oa De Rebus - Exemption from unalterable provisions an underutilised procedure - : feature

Volume 2015, Issue 549
  • ISSN : 0250-0329



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.

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