Close Corporations Amendment Act 26 of 1997

The Close Corporations Amendment Act 26 of 1997 intends:

• to amend the Close Corporations Act, 1984, so as
• to substitute the definition of “Court” and to regulate the definition of “name”, in relation to a corporation, anew’:
• to clarify the jurisdiction of courts in respect of corporations;
• to provide for a literal translation of a corporation’s name into any one other official language;
• to provide for the reservation of a name for a corporation;
• to compel a corporation to subjoin the statement “In Voluntary Liquidation” to its name in appropriate circumstances;
• to further regulate the use and publication of the name of a corporation;
• to further determine the nature of a member’s interest in a corporation;
• to provide for the attachment and sale in execution of a member’s interest;
• to further regulate participation in the management of a corporation;
• to provide for the adjournment of and subsequent quorum for a meeting of members of a corporation at which a quorum is not present;
• to further determine the powers of members to bind a corporation;
• to provide for a longer period within which a vacancy in the office of accounting officer shall be filled;
• to further prescribe the duties of an accounting officer who has resigned or has been removed;
• to clarify the liability for the debts of a corporation by a member who fails to deliver the member’s contribution;
• to exclude the application of the provisions of the Companies Act in respect of compromises and arrangements in so far as they relate to the liquidation of a corporation;
• to provide for an offer of composition to be made in the winding-up of a corporation; and
• to prescribe a penalty for a further offence; and
• to provide for matters connected therewith.

Commencement

18 July 1997