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DIRECTOR’S DUTIES: WHAT IS EXPECTED?
The new Companies Act, 2008 (the Act), which came into effect on May 1, 2011, has to a certain extent codified the duties of directors and sets out these duties in order to achieve maximum accountability. As a director you need to be aware of your legal obligations and understand them. Directors and prescribed officers.…
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SUCCESSFUL SUCCESSION
By: Louise Le Riche Traditionally, family-owned firms were handed on to the oldest son in the family. A more modern and realistic approach, however, is to hand over the control to the most suitably qualified person in the family or, in the absence of such a person, to the most suitable non-family member in the…
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BONUSES PAID TO DIRECTORS OF PRIVATE COMPANIES
Accountancy SA Members are reminded that the tax treatment of variable remuneration changed with effect 1 March 2013. The position is that both the accrual to the employee and the deduction of the expenditure incurred by the employer will take place on the date during the year of assessment on which the amount is paid…
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THE COMPANIES ACT
In keeping with the principle of flexibility and simplicity, the new Companies Act has tried to provide as easy a regulatory system as possible for all companies. However, greater burdens of regulation fall upon state-owned companies, public companies, and certain private companies that hold assets in a fiduciary capacity or that have a certain number…
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NEW COMPANIES ACT
DIRECTORS AND THE CIPC The (Companies and Intellectual Property Commission) no longer needs to approve company actions and documentation. Responsibility of directors A key feature of the new Act is that it clearly emphasises the responsibility and accountability of directors. By accepting their appointment to the position, the directors indicate that they will perform their…
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LIQUIDITY AND SOLVENCY
The introduction of the new Companies Act, 2008 (the Act) introduced various new and modified applications of existing concepts within the corporate law framework. Even though the concept of liquidity and solvency already existed within the previous Act, the specific guidance provided within the new Act placed significant emphasis on the application and practical implications…
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DEREGISTRATION OF COMPANIES AND CLOSE CORPORATIONS FOR NON-COMPLIANCE
Below is the link to the official notice issued by CIPC in respect of deregistration of entities which did not comply with the annual return submission. Effective date of final deregistration being end of May 2016. CIPC Letter
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