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COMPANIES ACT COMES INTO OPERATION THIS YEAR

As we head into 2010, company directors should take note of the recently enacted Companies Act No 71 of 2008 whose draft regulations have now been published in the Government Gazette 32832 and which will come into operation this year.
They relate generally to the Act including the implementation of Chapters of the Act such as accountability and transparency, business rescue, par value shares, social and ethics committees, company accounting records, financial reporting standards, auditing of companies, independent reviews and annual returns and discretionary audits. 

According to Lee Astfalck of Livingstone Crichton, the new Act marks a significant departure from previous company and corporate law and has dramatically extended the powers and remedies available to shareholders and other stakeholders such as employees and creditors in bringing directors to account for their actions, decisions and conduct.

There is much for directors to consider in the new Act and 2010 will be a significant landmark in the development of corporate and company law in South Africa.  Directors are urged to familiarise themselves with the provisions of the Act in preparation for its commencement and to consider appropriate risk management and protective measures such as adequate Directors and Officers indemnity insurance.  Contact Lee Astfalck at Livingstone Crichton on 011 884 8334 or email leea@livingstonecrichton.co.za for more information. The draft regulation documents are now open for comments which must be submitted on or before 1 March 2010.  Anyone wishing to scrutinise the draft regulations can access them online at: http://www.sabinetlaw.co.za/.

 
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