The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. The minister of trade and industry has, in terms of section 223 and. This is a relatively new act, which came into operation on 1 may 2010 and which has replaced the 1973 companies act. A the formation of one or more new companies, which together hold all of the. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Companies act no 71 of 2008 western cape government. This would too, no doubt, apply to the current provisions in the act. May 04, 2020 download index part of ebook on companies act 20. Interestingly enough, it has enjoyed less attention than its cousin the consumer protection act, which became operational on 1 april 2011. Understanding the new companies act pwc south africa. Be it enacted by parliament in the sixtyfourth year of the republic of india as follows.
In contrast to the vague provision in the companies act 1973, the companies act 2008 clearly sets out the legal status of frss. The companies act, 20 has been notified in the official gazette on 30th august, 20. Relief under section 163 of the companies act 71 of 2008. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders.
Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. For guidance, the developers looked to south african company law for the 21st century. The act provides economic incentives, tax exemptions and tax credits to businesses engaged in eligible activities in puerto rico. A company has to be registered under and regulated by the companies act, 2008. May, 2011 after much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. Promote compliance with the bill of rights as provided for in the constitution in the application of company law. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011.
Companies without names it will become possible to form a company that is known only by its registration number. Companies act in pdf is available for students and professionals. The new modus operandi of a company has to comply with the companies act 712008, the companies. May 2020 edition of my ebook on the companies act, 20 is available for sale from may 4, 2020. Chapter xxi part i companies authorised to register under this act. Companies act no 71 of 2008 by ira epstein fluxmans inc.
On 1 may 2011, the companies act 71 of 2008 came into effect, replacing the companies act 1973 and amending the close corporations act of 1984. Nothing in this document should be construed as professional advice. Companies act 2008 summary of transitional arrangement. The companies act, 2008 has been updated by the companies regulations, 2011, being notice no. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. 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. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. Act 73 economic incentives for the development of puerto rico. An act to reform company law and restate the greater part of the enactments relating to companies. You can also search for keywords within the sections of the act. Companies bill 2008 was introduced by the government in the lok sabha on october 23, 2008. The act consolidates and amends the law relating to companies. Chapter xix revival and rehabilitation of sick companies.
You can view a specific section, or view all sections grouped by chapters. The background of companies act, 20 the companies act, 1956 is all set to be replaced by the companies act 20 which was passed by the lok sabha on 18th december 2012 and passed by the rajya sabha on 8th august 20. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no. Division 2 conversion of private company into public company 70 conversion of private company to public company. Retrospective corporate validity and the companies act 71 of. Guidelines for corporate law reform may 2004, a policy document developed by the department of. The index contains the latest amendments, list of all sections including sections which has not yet been notified, schedules, and rules made under the companies act, 20.
Further, the constitutionally of s 736a 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. Updated guidance and frequently asked questions on section 90 2 of the companies act, 2008. Act 73 economic incentives for the development of puerto. Retrospective corporate validity and the companies act 71. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may. The new companies act is now operative schoemanlaw inc. Enforcement of duty on companies to make return to registrar 17. An act to consolidate and amend the law relating to companies. Objectives of the act the new companies act seeks to encourage and promote transparency and to raise the standards of corporate governance in south. The new companies act introduced fundamental changes to.
Act 766 national pensions act, 2008 benefits and qualifying conditions 70. Henochsberg on the companies act 71 of 2008 request pdf. The companies act, 20 rules on the companies act, 20 this feature allows you to view the companies act, 20 sectionwise or chapterwise. Chapter xviii removal of names of companies from the register of companies. 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. With acts you are guaranteed the latest and most up to date resource for your legislative needs. This an act to consolidate and amend the law relating to companies. Guidelines for corporate law reform may 2004, a policy document developed by. They will be regulations in the form of government notices and. The companies act, 20 received the assent of the president on 29th august, 20 and.
This information should be considered in conjunction with the act itself. New companies act 2008 pdf reporting by companies to repeal the companies act, 1973 act no. Mar 28, 20 4 companies act 71 of 2008 companies act 71 of 2008 5overviewthe act introduces fundamental changes to 1. Promote the development of the south african economy by. Companies act 71 of 2008 final linkedin slideshare. 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. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Companies act regulations 2011 under companies regulations 2011.
Commentary on the companies act of 2008 online isbn 26168871. Ministry of corporate affairs companies act search. A brief background to the introduction and status of the companies act 20 is as under. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. 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. 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. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. Companies act 71 of 2008 english text signed by the president assented to. The annual financial statements of public companies will continue to require an audit. The secretary shall establish, through regulations, the circumstances and conditions under which any applicant who receives or has received tax benefits or incentives under act no. After much anticipation, the 1 may 2011 saw the companies act 71 of 2008 come into operation. Other companies may be either audited voluntarily or require an.
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