A corporation is an organizationusually a group of people or a companyauthorized by the state to act as a single entity a legal entity. A close corporation is subject to close corporations act 69 of 1984 and the companies act 71 of 2008. Section 47 of the close corporations act has been substantially amended and the provisions of the companies act regarding the disqualification of directors will now largely determine who is disqualified from managing a close corporation. The close corporations act, 1984 creates personal liability on members and certain other persons for the debts of the corporation in the event of a contravention of certain provisions of the act. Section 63deals with the joint and several liability for the debts of the corporation in the event of specific contraventions. Crossreferences application of act to existing domestic corporation, see 17. Close corporation wex us law lii legal information. Early incorporated entities were established by charter i. Close corporations administrative regulations 326 kb pdf. In terms of section 4 of the close corporations amendment act, no.
Apr 04, 2012 held that section 35 of the close corporations act 69 of 1984 regulates the disposal by an executor of an interest of a deceased member in a close corporation. Numerous and wellknown phrases came from his plays, such as wear my heart upon my sleeve othello and the world is my oys. Regulations dealing with certain administrative and other matters have been published in the government gazette no. Pdf reflections and perspectives on the south african close. On 1 may 2011, the companies act 71 of 2008 came into effect, replacing the companies act 1973 and amending the close corporations act of 1984.
Close corporations act 69 of 1984 south african government. Since the companies act and close corporations act run concurrently with each other, close corporations have to apply the principles of both acts. Legal comparison between the south african close corporation and. Characteristics of close corporation 1 a close corporation is. The principal act is hereby amended by the substitution for the words he, him, his and himself, wherever they occur except in sections 10lm and o. Notice of alternative methods for incorporating a short standard private company and maintaining company and close corporation information with the companies and intellectual property commission. The regulation of ccs is governed by the close corporations act, 69 of 1984 as amended the act and the terms set out in the association agreement that has been concluded between the cc and its members if any. Close corporations act updated to 1 may 2011 act 69 of 1984 g.
Jul 26, 2014 the companies ordinance 1984 it is an ordinance to consolidate and amend the law relating to companies and certain other associations for the purpose of healty growth of the corporate enterprises, protection of investors and creditors, promotion of investment and development of economy and matters arising out of or connected therewith. English dictionary, shakespeare actually introduced an estimated 3,000 new words into the english language, many of which are in common use today, including bedazzle, silliness, critical, obscene, hurry, lonely. This being the close corporations act 69 of 1984, which came into effect on 1. Application of act to qualified existing foreign corporation, see 17. Provided that section 6 of the karnataka general clauses act, 1899 karnataka act 3 of 1899 shall be applicable as if the said enactments are repealed and reenacted by. The decision in livanos no v oates 20 5 sa 165 gsj is the first high court decision on the interpretation of the provisions of the close corporations act 69 of 1984 that govern the process for disposing of the interest of a deceased member of a close corporation where this is not provided for in an association agreement. Black communities development act 4 of 1984 repealed files.
Usually a close corporations shareholders are involved in the actual operation of the business and often are family members. Republic of south africa close corporations act 69 of 1984 cipc. To have its own persona means that, although it is not an individual person, it can act as if it is a person and certain rights and obligations are conferred to it, seperate from its members, from the moment it is registered. The stuff was like nitric acid, and moreover, in swallowing it one had the sensation of being hit on the back of the head with a rubber club. The south african close corporations act 69 of 1984 cca is a noteworthy piece of legislation not. Instantly his face turned scarlet and the water ran out of his eyes. Coexistence of the close corporation act 1984 and the companies act 71 of 2008. English expressions or the translation of german terminology occasionally.
This page contains information on the close corporations act no 69 of 1984, and the history and future amendments to the act. Ccs can be startups or a mature businesses with a maximum of 10 members. A close corporation is registered in terms of the close. Close corporations act 26 of 1988 og 5658 brought into force after namibian independence on 1 march 1994 by proc. In the uk, the ultra vires doctrine has been radically changed by the companies act 1989 to the extent that persons doing business with companies without. If no such agreement has been entered into, the act must be relied on as the default position regulating the cc and its. Notice in terms of section 6 of the close corporations act, 1984. Close corporations act 26 of 1988 legal assistance centre. Act means the close corporations act, 1984 act 69 of 1984.
