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Corporate Law Reform

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Title: Corporate Law Reform


1
Corporate Law Reform
  • Select Committee on Economic Foreign Affairs
  • 20 June 2007

2
Scope
  • To present high-level overview of the Corporate
    Law Reform and the Companies Bill to the
    Portfolio Committee on Trade Industry.
  • To inform the Committee about the reform
    timetable.

3
Policy Document
  • Corporate Law Reform Policy Objectives
  • Corporate Law Reform Policy was published in June
    2004 and updated in June 2005
  • The Policy made the following unequivocal
    observations
  • No substantial review of company law in 30years
    (only introduction of CC Act in 1984)
  • International jurisdictions undergone substantial
    revisions
  • Global and domestic environment changed
    significantly since 1970s
  • Corporate structure and financial instruments
  • Electronic communication, social awareness,
    changing markets
  • Globalising markets, standards and expectations

4
Policy Document
  • Observations (Continued)
  • Corporate failures and scandals in SA and
    elsewhere highlighted governance issues
  • Socio-political and economic change in SA
  • Other laws Securities Services Act, Auditing
    Professions Act, BBBEE, PFMA, 2nd King Committee
    Report and the Nel Commission.
  • 1973 Companies Act outdated, highly formalistic,
    has unnecessarily burdensome information
    requirements, creditor-oriented and is overly
    criminal.

5
Óbjectives for CLR
  • The following objectives were identified in the
    Policy Framework
  • 1. Simplification of the procedures for forming
    companies and reduction of costs associated with
    the formalities of forming a company and
    maintaining its existence.
  • 2. Promoting innovation and investment in South
    African markets and companies by providing for
  • (a) flexibility in the design and organisation
    of companies and
  • (b) a predictable and effective regulatory
    environment.
  • 3. Promoting the efficiency of companies and
    their management.
  • 4. Encouraging transparency and high standards
    of corporate governance.
  • 5. Making company law compatible and harmonious
    with best practice jurisdictions internationally.

6
Specific Goals
  • The Policy Document was considered at Nedlac and
    the following specific goal statements were
    developed
  • 1. Simplification
  • (a) A company structure that reflects the
    characteristics of close corporations, as one of
    the available options.
  • (b) A simple and easily maintained regime for not
    for profit companies.
  • (c) Co-operatives and Partnerships should not be
    addressed in the reformed company law but
    Partnership Law should be reviewed.
  • 2. Flexibility
  • (a) An appropriate diversity of corporate
    structures.
  • (b) Retention of listed and unlisted companies.

7
Specific Goals
  • 3. Corporate efficiency
  • (a) A shift from a capital maintenance regime
    based on par value, to one based on solvency and
    liquidity.
  • (b) A Clarification of board structures and
    director responsibilities, duties and
    liabilities.
  • (c) A remedy to avoid locking in minority
    shareholders in inefficient companies.
  • (d) The mergers and takeovers regime to
    facilitates the creation of business
    combinations.
  • (e)The judicial management system for dealing
    with failing companies to be replaced by a more
    effective business rescue system.

8
Specific Goals
  • 4. Transparency
  • (a) Proper recognition of director
    accountability, and appropriate participation of
    other stakeholders.
  • (b) Public announcements, information and
    prospectuses to be subject to similar standards
    for truth and accuracy.
  • (c) Protection of shareholder rights, advancement
    of shareholder activism, and provision of
    enhanced protections for minority shareholders.
  • (d) Minimum accounting standards for annual
    reports.

9
Specific Goals
  • 5. Predictable Regulation
  • (a) Sanctions to be de-criminalized where
    possible.
  • (b) Enforcement through appropriate bodies and
    mechanisms, either existing or newly introduced.
  • (c) Striking a careful balance between adequate
    disclosure, in the interests of transparency, and
    over-regulation.

