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Legal Alert – Companies Act Amendments

The Department of Trade and Industry has published the Companies Amendment Draft Bill, for public comment.

The Bill seeks to amend the Companies Act, 2008, so as to:
▪ change the definition of securities;
▪ clarify when a Notice of Amendment of a Memorandum of ncorporation takes effect;
▪empower a court to validate the irregular creation, allotment or issue of shares;
▪ clarify how shares which are not fully *aid are to be dealt with; to exempt a company from the requirements applicable to financial assistance between a company and its subsidiaries;
▪ amend the instances where approval of shareholders will be required for any share buybacks by the company;
▪ extend the definition of an employee share scheme to include those where there are purchases of shares of a company;
▪ limit the circumstances under which a private company will be a regulates company;
▪ deal with the composition of the social and ethics committee and its functions; and to ensure differentiation of duties between the chairperson of the Tribunal and the executive director thereof.

Comments can be emailed to Mr Desmond Ramabulana at DRamabulana@thedti.gov.za by no later than Friday, 14 December 2018

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