oa De Rebus - Exemption from unalterable provisions an underutilised procedure : feature
|Article Title||Exemption from unalterable provisions an underutilised procedure : feature|
|© Publisher:||Law Society of South Africa|
|Author||Paul Truter and Amy Jones|
|Publication Date||Jan 2015|
|Pages||44 - 46|
In principle, every company is required to comply with all of the unalterable provisions of the Companies Act 71 of 2008 (the Act), except to the extent that its Memorandum of Incorporation (MOI) imposes on the company a higher standard, greater restriction, longer period of time or any similarly more onerous requirement, than otherwise would apply to the company in terms of an unalterable provision in terms of s 15(2)(a)(iii) of the Act. An 'unalterable provision' is defined in s 1 as a provision of the Act that does not 'expressly contemplate that its effect on a particular company may be negated, restricted, limited, qualified, extended or otherwise altered in substance or effect by that company's Memorandum of Incorporation' or rules.
Article metrics loading...