Companies act 71 2008 pdf

The companies act 71 of 2008 the act came into effect on 1 may 2011. The directors duty to avoid conflict of interest has been recognised and developed by common law. The exclusive saica branded launch edition of the guide has been produced to offer added value and comes in a handy a5 ring binder with additional free value added offerings. This is the share buyback provision, which allows companies to acquire shares in themselves. The companies act, 2008 disclosure of directors and. A guide to business rescue prepared by werksmans attorneys. While the companies act 71 of 2008 the act has increased the powers of company directors, it has, at the same time, increased their liabilities. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. Many companies have struggled with the interpretation of section 304 to 6 of the act, and for that reason we have collated a number of the frequently asked questions. 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. 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 ct 2008 act o 71 of 2008 2 companies act, 2008 act no.

Piercing the veil under section 209 of the companies act 71. This dissertation shall analyse the origin and development of share buyback rules in south african law, and critically analyse the manifestation of this rule in act 71 of 2008 as it is embodied is section 48. Download a copy of the companies act, 2008 ammended companies act and. Pdf piercing the veil under section 209 of the companies act 71. The selfdealing rule precludes a director from acting on behalf of the company in a transaction where heshe has. Companies act 71 of 2008 english text signed by the president assented to. A significant change from the previous act of 1973 arises in section 45 relating to. Guidelines for corporate law reform may 2004, a policy document developed by. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010.

Nothing in this document should be construed as professional advice. This information should be considered in conjunction with the act itself. Understanding the new companies act pwc south africa. Identifying directors and prescribed officers directors the term director has been defined in law. A significant innovation under the act is that it provides for a court application to declare a director delinquent or to have him placed under an order of probation. This act is called the companies act, 2008, and comes into operation on a date. For guidance, the developers looked to south african company law for the 21st century.

The act rewrites south african company law completely and will have far reaching effects. A company has to be registered under and regulated by the companies act, 2008. Companies act no 71 of 2008 872kb pdf maatskappywet no 71 van 2008 685kb pdf. Section 3 of the companies act 71 of 2008 and interruption of execution pursuant to the judgment the creditor issued a writ of execution, but is now faced with the situation where an affected person has brought an application in terms of section 11 of the companies act 71 of 2008 the act to place company x under supervision and to. Henochsberg on the companies act 71 of 2008 request pdf. Add tags for henochsberg on the companies act 71 of 2008. The companies act, 2008 the act defines a director as. A guide to business rescue prepared by werksmans attorneys the long anticipated new companies act no. Request pdf on may 31, 2016, piet delport and others published henochsberg on the companies act 71 of 2008 find, read and cite all the research you need on researchgate.

Companies act no 71 of 2008 western cape government. Pdf the companies act 71 of 2008 has introduced into our company law a statutory provision permitting courts to pierce the corporate veil. Companies act 2008 notes on the guide to companies act no 71 of 2008 2 1. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. The changes include inter alia provision for financial assistance for subscription of securities and acquisition of own. The act replacesd the companies act, 61 of 1973 and came into effect on 1 may 2011. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Companies act 71 of 2008 and the turquand rule by piet. Previously regulated by voluntary standards and norms, the. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. The act was signed by the president on 8 april 2009, but. Promote the development of the south african economy by. Henochsberg on the companies act 71 of 2008 continually.

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. Fundamental transactions and their regulation by the companies act no. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. Act requires that companies falling within specific categories. It is hereby notified that the president has assented to the following act, which is hereby published for general information. Companies act, 71 of 2008 series dommisse attorneys inc. Fundamental transactions and their regulation by the. Amendment of the companies act regulation, 2011 5 february 2014. Jul 10, 2019 companies act, 71 of 2008 series part 2. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. The companies act, 2008 the act requires certain companies to include the disclosure of directors and prescribed officers remuneration in the financial statements. 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.

Delport, piet, companies act 71 of 2008 and the turquand rule february 6, 2011. The companies act implications for directors and prescribed. 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. 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 foreign companies carrying on business within. Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008 companies amendment act, no 3 of 2011 companies regulations, 2011 pages 1 107 companies regulations, 2011 pages 108 212 companies regulations, 2011 pages 2 320. The simplicity and flexibility reflected in the act will contribute significantly to promote. The enactment of s724 and s5 of the companies act, no. Feb 19, 2019 the companies act, 71 of 2008 act gives shareholders certain substantive powers which include, among others, the power to amend the memorandum of incorporation of the company moi, the power to elect and remove directors, and the power to approve the disposal of all or the greater part of the companys assets. The act fundamentally rewrites south african company law and accordingly will have far reaching effects. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south.