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ARTICLE · 08 FEBRUARY 2008

The Corporate Laws Amendment Act

Norton Rose Fulbright South Africa
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The Corporate Laws Amendment Act (the “Act”), which became law at the end of last year, has introduced a number of changes to our company legislation.

South AfricaCorporate/Commercial Law
Stephen Kennedy-Good
Stephen Kennedy-Good

Is Your Company "Widely Held"?!

The Corporate Laws Amendment Act (the "Act"), which became law at the end of last year, has introduced a number of changes to our company legislation.

The Act has introduced the concept of a "widely held" company together with certain compliance requirements which must be met should a company be categorized as widely held. In terms of the Act, a company will be widely held if:

  • its articles provide for the unrestricted transfer of its shares, in other words the shares of the company are not subject to pre-emptive rights in favour of all shareholders in every proposal to sell to a third party; or

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