SELECT
COMMITTEE ON ECONOMIC AND FOREIGN AFFAIRS
AMENDMENTS TO CORPORATE LAWS AMENDMENT
BILL [B 6B-2006]
LONG
TITLE
1. On
page 2, in the second line, to omit “public interest” and to substitute “widely
held”.
CLAUSE 1
1. On page 3, in line 53, to omit “public
interest company” and to substitute “widely held company”
2. On page 3, in line 56, to omit “public
interest company” and to substitute “widely held company”
3. On page 3, from line 59, to omit
“public interest company” and to substitute “widely held company”
4. On page 4, from line 8, to omit “public
interest company” and to substitute “widely held company”
5. On page 4, in line 19, to omit “public
interest company” and to substitute “widely held company”
6. On page 4, in line 20, to omit “public
interest company” and to substitute “widely held company”
7. On page 4, in line 23, to omit “public
interest company” and to 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, [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
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 company will, in the absence of any 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 to substitute “widely held company”
2. On page 9,
in line 38, to omit “public interest company” and to substitute “widely held
company”
CLAUSE 23
1. On page 10, in line 26, to omit “public
interest company” and to substitute “widely held company”
2. On page 10,
from line 50, to omit “public interest company” and to substitute “widely held
company”
3. On page 11,
in line 4, to omit “public interest company” and to substitute “widely held
company”
CLAUSE 25
1. On page 11,
in line 25, to omit “public interest company” and to substitute “widely held
company”
CLAUSE 26
1. On page 11, in line 32, to omit “public
interest company” and to substitute “widely held company”
CLAUSE 27
1. On page 12, in line 5, to omit “public
interest company” and to substitute “widely held company”
CLAUSE 28
1. On page 12, in line 14, to omit “public
interest company” and to substitute “widely held company”
2. On page 12,
in line 17, to omit “public interest company” and to substitute “widely held
company”
CLAUSE 30
1. On page 12, from line 40, to omit
“public interest company” and to substitute “widely held company”
2. On page 12, in line 42, to omit “public
interest company” and to 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 to substitute “widely held company”
CLAUSE
43
1. On page 16,
in line 49, to omit “public interest company” and to substitute “widely held
company”
2. On page 17,
in line 4, to omit “public interest company” and to 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 to substitute “[public] widely held”
CLAUSE
51
1. On page 23,
in line 40, to omit “public interest company” and to substitute “widely held
company”
2. On page 25,
in line 28, to omit “public interest company” and to substitute “widely held
company”
CLAUSE
54
1. On page 29,
in line 7, to omit “public interest company” and to substitute “widely held
company”
2.
On page 29, in line 10, to omit “285(1)” and to
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 to substitute
“will”.