Chapter 1: Interpretation, Purpose and Application
Part B: Purpose and application

s10: Modified application with respect to non-profit companies

  • (1) Every provision of this Act applies to a non-profit company, subject to the provisions, limitations, alterations or extensions set out in this section, and in Schedule 1.
    • (2) The following provisions of this Act, and any regulations made in respect of any such provisions, do not apply to a non-profit company:
      • (a) Part D of Chapter 2 :Capitalisation of profit companies.
        • (b) Part E of Chapter 2 :Securities registration and transfer.
          • (c) Section 66(8) and (9) and section 68 : Remuneration and election of directors.
            • (d) Parts B and D of Chapter 3:Company secretaries, and audit committees, except to the extent that an obligation to appoint a company secretary, auditor or audit committee arises in terms of-
              • (i) a requirement in the company's Memorandum of Incorporation, as contemplated in section 34(2); or
                • (ii) regulations contemplated in section 30(7).
                • (e) Chapter 4 :Public offerings of company securities.
                  • (f) Chapter 5 :Takeovers, offers and fundamental transactions, except to the extent contemplated in item 2 of Schedule 1.
                    • (g) Sections 146(d), and 152(3)(c) :Rights of shareholders to approve a business rescue plan, except to the extent that the non-profit company is itself a shareholder of a profit company that is engaged in business rescue proceedings.
                      • (h) Section 164 [Dissenting shareholders] appraisal rights, except to the extent that the non-profit company is itself a shareholder of a profit company.
                      • (3) Sections 58 to 65, read with the changes required by the context:
                        • (a) apply to a non-profit company only if the company has voting members; and
                          • (b) when applied to a non-profit company, are subject to the provisions of item 4 of Schedule 1.
                          • (4) With respect to a non-profit company that has voting members, a reference in this Act to ['a shareholder'], ['the holders of a company's securities'], ['holders of issued securities of that company'] or ['a holder of voting rights entitled to be voted'] is a reference to the voting members of the non-profit company.

                            Related Sections

                            s30: Annual financial statements
                            s34: Additional accountability requirements for certain companies
                            s58: Shareholder right to be represented by proxy
                            s59: Record date for determining shareholder rights
                            s60: Shareholders acting other than at meeting
                            s61: Shareholders meetings
                            s62: Notice of meetings
                            s63: Conduct of meetings
                            s64: Meeting quorum and adjournment
                            s65: Shareholder resolutions
                            s66: Board, directors and prescribed officers
                            s68: Election of directors of profit companies
                            s146: Participation by holders of company's securities
                            s152: Consideration of business rescue plan
                            s164: Dissenting shareholders appraisal rights

                            Related Regulations

                            No related regulations.

                            Related Notes

                            No related note.

                            Related Forms

                            No related forms.