South African Companies Amendment Bill published for public comment
We previously reported that the Department of Trade and Industry announced that it would approach Parliament to request permission to make amendments to the Companies Act 71 of 2008 (Companies Act).<br /><br />
<br /><br />
The new South African Companies Amendment Bill (Bill) has now been published for public comment by the Minister of Trade and Industry, Dr Rob Davies.
"We are approaching the 10th anniversary of the 2008 Amended Companies Act and are in the process of amending it. Therefore, it is important for the department to engage on the Act so as to understand the sections that are posing a challenge to the practitioners as well as the economy at large in order to ensure that the proposed amendments to the Companies Act are in line with global trends," Minister of Trade and Industry Rob Davies (22 August 2017 https://www.iol.co.za/business-report/dti-to-host-company-law-seminar-in-gauteng-10890883)
A company's business affairs are managed and controlled by its board of directors unless the memorandum of incorporation of the company provides otherwise. However, in certain instances and in respect of certain corporate actions and major decisions, a company's shareholders are required to authorise such actions prior to the company implementing the action.
Independent state of mind. The case for independent directors on boards.
While there may be many a case against too much independence on the boards (governing bodies) of organisations and having independent directors on governing bodies is evidently not a cure-for all corporate governance failures, South Africa has taken a bold approach in respect of corporate governance, generally, and the approach in respect of having independent directors on governing bodies, is no exception.
A stitch in time...saves nine. Suspensive conditions and the consequences
The word "condition" is used in a wide sense in contracts. It is not unusual for parties to insert conditions into a contract. There are various types of conditions, and depending on their nature, conditions will have different effects on contracts.