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Section 228 of the Companies Act 61 of 1973 (the Act ), used to provide that the Directors of a company could not, without the authority of the general meeting, enter into a binding agreement to...
The coming into effect of the new Companies Act 71 of 2008 ("the New Companies Act"), which is likely to be in September of this year, will unveil a new chapter in South African corporate law....
The number of mergers and acquisitions (M&A) in South Africa decreased by 61% in value and 38% in volume in 2009, compared with 2008. Independent M&A intelligence service Mergermarket reports that...
The long awaited draft Companies Regulations 2010 (the "Regulations") accompanying the new Companies Act 2008 (the "2008 Act") were published in Government Gazette No. 32832 dated 22 December 2009....
One of the effects of the new Companies Act of 2008 is the phasing out of close corporations. No new close corporations may be formed once that Act comes into operation during 2010. Existing close...
The Companies Act, 2008 ("Act") extends certain protection to employees in business rescue circumstances. Business rescue refers to any proceedings which facilitate the rehabilitation of a company...
An aspect of the new Companies Act (No 71 of 2008) is that it records the common law duties and responsibilities of directors, which provides clarity in the performance of the obligations, says...
The South African Institute of Chartered Accountants (Saica) has made a number of suggestions and recommendations to the Department of Trade and Industry (DTI) concerning the auditing and reviewing...