The new Companies Act of 2008 comes into operation on the 1st of May 2011 and will replace the current Companies Act of 1973. Take note of the following important aspects:
- No new close corporations will be registered from the 1st of May 2011, but new companies can be registered. For more information on New Company registrations
- No company conversions to close corporations will be registered.
- Provision has also been made for close corporations to convert to companies without any payment in terms of the New Companies Act.
- Any future changes to a close corporation would still have to be made in terms of the Close Corporations Act for the following:
- CC amendments (CK2/CK2A)
- Letter for accounting officer resignations
- Liabilities exceed assets letters
- Annual returns
The following processes will be administered in terms of the new Companies Act of 2008:
- Name Reservations
- Restoration – normal restorations and annual returns