interestingly enough, it has enjoyed less attention than its cousin the consumer protection act, which became operational on 1 april 2011. Legal nature and rights and powers attaching to shares 46. Understanding the new companies act pwc south africa. The longawaited companies and other business entities act chapter 24. 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. These changes suit smaller businesses and startups, which tend to be digitallybased and seldom deal with documents in hardcopy.
The act also repealed the official secrets act 1951, which the cook islands had inherited from new zealand the law was introduced into the cook islands parliament on 12 february 2008, and passed two days later. General application of act and preservation of rights of existing companies. Updated guidance and frequently asked questions on section 90 2 of the companies act, 2008. It amendment act 2008 2349 kb this pdf file is non accessible through use of assistive technologies i. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Promote compliance with the bill of rights as provided for in the constitution in the application of company law.
With acts you are guaranteed the latest and most up to date resource for your legislative needs. Companies act no 71 of 2008 western cape government. Products accounting for all accounting standards basic. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Henochsberg on the companies act 71 of 2008 request pdf. Some of the provisions of the act have been implemented by a notification. The companies act, 20 has been notified in the official gazette on 30th august, 20. Commentary on the companies act of 2008 online isbn 26168871. For guidance, the developers looked to south african company law for the 21st century. The new companies act cancels the companies act chapter 24. 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. May, 2011 after much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. 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 1955 continues to apply for limited purposes. The act consolidates and amends the law relating to companies. This an act to consolidate and amend the law relating to companies. Effect of conversion on legal status schedule 3 amendment of laws a.
Act subject to application of cape town convention and aircraft protocol. For user information document title is the gazette of india part ii dated february 5,2009. 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. Introduction of new electronic filing method by way of mobile application all called app for company and close corporation forms. In contrast to the vague provision in the companies act 1973, the companies act 2008 clearly sets out the legal status of frss. The act was signed by the president on 8 april 2009, but. Companies acts means the companies acts as defined in section 2 of the companies act.
So too, there are stricter provisions governing directors conduct and liability, and their common law duties and liabilities have now been codified. President zuma signed into law the companies amendment act, 2011 and approved the proclamation and presidents minute that put into legal force the companies act 2008 on 1 may 2011. May 2020 edition of my ebook on the companies act, 20 is available for sale from may 4, 2020. 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.
Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. Mar 28, 20 4 companies act 71 of 2008 companies act 71 of 2008 5overviewthe act introduces fundamental changes to 1. Limitation of period to incorporate close corporations or convert companies 3. Information technology act ministry of electronics and. Fundamental transactions and their regulation by the. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Knowledge and understanding of board of trustees 37. Companies restored to register or that have ceased to be in liquidation may be reregistered.
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. Companies act 71 of 2008 english text signed by the president assented to. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. This booklet provides insight into how creditors may. Companies act 71 of 2008 final linkedin slideshare. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. South african close corporation, in australia, new zealand or the united kingdom. It has been modernised and brought into line with international best practices. This article deals with the regulation of company shares and gives more. Adoption, alteration and revocation of constitution 44. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20.