When was the Companies Act updated?
The Act was brought into force in stages, with the final provision being commenced on 1 October 2009. It superseded the Companies Act 1985….Companies Act 2006.
| Dates | |
|---|---|
| Royal assent | 8 November 2006 |
| Status: Current legislation | |
| History of passage through Parliament | |
| Text of statute as originally enacted |
When did the Companies Act 2008 take effect?
71 of 2008 was signed by the President on 8 April 2009 and gazetted in Gazette No. 32121 (Notice No. 421). The Act replaces the Companies Act, 61 of 1973 and came into effect on 1 May 2011.
What is the Companies Act of 2008?
The Companies Act, 2008 aims to provide a flexible regime that balances accountability and transparency, with less of a regulatory burden. To that end, it sets certain common requirements for all companies.
What is the purpose of the Companies Act 71 of 2008?
The purpose of this Act is to: Promote compliance with the Bill of Rights as provided for in the Constitution in the application of company law. Promote the development of the South African economy by: encouraging entrepreneurship and enterprise efficiency.
Which form of ownership is no longer allowed to register according to the Companies Act of 2008?
Close Corporations
Close Corporations (CCs), a simplified, cheap form of company that was designed especially for small-business owners, can no longer be registered, although existing CCs can still run as such indefinitely.
What is entailed in Section 21 of the Companies Act 71 of 2008?
With Section 21 of the Companies Act (2008), the previous requirement (of the Companies Act 61 of 1973) that the Memorandum of Association contain as one of its objects that the specific contract be ratified / adopted, and also that the contract be registered with the Registrar, have been abolished.
Which form of ownership is no longer allowed to register according to the companies Act of 2008?
What is entailed in Section 21 of the companies Act 71 of 2008?
Which company is not required to hold AGM?
All companies except one person company (OPC) should hold an AGM after the end of each financial year. A company must hold its AGM within a period of six months from the end of the financial year.
When did the Companies Act of 2008 go into effect?
The Companies Act no. 71 of 2008 was signed by the President on 8 April 2009 and gazetted in Gazette No. 32121 (Notice No. 421). The Act replacesd the Companies Act, 61 of 1973 and came into effect on 1 May 2011.
When was the Companies Act introduced in Parliament?
The Companies Act was introduced in Parliament during 2008 and published for general comment on 27 June 2008 as Bill No. 61 of 2008. The Portfolio Committee on Trade and Industry received a large volume of written comments, as well as oral representations during the public hearings on the Companies Bill, in the latter half of 2008.
When did the Companies Act No 71 become effective?
These regulations became effective on 1 May 2011, at the same time that the Companies Act No 71, 2008, became effective. The Companies Tribunal is a body established under the Companies Act.
How did the new Companies Act change companies?
New categorisation of companies1 The Act distinguishes between two main categories of companies, namely profit and non-profit companies. This categorisation effectively does away with the concepts of ‘widely held’ and ‘limited interest’ companies introduced by the Corporate Laws Amendment Act, 2006.
