n Annual Survey of South African Law - Company law (including close corporations)




In early 2004, the Policy Paper entitled 'South African Company Law for the 21st Century Guidelines for Corporate Law Reform' was published by the Minister of Trade and Industry (Gen N 1183 GG 26493 of 23 June 2004). The idea was to embark on a major reform of the legislation regulating companies. The last time company law underwent a major revamp was in 1973 when the report of the Van Wyk De Vries Commission of Enquiry into the Companies Act of 1926 led to the introduction of the Companies Act 61 of 1973. Since then the social, political, and economic scene has altered radically in South Africa and the Minister of Trade and Industry recognized that it was necessary to review and modernize company law to take into account the changing business environment both domestically and globally.


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