What is Section 75 of Companies Act? (1) Where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in sub-section (1)
What is Section 75 of Companies Act?
(1) Where a company fails to repay the deposit or part thereof or any interest thereon referred to in section 74 within the time specified in sub-section (1) of that section or such further time as may be allowed by the Tribunal under sub-section (2) of that section, and it is proved that the deposits had been accepted …
What is the Companies Act No 71 of 2008?
to provide for equitable and efficient amalgamations, mergers and takeovers of companies; to establish a Financial Reporting Standards Council to advise on requirements for financial record-keeping and reporting by companies; to repeal the Companies Act, 1973 (Act No.
Who Must a director disclose his financial interests to?
In view of the fact that the disclosure needs to be made to the board of directors of the company, in cases where the company only has one director but that director is not the only shareholder in the company, the director must disclose to the company’s shareholders.
What is the purpose of Companies Act No 71 of 2008?
The purpose of this Act is to: Promote compliance with the Bill of Rights as provided for in the Constitution in the application of company law. Promote the development of the South African economy by: encouraging entrepreneurship and enterprise efficiency.
Does the companies Act apply to all companies?
The Act contains various provisions which affect all companies irrespective of their status: Company formation – the procedure for incorporating companies will be modernised to facilitate incorporation over the Internet. It will become possible for a single person to form a public company.
What can happen if a director did not disclose a personal financial interest?
If a director particularly fails to disclose a personal financial interest, the affected agreement may be invalidated if found to be in breach of section 75 of the Act. A director must at all times be vigilant to avoid conflict of interest between himself and the company he/she serves as a director.
When should a director recuse himself?
(Robert’s Rules, 11th ed., p. 407.) Recusal normally occurs when a director has a conflict of interest or prejudice concerning a particular matter. A conflict of interest is any situation in which financial or other personal considerations may unduly influence the director’s judgment.
What is a Section 77?
Under section 77 of the Criminal Justice and Public Order Act 1994 a local authority can order any person living in a vehicle within its area to move off any land that either: is unoccupied (even where the person is causing no nuisance or interference to neighbours etc)
What instrument creates charge?
Introduction. “Charge” means an interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage. [ Section 2(16)]