10
Policy context
Registered Entities Number Percentage ( registered)
Close Corporations 1,276,157 40.51 (75)
Private Companies 412,233 13.09 (24)
Public Companies 3,757 0.12 (0.2)
Incorporated Companies (Professional) 7,976 0.25 (0.5)
External Companies 1,056 0.03 (0.06)
Total Registered Entities 1,701,179 54
Unregistered Entities Number Percentage
Informal economy 749,500 23.8
Sole proprietorships 699 166 22.2
Total Enterprises in Economy 3,149,845 100
Of the 3757 public companies, only 440 are listed
entities. These companies account for 60 of GDP
99 of registered businesses are privately owned,
but not all are small or medium-sized
Aim of reform is to attract unregistered entities
into the formal economy
11
Scheme of the Bill
  • The Bill has 9 Chapters and 6 Schedules
  • Chapter 1 - Interpretation, Purpose and
    Application
  • Chapter 2 - Formation and Registration of
    Companies
  • Chapter 3 - Corporate Finance
  • Chapter 4 - Corporate Governance and Financial
    Accountability
  • Chapter 5 Takeovers, Offers and Fundamental
    Transactions
  • Chapter 6 - Business Rescue
  • Chapter 7 - Remedies and Enforcement
  • Chapter 8 - Regulatory Agencies and
    Administration of the Act
  • Chapter 9 - Offences, Miscellaneous Matters and
    General Provisions
  • Schedule 1 Forms of Memorandum of Incorporation 
  • Schedule 2 Members and Directors of Not For
    Profit Companies
  • Schedule 3 Public Offerings of Shares and other
    Securities
  • Schedule 4 Consequential Amendments 
  • Schedule 5 Legislation to be Enforced by the
    Commission
  • Schedule 6 Transitional Arrangements.

12
Chapter 1
  • CHAPTER 1 INTERPRETATION, PURPOSE APPLICATION.
  • Part A
  • 1 of the Bill contains 100 definitions, many
    reflecting new substantive provision.
  • 1 CA (1973) has 43 definitions, many of which
    are unnecessary because of substantive changes in
    new Bill.
  • Key new definitions include (a) amalgamation, (b)
    closely held company, (c) distribution, (d)
    electronic communication,(e) file, (f) for
    profit company, (g) incorporator, (h) juristic
    person, (i) Memorandum of Incorporation, (j)
    merger, (k) not for profit company, (l) Notice of
    Incorporation, (m) public interest company, (n)
    rules of a company, (o) unalterable provision
  • New definitions were introduced because many new
    substantive provisions require new definitions.

13
Chapter 1
  • Part B
  • The Chapter, through, 6 outlines the purposes
    of the proposed Act in line with Policy
    objectives, as being (a) the promotion of
    economic development, companies, innovation and
    investment in South Africa (b) reaffirm role of
    company (c) balance rights and obligations of
    shareholders and directors
  • The most important provision in chapter one is
    the one dealing with categories of companies in
    8. The section deals with what are referred to as
    for profit companies.
  • In other jurisdictions, like Canada and the U.S.A
    (under the Model Business Corporations Act),
    these types of companies are called business
    corporations. The section provides that every
    for profit company is either a widely held
    company, or a closely held company.

14
Chapter 1
  • The section defines what a widely held company as
    a company which, in its memorandum of
    incorporation the companys governing document,
    (i) permits it to offer any of its shares to the
    public (ii) limits, negates or restricts the
    pre-emptive right of every shareholder (iii)
    provides for the unrestricted transferability of
    any of its shares. Further, a company is a widely
    held company if a majority of its shares are held
    by another widely held company, or collectively
    by two or more related or inter-related persons,
    any one of which is a widely held company.
  • An equally important provision is that which
    defines a public interest company. In brief, a
    public interest company is not a separate
    category of company, but is, in terms of section
    9, either a widely held company, on the one hand,
    or closely held or not for profit company which
    meets certain criteria, on the other hand.

15
Chapter 1
  • The last important provision in chapter one is
    that which identifies key elements of a not for
    profit company. This is 11 and it identifies
    the following fundamental principles of not for
    profit companies. These fundamental principles
    are that a company (i) uses all its assets or
    income to advance its stated objects (ii)
    provides no financial benefit to members or
    directors , other than reasonable remuneration
    for work done, or compensation for expenses
    incurred to advance the stated objects of the
    companyand (iii) on winding up, such a company
    distributes its net value to another not for
    profit entity, which does not have to be a
    company but may be a voluntary association or a
    not for profit trust.
  •  

16
Chapter 1
  • In summary, this chapter introduces two
    categories of companies, i.e. (a) For Profit
    Companies (or business corporations) and (b) Not
    For Profit Companies (former 21 companies). For
    profit companies or business corporations may
    either be (i) widely held or (ii) closely held.
    All widely held companies are public interest
    companies. In addition, closely held companies
    and not for profit companies which meet certain
    criteria may be classified as public interest
    companies. In the case of a closely held company,
    categorisation as a public interest company takes
    place when two of the following criteria are met
    i.e. (a) an annual turnover of R50 million (ii)
    a monetary asset value of R25 million and (iii)
    an employment threshold of not less than 200
    employees. Two of the following three criteria
    qualify a not for profit company as a public
    interest company, namely (i) R20 million annual
    turnover (ii) a monetary asset value of R10
    million (iii) an employment threshold of not
    less than 50 employees.

