Summary of key aspects
The Companies Act, no 71 of 2008 replaces both the Companies Act of 1973 and Corporate Laws Amendment Act no 24 of 2006.
The Close Corporations Act, 1984 will be amended as provided for in Schedule 5.
The Act was signed by the President on the 9th April 2009 and gazetted in Gazette No. 32121 (Notice No. 421). It will come into
operation on a date still to be fixed by the President by proclamation in the Gazette, which may not be earlier than one year
following the date on which the President assented to it.
In terms of sec 223 of this Act the Minister is required to publish certain regulations which may affect the implementation and
interpretation of the Act. None of the regulations contemplated have yet been published by the Minister.
This summary is intended to be an easy guide to all our clients and stakeholders who have an interest in corporate law reform.
Due to the fundamental reforms brought about by the Act, we recommend that professional advice be sought before making any
decisions based on this summary when dealing with any matters relating thereto.
Following is a summary of the Key Aspects of the Companies Act, and we trust that this guide will assist in enhancing your
understanding of the new Companies Act no. 71 of 2008.
Sindi Zilwa
Chief Executive Officer
Nkonki Inc.