Feb 19, 2019 the regulation of ccs is governed by the close corporations act, 69 of 1984 as amended the act and the terms set out in the association agreement that has been concluded between the cc and its members if any. S 54 amended by taxation laws amendment act 86 of 1987. Notice in terms of the close corporations act, 1984 act 69 of 1984 pages affected 1. Close corporations act, 1984 sections, 15, 24, 29, 47 and 60 regulations 2 and 16 amended founding statement to be lodged in triplicate before completing the form, first take note of the notes on the reverse side of page 2. Close corporations act, 1984 ck1 sections 12, 14, 24, 27, 29, 47 and 60 regulations 2, 5 and 17 founding statement to be lodged in triplicate before filling in the form, first take note of the notes on the reverse side of page 2. Amended by companies act 71 of 2008 from 1 may 2011 amended by corporate laws amendment act 24 of 2006 from 14 dec 2007. Close corporations act 26 of 1988 parliament of namibia. This act may be cited as the associations incorporation act, 1984. The close corporations amendment act, 2005, amended the close corporations act, 1984, with effect from 11 january 2006. Pdf on dec 1, 2009, jean du plessis and others published reflections and perspectives on. Close corporations as qualified companies under the group areas act an examination of aspects of the group areas act 36 of 1966 and the close corporations act 69 of 1984 research report presented for the approval of the senate in fulfilment of part of the requirements for the degree of master of laws by course work, of which the other part. Close corporations act, no 69 of 1984 legal legal and. The companies ordinance 1984 free pdf download pakistan. Under the new act, close corporations are treated a lot more like companies 2.
To amend the close corporations act, 1984, so as to empower a court to make an. Amended by close corporations amendment act 25 of 2005 from 11 jan 2006 amended by prevention and combating of corrupt activities act 12 of 2004 from 28 apr 2004 amended by judicial matters amendment act 16 of 2003 from 10 jul 2003. It should however be noted that section 221 of the closed corporations act. To amend the close corporations act, 1984, so as to substitute the definition of. The companies ordinance 1984 it is an ordinance to consolidate and amend the law relating to companies and certain other associations for the purpose of healty growth of the corporate enterprises, protection of investors and creditors, promotion of investment and development of economy and matters arising out of or connected therewith. Application of companies act to enforcement of act. Close corporations act 26 of 1988 formation and juristic personality of close corporations 2. This act shall be known and may be cited as the name of state business corporation act. Cipro means the companies and intellectual property registration office that constitutes a combined administrative office for the various registration offices established or deemed to be established under the act, the companies act, 1973 act 61 of 1973, the trademarks act. Directives of the registrar of companies and of close corporations on applications for the reservation of names of companies, close corporations. Liability a close corporation allows the shareholders to act as would a general partnership in daytoday operations, however if the shareholders step in to run the company, they retain limited liability as shareholders, but take on the fiduciary duties of directors. Corporations close corporations law and legal definition. Held that section 35 of the close corporations act 69 of 1984 regulates the disposal by an executor of an interest of a deceased member in a close corporation.
Characteristics of close corporation 1 a close corporation. Fifth, section 8 of the close corporation act 69 of 1984 preserved the provisions of section of the old act and the principles applicable to close corporations in relation to the furnishing of security for costs differ from those applicable to a company. The new companies act introduced fundamental changes to south african company law. Amended by close corporations amendment act 22 of 2001 from 5 oct 2001. Amended by local government laws amendment act 51 of 2002 from 5 dec 2002. Table of contents chapter 3 purposes and powers chapter 4. Corporation tax act an act to provide for the taxation of shortterm capital gains and to make better provisions for the taxation of company profits and for matters incidental thereto or consequential thereon. The bombay devadasis protection act, 1934, bombay act 10 of 1934 and the madras devadasis prevention of dedication act, 1947 madras act 31 of 1947 are hereby repealed. The provisions of the companies act in respect of business. Close corporations act, 1984, administrative regulations, section. Duties of liquidator regarding liability of members to creditors or corporation. A close corporation cc is the entity usually chosen for smaller businesses. Close corporations amendment act 8 of 1994 gg 891 deemed to have come into force on 1 march 1994, except for section 5, 14 and 30.
These amendments provide for the introduction two important new principles, which will have an effect on the procedures to be followed for the registration of founding statements form ck 1 and amended founding statements forms ck 2 and ck 2a. A close corporation is also commonly referred to as a closely held corporation. Close corporations, see model statutory close corporation supplement. An act is ultra vires if it is beyond the legal powers of the person doing it. Close corporation legal definition of close corporation. Section 35a provides that an executor is first to seek a transfer of a deceased members interest to the legatee or heir and that such transfer can only be effected if the remaining. The registration office shall be open to the public from 08h30 to 12h30 and from 14h00 to 16h00 from mondays to fridays except a on a public holiday specified by or declared. Black communities development act 4 of 1984 repealed. Please note that most acts are published in english and another south african official language. Close corporations under the close corporations act, 1984 i, kent diederich skelton durr, deputy minister of trade and industry, hereby, on behalf of the minister of trade and industry, by virtue of the powers vested in him by section 10 of the close corporations act, 1984 act 69 of 1984, make the regulations contained in the schedule. Mar 27, 2014 notice in terms of the close corporations act, 1984 act 69 of 1984 pages affected 1. A close corporation is generally defined as a corporation owned by a limited number of stockholders, usually no more than 35, who generally are active in the affairs of the corporation. The asian tribune has been appraised by reliable sources that the indous close corporation on issues since the may 2009 internal defeat of the tamil tigers such as accountability to incidents that involved the military during the final months of the battle to defeat the separatists, alleged violation of ihl and ihrl, civilian deaths, and reconciliation was cemented due to the china factor. S 57 amended by constitutional laws amendment act 32 of 1987.