17
Chapter 1
  • Table BCategories of Companies

For Profit Companies Not For Profit Companies
(a) Widely held Companies (b) Closely held Companies Successor to 21 companies and are subject to - (i) a varied application of the Act, as set out in 11 and (ii) a special set of fundamental rules, set out in 12.
Public Interest Companies All widely held companies Closely held companies that meet at least two of the three thresholds and companies which are designated by Minister take deposits from public or exercise public trust have substantial impact on environment contribute to public health supply essential goods, services or infrastructure Public Interest Companies All widely held companies Closely held companies that meet at least two of the three thresholds and companies which are designated by Minister take deposits from public or exercise public trust have substantial impact on environment contribute to public health supply essential goods, services or infrastructure
18
Chapter 1
  • Consequences of characterisation as a PI company

. 15 A PI must file its Memorandum of Incorporation
. 79 A PI must hold an annual meeting (in the case of a NFP, even if it has no members)
. 79(5) A PI shareholder/members meeting must be accessible within the Republic for electronic participation. On the other hand, it may be held anywhere, unlike non PI companies, which by default must hold their meetings within the Republic.
. 84 A PI company has a higher minimum number of directors.
. 94 A PI company must keep a directors register.
. 96 and 97 contemplate more stringent Financial Reporting Standards to be prescribed for PIs.
19
Chapter 1
  • Consequences of characterisation as a PI company

. 97 The requirement to have financial statements is not PI dependent.
. 100 PIs must have audit committees, must appoint auditors, and are subject to stricter audit practices than are non PI companies
. 104 The requirement to have a company secretary applies only to WHCs, and thus is not PI dependent.
. 161 PI companies must implement a regime to accept whistleblower concerns.
20
Chapter 2
  • CHAPTER 2 FORMATION REGISTRATION OF COMPANIES
  • Part A Incorporation Legal Status
  • This chapter advances the objective of
    Simplification of company registration procedures
    and reduction of costs associated therewith, as
    reflected in the Policy Document.
  • In addition to confirming a company is a
    corporate juristic person with full powers (
    12), the chapter affirms the incorporation of a
    company as a right and permits a mimimun of one
    person to form a business corporation or for
    profit company ( 13). In this regard, the
    statute is in line with modern corporate law
    statutes such as 2.01 of the Model Business
    Corporations Act 101 of the Delaware General
    Corporation Law 2-102 of the Maryland
    Corporation Law and 7 of the UKs Companies
    Act.
  • The Bill facilitates company formation through
    the adoption of a short-form Memorandum of
    Incorporation and Notice of Incorporation.

21
Chapter 2
  • The Bill permits incorporation by adoption of (a)
    a prescribed form of Memorandum of Incorporation
    (set forth in Schedule 1) or (b) any other form
    complying with certain minimum requirements (set
    forth in Schedule 1) and with the unalterable
    provisions of the Act but including, if desired,
    other non-prohibited provisions, including the
    power to adopt internal rules concerning
    governance of the company ( 14). This
    facilitates formation of companies and
    governance.
  • The chapter also provides for simplified filing
    requirements of a Memorandum of Incorporation and
    abolishes the need for certification by notary,
    and the requirements for a seal.
  • In brief, the Bill only mandates a public
    interest company to file its Memorandum of
    Incorporation. A closely held company does not
    have to lodge its Memorandum of Incorporation,
    but has to keep it at its registered office.

22
Chapter 2
  • At any rate incorporators of a closely held
    companies do not have to draft their Memoranda
    but may adopt a Model Memorandum in Schedule 1 to
    the Bill ( 1516). The Bill abolishes the
    doctrine of constructive notice in the sense that
    a person is not deemed to have notice or
    knowledge of the contents of any document
    relating to a company merely because the document
    (a) has been filed with the Commissioner or (b)
    is accessible for inspection at an office of the
    company ( 15(4)).
  • The Bill provides for the expanded negation of
    ultra vires defense in an attempt to provide
    further assurance and protection for persons
    dealing with the company in good faith ( 17). In
    an another instance of improving assurance and
    protection for persons dealing with the company
    before incorporation, the Bill provides for
    expanded validation of pre-incorporation
    agreements( 18).

