Protect the Close Corporation, its Members, and the Accounting Officer by using our NEW Association Agreement In terms of the new Companies Act, 2008 no new Close Corporations may be registered, and existing Close Corporations may convert to a Company at no conversion fee up to 30 April 2014. There is no legal obligation to [...]
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Why Convert Your Close Corporation to a Private Company
Close Corporations can no longer be registered With the advent of the new Companies Act, 2008 from 1 May 2011, it brought to an end the right to register new Close Corporations. Concomitantly, the opportunity to convert existing Close Corporations to private companies has been granted by the new Act. In terms of Schedule 3 [...]
Shareholders’ Agreement Launched
Shareholders' Agreement to be consistent with the Companies Act and a company's Memorandum of Incorporation A Shareholders' Agreement is a private document that deals with all the issues relating to the shareholders of a company. Section 15(7) of the Companies Act, Act 71 of 2008, as amended, states that: Shareholders may enter into any matter [...]
Recent Articles
- Why your Company needs a new customised Shareholders’ Agreement to protect the Company and its Shareholders
- The Future of Close Corporations : Update
- New Association Agreement for Close Corporations
- Public Benefit Organisations and the Requirements of the Income Tax Act
- Share Block Companies: A Viable Option
Why your Company needs a new customised Shareholders’ Agreement to protect the Company and its Shareholders
A Company's Shareholders' Agreement that is not drafted in line with its own Memorandum of Incorporation and the Companies Act, No 71 of 2008 is void to the extent of the inconsistency. Such a Shareholders' Agreement is unenforceable between the Company and the Shareholders, and between the Shareholders themselves. Section 15(7) of the Companies Act, [...]