Private company. (d) prohibits any invitation to the public to deposit money with the company for fixed periods or payable at call, whether bearing or not bearing interest.
15 . Memorandum of Incorporation, shareholder agreements and rules of company. (b) is void to the extent that it contravenes, or is inconsistent with, this Act, subject to section 6 (15).
Section 15 of the Companies Act 2013 states that “every alteration made in the memorandum or articles of a Company shall be noted [emphasis added] in every copy of the memorandum or articles, as the case may be.” There are severe repercussions in the form of monetary penalties if the company fails to “note” the ...
Section 15(7) of the Act states that shareholders of a company may enter into any agreement with one another in respect to any matter relating to the company.
2.2 Section 15 (2) (c) refers to provisions that "prohibit the amendment of any particular provision" of the Memorandum of Incorporation of the company.
Section 15(2)(b)
The MOI of any company may include any provision which contains any restrictive conditions applicable to the company, & any requirement for the amendment of any such condition in addition to the requirements set out in section 16.
157Minimum age for appointment as director
(1)A person may not be appointed a director of a company unless he has attained the age of 16 years. (2)This does not affect the validity of an appointment that is not to take effect until the person appointed attains that age.
Section 15 of Companies Act, 2013 – Alteration of Memorandum or Articles to be noted In Every Copy. (1) Every alteration made in the memorandum or articles of a company shall be noted in every copy of the memorandum or articles, as the case may be.
11.1. 15-Companies (Appointment and Qualification of Directors) Rules,2014. The company shall within thirty days from the date of receipt of notice of resignation from a director, intimate the Registrar in Form DIR- 12 and post the information on its website, if any.
(5) Where the articles contain provisions for entrenchment, whether made on formation or by amendment, the company shall give notice to the Registrar of such provisions in such form and manner as may be prescribed.
“a person dealing with a company in good faith, other than a director, prescribed officer or shareholder of the company, is entitled to presume that the company, in making any decision in the exercise of its powers, has complied with all of the formal and procedural requirements in terms of this Act, its Memorandum of ...
Section 21 of the Companies Act 61 of 1973 allows for a 'not-for-profit company' or 'association incorporated not for gain'. Section 21 companies resemble business oriented (for profit) companies in their legal structure, but do not have a share capital and cannot distribute shares or pay dividends to their members.
(Sect 22) If a company trades in such circumstances, the Commission may require the company to cease carrying on business. However the Act, does not define insolvent circumstances; it simply provides a solvency test.
Section 16 of the Act currently provides that an amendment to the MoI of a company takes effect on the date and at the time when the notice of amendment is filed with the Companies and Intellectual Property Commission (”CIPC”), or on a date specified in the notice of amendment.
Section 19(4) of the Companies Act 71 of 2008 (the "Act") amends South African company law by abolishing the doctrine of constructive notice. As a result, the concept of a company's "public documents" has lost much of its legal effect.
Under the Companies Act (“Act”), 1956, Section 25 company can be defined as a limited company formed for the sole object of “promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of ...
A company can have a maximum of 15 directors.
Rule 15.31 of the Rules made under Chapter XV states that For the purpose of Chapter XV of the Act, `demerger' in relation to companies means transfer, pursuant to scheme of arrangement by a 'demerged company' of its one or more undertakings to any 'resulting company' in such a manner as provided in section 2(19AA) of ...
In sub-clause (iii) Rule 15(3)(a), for the words “amounting to ten per cent or more of the net worth of the company or ten per cent or more of turnover of the company or rupees one hundred crore, whichever is lower”, the words “amounting to ten per cent or more of the turnover of the company” shall be substituted.
Section 71(3) of the Act provides further that where a company has more than two directors and it is alleged that a director has: become ineligible or disqualified or incapacitated to the extent that he or she is unable to perform the functions of a director, and is unlikely to regain that capacity within a reasonable ...
Section 75 requires a director to disclose any personal financial interest that they or a related person has in respect of a matter to be considered at a meeting of the board of directors and recuse themselves from said meeting.
Section 50 of Companies Act, 2013 – Company to Accept Unpaid Share Capital, Although Not Called Up. (1) A company may, if so authorised by its articles, accept from any member, the whole or a part of the amount remaining unpaid on any shares held by him, even if no part of that amount has been called up.
(1) Any body, institute or association (hereinafter to be referred as “the agency”), which has been authorised in this behalf by the Central Government shall create and maintain a data bank of persons willing and eligible to be appointed as independent director and such data bank shall be placed on the website of the ...
In terms of section 115, the proposed Disposal must be approved by a special resolution adopted by persons entitled to exercise voting rights on such a matter, at a meeting called for the purpose and at which sufficient persons are present to exercise, in aggregate, at least 25% of all the voting rights that are ...
Section 51 of Companies Act, 2013 – Payment of Dividend in Proportion to Amount Paid-Up. A company may, if so authorised by its articles, pay dividends in proportion to the amount paid-up on each share.