23
Chapter 2
  • Part B Company Names.
  •  
  • In this regard, formal requirements for company
    name are shortened and simplified ( 19). The
    main aim of the reform in this area was to
    eliminate time-consuming and otherwise burdensome
    requirements. In particular, name reservation
    will be available to protect one or more names,
    but it will not be required.
  • In addition, the draft proposes reforming the
    criteria for acceptable names in a manner that
    seeks to give maximum effect to the
    constitutional right to freedom of expression.

24
Chapter 2
  • Specifically, the draft will restrict a company
    name only as far as necessary to -
  • protect the public from misleading names which
    falsely imply an association that does not in
    fact exist
  • protect the interests of the owners of names and
    other forms of intellectual property from other
    persons passing themselves off, or coat-tailing,
    on the first persons reputation and standing
    and
  • protect the society as a whole from names that
    would fall within the ambit of expression that
    does not enjoy constitutional protection because
    of its hateful or other negative nature.
  • Beyond those purposes, there will be no further
    administrative discretion to reject names, as is
    found in the existing Act.
  •  

25
Chapter 2
  • Importantly, Name Reservation is no longer
    required as a self standing process in the
    process of registration. Name approval take place
    simultaneously with the registration process. A
    company does not need to have a name and it may
    use its unique registration number as a name. A
    Company name must end with
  • (a)   The expression NPC, in the case of a not
    for profit company. Or
  • (b)  The word Limited or its abbreviation,
    Ltd., in the case of a widely held company. Or
  • (c)  The expression CHC Limited or its
    abbreviation, CHC Ltd., in the case of a
    closely held company.

26
Chapter 2
  • One very important provision relating to names
    and registration numbers is that found in 24.
    In essence, the section requires a company to
    ensure that its registered name and registration
    number are clearly stated on or in every document
    issued or signed by, or on behalf of, the
    company, if the document evidences or creates a
    legal obligation of the company. This provision,
    in effect, replaces 50 of the 1973 Companies
    Act which has extensive requirements on
    displaying of company name and registration
    number. Failure to comply with this section may
    lead to personal liability.
  •  

27
Chapter 2
  • Part C Registered Office and Records.
  • According to 25, a company must have registered
    office in South Africa and register its address.
    Ordinarily, change of address takes place 5 days
    filing of Revised Notice of Registered Address.
    For clarification and for the purposes of
    encouraging good corporate practice, a companys
    records must be written or convertible to written
    form and must include securities register,
    Memorandum of Incorporation, annual reports,
    accounting records, shareholders meeting minutes,
    written communications to shareholders generally,
    register of directors and directors meeting
    minutes and resolutions.
  • In an effort to enhance shareholder rights, the
    Bill gives the shareholders a right, on request
    made in good faith, to inspect and copy
    securities register, Memorandum of Incorporation,
    annual reports, financial statements,
    shareholders meeting minutes, written
    communications to shareholders generally,
    register of directors and directors meeting
    minutes and resolutions ( 27).

28
Chapter 2
  • Table C Comparison of current and proposed
    provisions

Current Company Law Proposed Company Law
Name reservation compulsory Memo and articles of association must be lodged with registration Pre-incorporation contracts are complex Name approval process is complex Registration No is not acceptable as name Negation of defence of ultra vires Requires up to 7 persons to register a company Name reservation optional Memo of incorporation only governing doc does not have be lodged Pre-incorporation contracts simplified Name approval process simplified and clarified Registration No may be used as name Expanded negation of ultra vires defence Only 1 person required for For Profit and 3 persons for Not for Profit
29
Chapter 3
  • Chapter 3 Corporate Finance
  • This chapter of the Bill is dedicated to dealing
    with the following issues, namely, (a) Company
    Shares, (b) Debentures and Similar Instruments,
    (c) Distributions by the Company, (d)
    Registration and Transfer of securities, (e) and
    Public Offering of Securities. The Chapter
    advances the objective of Promoting innovation
    and investment in South African markets and
    companies by providing for flexibility in the
    design and organisation of companies 
  •  Part A Company Shares
  • In order to facilitate equity financing of
    company in time-sensitive global capital markets,
    the Bill provides that the Memorandum of
    Incorporation must set out authorized classes and
    numbers of shares and may authorize board to
    increase or decrease number of shares or classify
    or reclassify shares ratification of defective
    issuances ( 34).  

