Republic of south africa companies act, 1973 memorandum of association of a company not having a share capital section 541. You will find below the key extracts from the south africa companies act along with the full act. As a result of the early adoption of the standard in south africa. The memorandum of incorporation was introduced in 2008 and has replaced previous legislation that was under the companies act, no 61 of 1973 the old act. 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 effect on 1 may 2011. The flag of republic of south africa was adopted on 27 april 1994. South african company law for the 21st century guidelines. It replaces king iii in its entirety and is effective in respect of financial years commencing on or after 1 april 2017.
South africa company law is a set of rules and regulation formed under the south africa companies act 2008. Following the defeat of the boers in the angloboer or south african war 18991902, the union of south africa was created as a selfgoverning dominion of the british empire on 31 may 1910 in terms of the south africa act 1909, which amalgamated the four previously separate british colonies. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. The memorandum of association which was the founding document of a company. Reservation of name for later use part b incorporation and legal status of companies.
This booklet provides insight into how creditors may. The companies act audit requirement and other matters. Memorandum of incorporation, shareholder agreements and rules of company 16. Guidelines for corporate law reform may 2004, a policy document. This page is continuously updated to ensure that you can stay up date on the companies law of south africa. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in.
The companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. Policy, published by the dti in 2004, its vision being that company law should promote the competitiveness and development of the south african economy. Companies for profit can further be subdivided into. Companies act 1963 act 179 section 1commencement spent. The act provides the minister of trade and industry with as stated above, the act requires public companies and.
Directors duties prior to the introduction of the act, the duties of company directors were governed by south african. In addition, the regulations, which provide for both activity and size criteria to determine whether or not companies require audited financial statements, require any company. King iv is a guideline for best practice and provides the main standard for corporate governance in south africa. The 20 act is divided into 29 chapters containing 470 sections as against 658 sections in the companies act, 1956 and has 7 schedules. It replaced the flag that had been used since 1928, and was chosen to represent multiculturalism and ethnic diversity in the countrys new, postapartheid democratic society. Guidelines for corporate law reform may 2004, a policy document developed by. Republic of south africa updated 10 april 2018 republic of south africa transfer pricing country profile updated april 2018 summary reference the arms length principle 1 does your domestic legislation or regulation make reference to the arms length principle. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Chapter 6 of the south african companies act 71 of 2008. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. The most basic categorization is the division between companies for profit and nonprofit companies.
Be it enacted by the parliament of the republic of south africa, as follows. Act now delineates and deals with these categories is simpler and clearer. Republic of south africa companies act, 2008 memorandum of incorporation for a public company sasol inzalo groups limited rf registration no 200800036906 this moi was adopted by special resolution passed on for the existing memorandum of incorporation of the company. Procedurally, the judicial manager was appointed by the master of the high court. Share buybacks section 488 of the companies act rsm. In reality, much of company law is ultimately about corporate governance. Recently many changes in the laws for south african companies have occurred. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. The south african companies amendment bill 2018 financial. In terms of section 223, and item 14 of schedule 5, of the companies act, 2008 act.
Act was a company in terms of any law repealed by this act. The minister of trade and industry, dr rob davies, signed and approved the companies regulations, 2011. Intelligent transport society south africa its south africa, an association incorporated under section 21 of the act. The companies act 20 is an act of the parliament of india on indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. Understanding the new companies act pwc south africa. Pdf the south african companies act and the realisation of. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. For guidance, the developers looked to south african company law for the 21st century. The companies act audit requirement and other matters related. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. Master means the master of the supreme court, and in relation toa a corporation in respect of which application is made to a court for a windingup order, the master having jurisdiction in the. The purpose of this writeup is to let you know what the essential compliance and preincorporation matters arising from the companies act, 71 of 2008, are before you embark on your entrepreneur journey. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20.
Download the new companies act caseware south africa. The new companies act also requires that it be interpreted and applied in a. With acts you are guaranteed the latest and most up to date resource for your legislative needs. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past. The current framework of south african company law is built on foundations, which were put in place in victorian england in the middle of the nineteenth century. South african company law is that body of rules which regulates corporations formed under the companies act. A company is a business organisation which earns income by the production or sale of goods or services. Pdf the companies act 71 of 2008 the companies act was promulgated in april 2009 and came into effect on 1 april. South africa companies act 2008 south africa company law. The test is whether the company could surmount its difficulties and become a successful concern. The new companies act master builders kwazulunatal. 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. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Preexisting companies on 1 may 2011 every preexisting company. Please refer to schedule 5 of the new companies act, no. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. Employees and the trade unions which represent them are among them. The act was signed by the president on 8 april 2009, but. Companies act 2008 south africa pty company registration.
Republic of south africa companies act, 1973 the act. Companies have had to come to terms with a reacquisition of their own shares leading to the application of section 46 of the act, necessitating that the board of a company adopt a resolution. For guidance, the developers looked to south african company law for the 21st. The companies act 71 of 2008 the act, provides that a company may acquire its own shares, to the extent that it is solvent and liquid, as more fully described in section 4 of the act. This information should be considered in conjunction with the act itself. Types of companies you can register in south africa. The saica guide to the companies act 71 of 2008 has been released. Most notably, it enhances the rights of persons who have, to date, had limited or no protection under company law. Rescue mechanisms in south africa have existed for almost a century through the companies act provisions relating to judicial management ss 427 to 440. The act was formed against the backdrop of a general corporate reform policy, published by the dti in 2004, its vision being that company law should promote the competitiveness and development of the south african. The new companies act changes existing south african company law in a number of ways. This entry also covers rules by which partnerships and trusts are governed in south africa, together with albeit in less detail. South africa adopted the exposure draft on the ifrs for smes standard for use by local companies when it was issued by the iasb in 2007, with the intention of providing immediate relief for limited interest companies under the then pending corporate laws amendment act of 2007.
The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament. The board of directors and committees pwc south africa. Dec 18, 2014 the companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. In contrast to the act, king iii expands extensively on the role and.
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