n Without Prejudice - Yet another drafting calamity embraced by narcoleptic legislators : company municipal law
|Article Title||Yet another drafting calamity embraced by narcoleptic legislators : company municipal law|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Mar 2013|
|Pages||37 - 38|
In terms of s21 of the Companies Act, 1973, an association whose main object was promoting religion, arts, sciences, education, charity, recreation or any other cultural or social activity or communal or group interests could be incorporated as a company. These companies were colloquially known as Section 21 companies. The Companies Act, 2008 contains a similar concept and provides that non-profit companies may be incorporated.
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