Piercing the veil under section 209 of the companies act. Companies act in pdf is available for students and professionals. Provided that nothing in this subsection shall apply to a. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. While this provision is to be welcomed, it does however raise many questions, difficulties and uncertainties, some of which have been addressed by the court in the recent case of ex parte gore and others nno 20 3 sa 382 wcc, which handed down the first judgment on s 209 of the companies act 71 of 2008. The cipc can issue guidance to the public by issuing explanatory notices outlining its procedures or publishing nonbinding opinions on the interpretation of any provisions of the act in terms of section 1882b of the companies act, 2008. Notification in terms of section 122 of the companies act, no 71 of 2008, as amended the act shareholders are referred to recent media statements in relation to the disposal by the south african government of its. Companies act 2008 notes on the guide to companies act no 71 of 2008 2 1. 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.
Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. The guide has been compiled based on our understanding and interpretation of the provisions contained in the companies act no. Companies act 71 of 2008 final linkedin slideshare. Companies act 2008 summary of transitional arrangement. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms.
Section 73 of companies act, 20 prohibition on acceptance. Companies act 71 of 2008 english text signed by the president assented to. Rights and obligations of shares that company holds in itself suspended 74. The minister of trade and industry has, in terms of section 223 and. 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. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. Companies act no 71 of 2008 western cape government.
An implementation guide 1 this article is partly based on the published draft of the regulations to be issued under the new act regulations and the companies amendment bill no. This would too, no doubt, apply to the current provisions in the act. The simplicity and flexibility reflected in the act will contribute significantly to promote efficiency and transparency. The companies act, 2008 has been updated by the companies regulations, 2011, being notice no. It has been announced that the new companies act no. May 04, 2020 companies act in pdf is available for students and professionals. Previously regulated by voluntary standards and norms, the. Further, the constitutionally of s 73 6a of the 1973 act, which relates to automatic retrospective validation, can be questioned see pm meskin, b galgut, ja kunst, p delport and q vorster henochsberg on the companies act 71 of 2008 vol 1 durban. Mar 28, 20 4 companies act 71 of 2008 companies act 71 of 2008 5overviewthe act introduces fundamental changes to 1.
Companies act no 71 of 2008 by ira epstein fluxmans inc. The enactment of s724 and s5 of the companies act, no. The act was signed by the president on the 9th april 2009 and gazetted in gazette no. In order to properly provide the analysis, a comparison with the companies act no. The act replacesd the companies act, 61 of 1973 and came into effect on 1 may 2011. This information should be considered in conjunction with the act itself. Henochsberg on the companies act 71 of 2008 request pdf. Guide to companies act business in s no 71 of 2008a guide.
Companies act no 71 of 2008 as amended audit requirement assessment example company name category of profit company note 1 company a public company b private company c private company d private company e private company a holding company company classification public turnover rnil number of employees none third party. Companies and intellectual property commission 5 6. Enforceability of contract to repurchase shares subpart e redemption of shares 76. In contrast to the vague provision in the companies act 1973, the companies act 2008 clearly sets out the legal status of frss. The topic is motivated by the recent change in our company law ushered by the new companies act no.
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. Prohibition on acceptance of deposits from public effective from 1st april, 2014 1 on and after the commencement of this act, no company shall invite, accept or renew deposits under this act from the public except in a manner provided under this chapter. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south africa. For guidance, the developers looked to south african company law for the 21st century. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. While this provision is to be welcomed, it does however raise many questions, difficulties and uncertainties, some of which have been addressed by the court in the recent case of ex parte. Of navitelnavigatorautorus pdf 2008 new act, as amended quite extensively by the.
Relief under section 163 of the companies act 71 of 2008. The topic is motivated by the recent change in our company. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Relief under section 163 of the companies act 71 of 2008 unscrambling the omelette omar v inhouse venue technical management pty ltd journal. 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.
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. They will be regulations in the form of government notices and. Act requires that companies falling within specific categories. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. 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. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. Retrospective corporate validity and the companies act 71 of.
Before the new companies act came into effect on 1 may 2011 and in dealing with the rendering of directors personally liable for the debt or debts of a company one relied on the provisions of the old companies act after may 2011 we now rely on two acts. The cipc released the following additional information to assist in the application and implementation of the companies act. Retrospective corporate validity and the companies act 71. Guidelines for corporate law reform may 2004, a policy document developed by. This paper entitled capital rules in terms of the companies act no. Promote the development of the south african economy by. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Accounting records, financial statements, financial reporting. Piercing the veil under section 209 of the companies act 71. 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.
59 1359 975 296 651 41 594 1070 1239 1390 1395 1467 1336 576 1651 212 520 835 1225 1344 276 957 450 1241 150 1666 305 1288 196 242 962 54 1297 841 1433 666 374