Schedule 2: Conversion of close corporations to companies
1: Notice of conversion of close corporation
- (1) A close corporation may file a notice of conversion in the prescribed manner and form, at any time.
- (2) A notice of conversion must be accompanied by:
- (a) a written statement of consent approving the conversion of the close corporation signed by members of the corporation holding in aggregate, at least 75% of the members’ interest in the corporation;
- (b) a Memorandum of Incorporation consistent with the requirements of this Act; and
- (c) the prescribed filing fee.
- (3) Section 14, read with the changes required by the context, applies with respect to the filing of a notice of conversion, as if it were a Notice of Incorporation in terms of this Act.
- (4) Upon conversion of a close corporation in terms of this Schedule the Commission must:
- (a) cancel the registration of that close corporation in terms of the Close Corporations Act, 1984 (Act No. 69 of 1984);
- (b) give notice in the Gazette of the conversion of a close corporation into a company; and
- (c) enable the Registrar of Deeds to effect the necessary changes resulting from conversions and name changes.
No related sections.
No related regulations.
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