“The SA Companies Act has been in existence since 1973 and it is outdated. It contains little on corporate governance, transparency, accountability, modern merger methods and minority shareholder protection.”1 It further contains nothing that adequately provides for or encourages private corporate and empowerment groups to conclude Black Economic Empowerment (“BEE”) transactions. South African company law is on the move towards [...]
As it stands there are no regulatory measures in place regarding the levy and collection of tax on digital service imported from foreign companies who are not resident in South Africa. This article serves to discuss the newly proposed regulations which aim to bring digital services, obtained from foreign companies for South African consumers, fully within the ambit of the [...]
The newly formed Companies and Intellectual Property Commission (“CIPC”), established “with the aim of promoting growth, employment, innovation, stability, good governance, confidence and international competitiveness.” Further stated on the CIPC’s website, is that it “seeks to assert the commission as a credible independent and transparent regulator, on par with the rest of the world.” We have to use CIPC to [...]
What is a widely held company in terms of the companies act, 61 of 1973 (as amended by the corporate laws amendment act, 24 of 2006)?
Section 1(h) of the Corporate Laws Amendment Act, 24 of 2006 (the “Act”) inserts a new subsection 6 into the Companies Act, 61 of 1973 (the “Companies Act”) and provides that a company is a widely held company if: its articles provide for an unrestricted transfer of its shares; it is permitted by its articles to offer shares to the [...]