The Companies Act 71 of 2008 aims to achieve the following
- 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 the Republic;
- to define the relationships between companies and their respective shareholders or members and directors;
- to provide for equitable and efficient amalgamations, mergers and takeovers of companies;
- to provide for efficient rescue of financially distressed companies;
- to provide appropriate legal redress for investors and third parties with respect to companies;
- to establish a Companies and Intellectual Property Commission and a Takeover Regulation Panel to administer the requirements of the Act with respect to companies, to establish a Companies Tribunal to facilitate alternative dispute resolution and to review decisions of the Commission;
- to establish a Financial Reporting Standards Council to advise on requirements for financial record-keeping and reporting by companies;
- to repeal the Companies Act, 1973 (Act No 61 of 1973), and make amendments to the Close Corporations Act, 1984 (Act No. 69 of 1984), as necessary to provide for a consistent and harmonious regime of business incorporation and regulation; and
- to provide for matters connected therewith
It is important for companies to adhere to the companies act regulations. The regulations in South Africa for companies is constantly evolving and it is advised that Director ensure their responsibilities and duties are fulfilled.
Resources:
Companies_Act_Notebook.pdf (thedtic.gov.za)
Companies Act 71 of 2008 | South African Government (www.gov.za)
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