Perspectives on south africa s parliament at 20 years. The south af rican human rights commission has a specif ic mandate set out by the paia 2 of 2000, to promote the right to access inf ormation and monitor compliance with the legislation. Icpa is an organisation which attends to the business requirements of privately owned pharmacies in south africa as well looking after their collective interest. Promote the development of the south african economy by. The companies act or the act refers to the companies act, no.
After much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. Companies act no 71 of 2008 western cape government. Republic of south africa this form is prescribed by the minister of trade and industry in terms of section 223 of the companies act, 2008 act no. Page 2 of 16 definitions and interpretation in this memorandum of incorporation unless the context otherwise requires. This note has been prepared on the basis of the new companies act, as amended by the latest version of the. Reaffirm the concept of the company as a means of achieving economic and social benefits. Recently many changes in the laws for south african companies have occurred. Paradoxical outcomes arms deal choice on termination of pregnancy. Recently, south africa has undergone a major process of law reform, culminating in the companies act no. There are some essential things you would need to know before you decide to incorporate a company in south africa. Companies act 71 of 2008 english text signed by the president assented to. Reference to the act shall, if the act is replaced by any other statute, be construed as a. According to the department of trade and industry dti, the new act recently signed into law by president kgalema motlanthe could not have come at a more opportune time. The law of contract in south africa dale hutchison ed.
Companies act institute of directors in southern africa. Arrangement of sections chapter 1 interpretation, purpose and application part a. For guidance, the developers looked to south african company law for the 21st. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. The south african reserve bank was established by section 9 of the currency and banking act, 1920 act no 31 of 1920 and is governed by the south african reserve bank. In this act, unless the context indicates otherwise advertisement means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person seeks to bring. How does the new companies act impact small and medium.
The new companies act master builders kwazulunatal. With the reform of the company law regime in south africa through the enactment of the new companies act 71 of 2008 the companies act, as well as the regulations to the companies act, there has been uncertainty in practice with regard to the transitional status and treatment of shares under the companies act, with a number of questions being raised in this regard. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. To amend the mineral and petroleum resources development act, 2002, so as to make the minister the responsible authority for implementing environmental matters in terms of the national environmental management act, 1998 and specific environmental legislation as it relates to prospecting, mining. Policy, published by the dti in 2004, its vision being that company law should promote the competitiveness and development of the south african economy. This act makes significant changes to south african law, including the capital rules. How to set up a company in south africa business entities and registration procedures the most common business entities in south africa are. Contacting the commission the companies and intellectual property commission of south africa street address pretoria xxxx republic of south africa tel. Standards act no 8 of 2008 department of trade and.
For guidance, the developers looked to south african company law for the 21st century. 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. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. South africas new companies act, 71 of 2008, which is expected to come into operation on 1 july 2010, brings changes which will affect every existing company, its directors, 1 that is until the new act, act 71 of 2008, is incorporated 2 for example, the doctrine of constructive notice and the turquand rule. Companies act, 71 of 2008 series dommisse attorneys inc. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Guidelines for corporate law reform may 2004, a policy document. No new close corporations may be formed once that act comes into operation during 2010.
Companies act 2008 south africa pty company registration. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the. Reservation of name for later use part b incorporation and legal status of companies. Directors are obligated to report financial distress failure to do so might result in personal liability. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. Mineral and petroleum resources development act no 49 of. Breakers share block proprietary limited registration no of company 198500148007 the company this memorandum of incorporation was adopted in accordance with a proposal by the board and adopted by a special resolution taken by the voting members. Pdf the companies act 71 of 2008 the companies act was promulgated in april 2009 and came into effect on 1 april. Resources on this site are free to download and reuse according to associated licensing provision. With acts you are guaranteed the latest and most up to date resource for your legislative needs. As icpa operates in a highly regulated pharmaceutical market, it has employed the services of dommisse. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Companies act 28 of 2004 gg 3362 brought into force on. 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. This page is continuously updated to ensure that you can stay up date on the companies law of south africa. Companies act institute of directors in southern africa iodsa. Companies act 71 of 2008 english text signed by the president.
Republic of south africa companies act, 2008 memorandum of incorporation name of company. The new companies act is now operative schoemanlaw inc. How to set up a company in south africa business entities. Companies act regulations 2008 acts download sapoa. To provide for the incorporation, management and liquidation of companies. Promote the economic and social welfare of all south africans.
Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. Download a copy of the companies act, 2008 ammended companies act and. To include a comma in your tag, surround the tag with double quotes. The act has a significant impact on directors liability in corporate south africa. One of the effects of the new companies act of 2008 is the phasing out of close corporations. How does the new companies act impact small and medium enterprises. More recently, a proposed set of amendments to the labour relations act and. Effect of legislation on your company pdf labour smart. Company of south africa and the sa post office limited.
The companies act 61 of 1973 the previous act was repealed on 1 may 2011. These regulations became effective on 1 may 2011, at the same time that the companies act no 71, 2008, became effective. Arrangement of sections sections part 1 general provisions, interpretation and amendments affecting. The third king report on governance for south africa 2009 is referred to as the king. Understanding the new companies act pwc south africa. Promote innovation and investment in south african markets. Existing close corporations can elect to continue to exist until deregistered, dissolved or converted into a private company governed under the new companies act. National credit act 34 of 2005 south african government. In november 2010 the new companies act came into effect. The new companies act of 2008 what about close corporations. South africa s new companies act aims to provide some recourse for companies in distress, reduce the cost of doing business in the country, promote corporate governance and transparency and empower shareholders. Please read the terms and conditions of usage of each resource. Pdf the south african companies act and the realisation of. Acts online provides legislation, including amendments and regulations, in an intuitive, online format.
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