Corporate Laws Amendment Act 24 of 2006

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24 of 2006

The Corporate Laws Amendment Act 24 of 2006 aims:

to amend the Companies Act, 1973 [repealed in May 2011], so as: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 further 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.

Amends

Commencement

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