30
Chapter 3
  • To further facilitate equity financing of company
    in time sensitive global capital markets, the
    chapter provides for equitable voting powers
    intra-class equality except as provided in
    Memorandum of Incorporation class preferences
    and other rights, which may be made dependent
    upon objectively ascertainable facts ( 35). 
  • In order to afford protection of shareholders,
    the chapter provides for pre-emptive rights,
    which way be negated or limited in Memorandum of
    Incorporation ( 36).
  • Importantly, and in order to facilitate equity
    financing, the Bill allows for the shares to be
    paid for in exchange of any consideration
    determined by the board in line with proper
    standards of conduct. Particularly, the
    consideration may include a contract for future
    services or benefits, or a promissory note.

31
Chapter 3
  • Notably and given the economic insignificance of
    par values and nominal capital, the Bill provides
    for shares to have no par value ( 37). Pre
    existing shares with par values are preserved in
    line with transitional arrangements.
  • In order to further enhance shareholder rights,
    the Bill also provides for shareholder approval
    for issuing shares in certain cases, including
    issuance at less than fair market value to a
    director, for non-cash consideration, or with
    more than 30 of voting power ( 38).
  • In line with 6.24 of the Model Business
    Corporations Act, the Bill clarifies that the
    company may issue option for purchase of
    shares or other securities ( 39).
  • Most importantly, in line with best practice
    jurisdictions and in order to enhance companys
    ability to raise equity, direct or indirect
    financial assistance for share purchases is
    permitted subject to limitations, including
    solvency and liquidity and shareholders approval.

32
Chapter 3
  • The Chapter further outlines a new general scheme
    for debentures designed to protect the interests
    of debentures holders without making unnecessary
    distinctions based on artificial categorization
    of the debt instrument they hold.
  • Treats all distributions (e.g. share buy backs,
    dividends, redemptions, etc) in the same way by
    subjecting them to the solvency and liquidity
    test.
  • Existing scheme for registration and transfer of
    uncertificated securities modified considering
    Securities Services Act.
  • Simplified and modernised scheme for primary and
    secondary offering of securities to the public,
    based on the principles of the current Act.

33
Chapter 4
  • Chapter 4 Corporate Governance Financial
    Accountability
  • Chapter retains most of the provisions found in
    the current law regarding corporate governance
    with important changes
  • Quorum thresholds for passing an ordinary
    resolution 25 of all shares entitled to vote
  • Allows shareholders to participate in meetings by
    electronic communication.
  • Allows shareholders and directors to take binding
    decisions other than at a meeting.
  • Sets out a codified regime of directors duties,
    which includes both a fiduciary duty, and a duty
    of reasonable care, which operate in tandem with
    existing common law duties.
  • Supplemented by provisions addressing conflict of
    interest, and directors liability, indemnities
    and insurance
  • Retains existing law with respect to financial
    records and statements, auditors, audit
    committees and company secretaries, but relieves
    closely held companies from the requirements of
    appointing auditors, unless they are also public
    interest companies as defined.

34
Chapter 5
  • Chapter 5 Takeovers, Offers and Fundamental
    Transactions
  • Retains existing scheme largely (schemes of
    arrangement,mandatory offers, squeeze-out
    transactions, Takeover Code and Takeover
    Regulation Panel)
  • Main changes
  • Notification of share purchases
  • Approval of fundamental transactions ( the
    disposal of substantially all of its assets or
    undertaking, a scheme of arrangement, or a merger
    or amalgamation) by a court only required if a
    significant minority opposed (at least 15) or if
    procedural irregularity or a manifestly unfair
    result found.
  • Supported by a remedy of appraisal rights for
    dissenting minority shareholders.
  • Introduces concepts of merger and amalgamation of
    companies

35
Chapter 6
  • Chapter 6 Business Rescue
  • Replaces the current judicial management with a
    modern business rescue regime, largely
    self-administered by the company, under
    independent supervision within constraints set
    out in the chapter, and subject to court
    intervention at any time on application by any of
    the stakeholders.
  • Recognises the interests of shareholders,
    creditors and employees, and provides for their
    respective participation in the development and
    approval of a business rescue plan.
  • Notably, the chapter protects the interests of
    workers by -
  • recognising them as creditors of the company with
    a voting interest to the extent of any unpaid
    remuneration,
  • requiring consultation with them in the
    development of the business rescue plan,
  • permitting them an opportunity to address
    creditors before a vote on the plan, and
  • according them, as a group, the right to buy out
    any dissenting creditor who has voted against
    approving a rescue plan.

