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Corporate Laws Amendment Act (No. 24 of 2006)

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To amend the Companies Act, 1973, so as to amend certain definitions and insert new definitions; to make a distinction between widely held companies and limited interest companies; to limit the liability of various office bearers to that arising from gross negligence in relation to the performance of their functions; to make further provision relating to the use of electronic aids in the furnishing of information relating to companies; to broaden the Minister's powers of delegation;to provide for new ways of giving notice; to make further provision regarding financial assistance for the purchase of a company's shares; to eliminate certain formalities regarding the memorandum and articles; to allow the registrar to restore the registration of a company which has been deregistered in certain circumstances; to make further provision regarding matters to be stated in a prospectus; to change the requirements relating to the disposal of the undertaking of a company; to make new provision in respect of the disclosure of information; to make new provision for the appointment of auditors and audit committees; to provide anew in respect of financial statements; to make new provision regarding the Securities Regulation Panel; to make provision in respect of financial reporting standards; to establish and make further provision for a Financial Reporting Standards Council and a Financial Reporting Investigations Panel; to create an offence in respect of non compliant financial reports; and to amend Schedule 4 by inserting definitions and amending other provisions relating to financial reporting.

To amend the Close Corporations Act, 1984, so as to insert definitions; to make further provision relating to the use of electronic aids in the furnishing of information; to provide for new methods of giving notice; to make furtherĀ  provision with regard to disclosure of information; and to allow the registrar to restore the registration of a corporation which has been deregistered in certain circumstances; and to provide for matters connected therewith.


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