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| Attachment | Size |
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| 50991-30-7-companiesamendmentact162024.pdf | 534.01 KB |
16 of 2024
The Companies Amendment Act 16 of 2024 intends:
- to amend the Companies Act, 2008, so as
- to insert certain definitions and amend the definition of ‘‘securities’’;
- to clarify when a Notice of Amendment of a Memorandum of Incorporation takes effect;
- to provide for the Commission to publish, as prescribed, the notice of the location of a company’s records;
- to differentiate where the right to gain access to companies’ records may be limited; to provide for the preparation, presentation and voting on companies’ remuneration policy and directors’ remuneration report;
- to provide for the filing of a copy of the annual financial statement;
- to empower the court to validate the irregular creation, allotment or issue of shares;
- to clarify that shares which are not fully paid are to be transferred to a stakeholder and dealt with in terms of a stakeholder agreement;
- to exclude the subsidiary company from the requirements relating to financial assistance;
- to provide for instances where a special resolution is required for the acquisition by a company of its own shares;
- to provide for a social and ethics committee report and remuneration report to also be presented at an annual general meeting of a public company;
- to provide for the circumstances under which a private company will be a regulated company;
- to provide for the publication of the application for exemption from the requirement to appoint a social and ethics committee;
- to deal with the composition of the social and ethics committee;
- to provide for the preparation by the social and ethics committee of a social and ethics committee report, as prescribed, to be presented at the annual general meeting or shareholders meeting, as the case may be;
- to provide, in respect of a private company, personal liability company or non-profit company, for the appointment of an auditor at a shareholders meeting if such appointment is a requirement in terms of the Act;
- to extend the definition of an employee share scheme to include situations where there are purchases of shares of a company;
- to provide for the determination by the Minister, in consultation with the Panel, of financial thresholds, for purposes of identifying the private companies to which Parts B and C of Chapter 5 of the Act apply;
- to provide for post-commencement finance for unpaid amounts that are due to the landlord during business rescue proceedings;
- to provide for the Commission to substitute a contested name of a company under certain circumstances;
- to provide for mediation, conciliation and arbitration by the Companies Tribunal only in respect of relief or complaints in terms of the Act;
- to further provide for the operation and governance of the Companies Tribunal;
- to provide for pronouncements that may be issued by the Financial Reporting Standards Council; and
- to provide for matters connected therewith.
Commencement
To be proclaimed