36
Chapter 7
  • Chapter 7 Remedies and Enforcement
  • High Court remains the principal forum for
    remedies
  • Retains existing remedies, but introduces new
    remedies, including
  • right to seek a declaratory order as to a
    shareholders rights
  • right to apply to have a director declared
    delinquent or under probation
  • Appraisal rights for dissenting shareholders to
    certain actions
  • Right to commence or pursue legal action in the
    name of the company (common law derivative
    action)
  • Establishes an extended right of standing to
    commence an action on behalf of an aggrieved
    person, and a regime to protect whistle blowers
    who disclose irregularities or contraventions of
    the Act..

37
Chapter 8
  • Chapter 8 Regulatory Agencies and Administration
    of Act
  • Companies and Intellectual Property Commission
    (currently CIPRO dti)
  • Registration, enforcement of law, education
  • Takeover Regulation Panel (currently SRP)
  • Approval of certain offers
  • Financial Standards Reporting Council (same)
  • Advice on reporting standards
  • Companies Ombud (new)
  • Resolution of shareholder disputes
  • Appeal of administrative decisions

38
Chapter 9
  • Decriminalization of Company Law
  • In accordance with the objectives and goals, the
    proposed Act de-criminalizes company law. There
    are very few remaining offences, those arising
    out of refusal to respond to a summons, give
    evidence, perjury, and similar matters relating
    to the administration of justice in terms of the
    Act. Any such offences must be referred by the
    Commission to the National Public Prosecutor for
    trial in the Magistrates Court.
  • Generally, the Act uses a system of
    administrative enforcement in place of criminal
    sanctions to ensure compliance with the Act. The
    Commission, or the Takeover Panel, may receive
    complaints from any stakeholder, or may initiate
    a complaint itself.

39
Chapter 9
  • Following an investigation into a complaint, the
    Commission or Panel may -
  • (a) end the matter
  • (b) urge the parties to attempt voluntary
    alternative resolution of their dispute
  • (c) advise the complainant of any right they may
    have to seek a remedy in court
  • (d) commence proceeding in a court on behalf of
    a complainant, if the complainant so requests
  • (e) refer the matter to another regulator, if
    there is a possibility that the matter falls with
    their jurisdiction or
  • (f) issue a compliance notice but only in
    respect of a matter for which the Act does not
    provide a remedy in court.
  • A compliance order may be issued against a
    company, or against an individual if the
    contravention of the Act was by that individual,
    or if the Act holds them equally liable with a
    company for the contravention.

40
Chapter 9
  • A person who has been issued a compliance notice
    may of course challenge it in court, but failing
    that, is obliged to satisfy the conditions of the
    notice. If they fail to do so, the Commission may
    either apply to the court for an administrative
    fine, or refer the failure to the National
    Prosecuting Authority as an offence. In the case
    of a recidivist company that has failed to
    comply, been fined, and continues to contravene
    the Act, the Commission may apply to the Court
    for an order dissolving the company.
  • Finally, to improve corporate accountability, the
    draft proposes that it will be an offence,
    punishable by a fine or up to 10 years
    imprisonment, for a director to sign or agree to
    a false or misleading financial statement or
    prospectus, or to be reckless in the conduct of a
    companys business.

41
Proposed Timetable
  • Proposed Timetable

Updated Bill following comments 31 May 2007
Submission of updated Bill for further comments 1 30 June 2007
Further review of the Bill 1 31 July 2007
Submission of Bill to Cabinet 15 August 2007
Submission of Bill to State Law Advisors 31 August 2007
Introduction of Bill into Parliament February 2008
42
Details
  • Tshepo Mongalo
  • Project Manager Corporate Law Reform
  • P/Bag X 84
  • Pretoria
  • 0001
  • 012 394 1503
  • 0824109427
  • E-Mail Tshepo_at_thedti.gov.za

43
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