n South African Law Journal - The new Companies Act : peculiarities and anomalies

Abstract

The Companies Act of 2008 (the 2008 Act) was signed into law on 8 April 2009. Once operational, the 2008 Act will replace entirely the existing Companies Act of 1973 (the 1973 Act) which was amended periodically, most notably in 2006. The 2008 Act comes into operation on a date to be fixed by proclamation in the Government Gazette, at least one year from the date of its signature into law. It is anticipated that the 2008 Act will come into operation on 1 July 2010. The Bill preceding the 2008 Act was accompanied by a 'Memorandum on the Objects of the Companies Bill, 2008' (the accompanying memorandum).

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This article considers certain peculiarities and anomalies in the new Act, explores certain differences between the 2008 Act and the 1973 Act, and certain issues arising from the accompanying memorandum.