ANSWERS FOR THE 2022 JUNE EXAM
QUESTION 1 1.1 Name the different types of companies provided for in the Companies Act 71 of 2008. (5) 1.2 Describe the procedure for amending the Memorandum of Incorporation of a company. (5) ...
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, QUESTION 1
1.1 Name the different types of companies provided for in the Companies Act 71 of 2008. (5)
a. Profit companies:
public companies
private companies
personal liability companies
state-owned companies
b. Non-profit companies
1.2 Describe the procedure for amending the Memorandum of Incorporation of a company. (5)
Changes may be made to the Memorandum of Incorporation, unless the amendment of a provision is
prohibited by the Memorandum itself in terms of section 15(2)(c).
Such amendments may be in the form of
• a new Memorandum of Incorporation, or
• amendments to the existing provisions of the Memorandum of Incorporation
If changes are in the form of a new Memorandum of Incorporation, the
new Memorandum of Incorporation will replace the existing Memorandum of
Incorporation.
A company’s Memorandum of Incorporation may be amended
• in compliance with a court order (An amendment in terms of a court order is given
effect via a board resolution and there is no need for a shareholders’ special resolution.)
• by the board in terms of sections 36(3) and (4) (These allow the board to amend the
authorised share capital of the company, unless the Memorandum of Incorporation
provides otherwise.)
• by a special resolution of the shareholders proposed by
o the board of directors, or
o shareholders who collectively exercise not less than 10% of the voting rights
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