Companies Act 71 of 2008

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71 of 2008

The Companies Act 71 of 2008 aims:

to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of foreign companies carrying on business within the Republic;
to define the relationships between companies and their respective shareholders or members and directors;
to provide for equitable and efficient amalgamations, mergers and takeovers of companies;
to provide for efficient rescue of financially distressed companies;
to provide appropriate legal redress for investors and third parties with respect to companies;
to establish a Companies and Intellectual Property Commission and a Takeover Regulation Panel to administer the requirements of the Act with respect to companies, to establish a Companies Tribunal to facilitate alternative dispute resolution and to review decisions of the Commission;
to establish a Financial Reporting Standards Council to advise on requirements for financial record-keeping and reporting by companies;
to repeal the Companies Act, 1973 (Act No. 61 of 1973), and make amendments to the Close Corporations Act, 1984 (Act No. 69 of 1984), as necessary to provide for a consistent and harmonious regime of business incorporation and regulation; and
to provide for matters connected therewith.