A comprehensive guide to the Companies Act of 2008 for KRG 200 students. It covers all the work required for our final exam. The notes are visually appealing and are taken from the Companies Act of 2008 and Piet Delports - New Entrepreneurial Law. CA stream students will find this handy as we are t...
legal personality? 1. No association of pers
after 31 December 19
purpose of carrying on
that has for its object t
➡Enabling Act = e.g. The Companies Act
of gain by the associat
‣ Gives every company a legal personality
individual members is
➡Specific Act = e.g. The University of Pretoria Act company or other form
‣ Only gives one entity a legal personality corporate unless it
(a)is registered
➡Common Law = Conduct can cause legal personality
under this Act;
(b)is formed pu
✴Requirements for using common law to acquire legal personality:
another law; or
‣ Separation of property between association &
members (c)was formed
‣ Association must have own standing to sue & be Letters Patent o
sued before 31 May
‣ Association must have own rights & obligations
‣ Usually there is an express or tacit agreement
between legal subjects
, FRAMEWORK FOR COMPAN
➡ There have been 3 companies acts (i.e. 1926 Act,
➡ What was changed in the new Companies
1973 Act and 2008 Act)
‣ “The 2008 Act aims to encourage b
➡ The new Companies Act was established due to: providing a flexible regulatory en
ensuring sufficient regulation to ma
➡ National & International developments its office bearers accountable to rel
‣ Need for employment and entrepreneurial stakeholders” (p 19)
opportunities ‣ Now there are less formalitie
form & there are more types
choose
‣ “An important feature of the 2008 A
flexibility and this is reflected in allo
regulate itself through its Memoran
Incorporation (MOI), the contents
varied to a significant degree from
company.”
‣ MOI = constitution of a com
‣ No longer need the “Articles
, PURPOSE OF COMPANIES ACT
Promote:
e. Reaffirm the concept of the company
a. compliance with the Bill of Rights as provided for
achieving economic and social benefit
in the Constitution
b. the development of the South African economy
f. balance the rights and obligations of s
by;
and directors within companies
(i) encouraging entrepreneurship and
enterprise efficiency;
g. encourage the efficient and responsib
(ii)creating flexibility and simplicity in the
of companies
formation and maintenance of companies
(iii)encouraging transparency and high
h. provide for the efficient rescue and rec
standards of corporate governance as
financially distressed companies, in a m
appropriate, given the significant role of
balances the rights and interests of all
enterprises within the social and economic
stakeholders
life of the nation;
c. innovation and investment in the South African
i. provide a predictable and effective en
markets
the efficient regulation of companies.
d. the development of companies within all sectors
of the economy, and encourage active
participation in economic organisation,
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