Why it was necessary for a new Companies Act

Why change?

  • Political changes.
  • Global changes in how businesses function and operate.
  • Need for higher standards in corporate governance.
  • Increase in international trade emphasis.
  • The need to modernize company law.


New features

  • Memorandum of incorporation
  • Director’s liability
  • Director to be declared delinquent
  • Remedy for oppressive and prejudicial conduct
  • Audit requirements
  • No Par value Shares
  • Regulation
  • Business Rescue


08 October 2011