There is a new company act!

The Company Act 71 of 2008 has replaced the old act in its totality, but retaining a lot of the old clauses.

What does this mean?!

ACLA will facilitate training in the following fields of the new act: 

• to provide for the incorporation,
• registration, organization and management of companies,
• the capitalization 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.

ACLA will facilitate training in three levels working through the act in three independent one day seminars on specific dates allocated for such training as well as individual dates requested by specific businesses for in-house training.