SELECT COMMITTEE ON ECONOMIC AND FOREIGN AFFAIRS
PROPOSED AMENDMENTS TO THE
CORPORATE LAWS AMENDMENT BILL [B 6B-2006]
CLAUSE 1
1. On page 3, in line 53, to omit
"public interest company" and substitute "widely
held company"
2. On page 3, in line 56, to omit
"public interest company" and substitute "widely
held company"
3. On page 3, from line 59, to omit
"public interest company" and substitute "widely
held company"
4. On page 4, from line 8, to omit
"public interest company" and substitute "widely
held company"
5. On page 4, in line 19, to omit
"public interest company" and substitute "widely
held company"
6. On page 4, in line 20, to omit
"public interest company" and substitute "widely
held company".
7. On page 4, in line 23, to omit
"public interest company" and substitute "widely
held company"
NEW CLAUSE
1. That the following be a new clause:
Amendment of section 35 of Act 61 of 1973
8. Section 35 of the Companies Act, 1973 is hereby amended by the substitution
for the proviso thereto of the following proviso:
"provided that the memorandum of its registration contains as an object of
such company the ratification or adoption of or the acquisition of rights and
obligations in respect of such contract and that [two copies] of such contract
and that [two copies] of such contract,~ [one of which
--
shall be certified by a notary public,] have been lodged with the Registrar
together with the lodgment for registration of the memorandum and articles of
the company" .
CLAUSE 11
1. On page 6, from line 22, to omit
"together with a certificate by a notary public to
the effect that the articles of the company have been truly stated" and
insert "[together with a certificate by a notary public to the effect that
the articles of the company have been truly stated]"
NEW CLAUSE
1. That the following be a new clause:
Amendment of section 173 of Act 61 of 1973
17. Section 173 of the Companies Act, 1973 is hereby amended by the addition of
the
following subsection:
''''4 The information required to be disclosed in terms of this Act, as
contained in the latest annual return of a companv will. in the absence of
anv subsequent compliance with any relevant disclosure requirement of this Act.
be regarded as the latest disclosed information in respect of the
company concerned"
CLAUSE 22
1. On page 9, from line 32, to omit
"public interest company" and substitute "widely
held company"
2. On page 9, in line 38, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 23
1. On page 10, in line 26, to omit
"public interest company" and substitute "widely
held company"
2. On page 10, from line 50, to omit "public interest company" and
substitute
"widely held company"
3. On page 11, in line 4, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 25
1. On page 11, in line 25, to omit "public
interest company" and substitute "widely
held company"
CLAUSE 26
1. On page 11, in line 32, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 27
1. On page 12, in line 5, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 28
1. On page 12, in line 14, to omit
"public interest company" and substitute "widely
held company"
2. On page 12, in line 17, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 30
1. On page 12, from line 40, to omit "public interest company" and
substitute
"widely held company"
2. On page 12, in line 42, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 32
1. On page 13, in line 26, after "that" to insert "[in the
conduct of the affairs of the
company]"
2. On page 13, in line 28, after
"place" to insert "[which has caused or is likely to
cause financial loss to the company or to any of its members or
creditors,]"
CLAUSE 34
1. On page 14, in line 8, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 43
1. On page 16, in line 49, to omit
"public interest company" and substitute "widely
held company"
2. On page 17, in line 4, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 44
1. On page 17, in line 35, to omit
"public interest" and to substitute "[public] widely
held"
CLAUSE 45
1. On page 17, in line 45, to omit
"public interest" and substitute "[public] widely
held"
CLAUSE 51
1. On page 23, in line 40, to omit
"public interest company" and substitute "widely
held company"
2. On page 25, in line 28, to omit
"public interest company" and substitute "widely
held company"
CLAUSE 54
1. On page 29, in line 7, to omit
"public interest company" and substitute "widely
held company"
2. On page 29, in line 10, to omit
"285(1)" and substitute "285A(1)"
3. On page 29, in line 11, after “(1)” to omit “(a)or (b)
Clause 59
1. On page 30, in line 31, to omit” must for the purposes of this Act”
and substitute “will”.