What is the latest Companies Act in South Africa?
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….Companies Act 71 of 2008.
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Can a shareholder be forced to sell shares South Africa?
The court may therefore in terms of this section make any order it deems fit in the circumstances. This includes forcing a director to sell his shares to present shareholders.
What rights do shareholders have in South Africa?
Shareholders are entitled to attend, speak at and vote at a meeting, either themselves or via proxy. This allows shareholders to ask difficult questions of directors, express their views or lobby support from other shareholders for a particular agenda (e.g., a ‘vote no’ campaign).
What is the new Companies Act of 2008?
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 …
What is a section 345 notice?
SECTION 345 NOTICE OF THE COMPANIES ACT It is trite law that commercial insolvency, being the inability of a company to pay its debts as it becomes due and payable, justifies the liquidation of a company.
Can the director be held personally liable for any of the company debts?
A company director can be held personally liable for the debts of their company in certain instances. Any debts belonging to the company which have been secured with a personal guarantee will need to be repaid by the director should the company become insolvent and enter liquidation.
Can a limited company director be held personally liable?
If a limited company cannot meet its liabilities, as director, you have limited liability protection. Generally, this means directors cannot be held personally liable or responsible for the limited company’s debts unless they have signed personal guarantees.
What are the 3 main ownership rights of a shareholder?
Every company has a hierarchical structure of rights for the three main classes of securities that companies issue: bonds, preferred stock, and common stock.
How do I remove a shareholder from a company in South Africa?
Removal by Shareholders Contrary to the removal by the board of directors, shareholders do not need to have a particular reason in order to remove a director. Section 71(1) of the Act provides for the removal of a director by ordinary resolution. Thus the removal need only be by majority vote.
What is Cipro South Africa?
CIPC stands for the Companies Intellectual Property Commission. Previously known as CIPRO. This is the body that governs all registered entities in South Africa i.e. closed corporations, public companies, private companies, external companies and incorporated companies in terms of the Companies Act.