New Entrepreneurial Law (Lexis Nexis)

‘South African Company law for the 21st century – Guidelines for Corporate Law Reform’1 which envisaged the development of a ‘clear, facilitating, predictable and consistently enforced law’ to provide ‘a protective and fertile environment for economic activity’. Bill 61D of 2008 was assented to by the National Assembly on 19 November 2008 and the Companies Act2 was signed by the President on 8 April 2009. Implementation, however, would be by proclamation as determined in section 225. The Act contained numerous mistakes and on
22 December 2009, a so-called ‘rectification’ notice was published, 3 listing the mistakes to be addressed. The proposed regulations were also published4 and comments were invited. A proposed Companies Amendment Bill was published (electronically only, on the then Companies and Intellectual Property Registration Office (CIPRO) and dti websites) on 27 July 2010, correcting 297 mistakes.