The Companies Regulations (or Companies Act Regulations or Company Regulations), after being signed and approved, came into effect on 1 May 2011, together with the Companies Act. You can download a copy by clicking here. They are crucial to understanding and implementing the Companies Act. The final Companies Regulations are 22 pages longer and do differ in some respects from the draft.
The Regulations deal with the functions of:
- the Commission,
- the Takeover Regulation Panel and
- the Companies Tribunal,
and other matters relating to the regulation of companies.
The draft Companies Regulations
The following is what previously appeared on the Department of Trade and Industries web site:
“The Minister of Trade and Industry, Dr Rob Davies (MP), intends to publish the Companies Regulations, 2011, after due consideration of stakeholder comments and inputs. The draft Regulations are premised on the Companies Act, No. 71 of 2008 and the Companies Amendment Bill, 2010, as published in the Government Gazette, No. 33695, dated 27 October 2010. The draft Regulations deal with the functions of the Companies Commission, the Takeover Regulation Panel and the Companies Tribunal, as well as other matters relating to the regulation of companies, to take effect upon enactment of the Companies Act, 2008.
Comments on the draft Regulations should be directed to Mr Desmond Ramabulana on or before 31 January 2011 via e-mail: firstname.lastname@example.org.
Alternatively, inputs can be submitted via post or hand-delivery (see ‘Contact Us’ for further information), for the attention of Mr Desmond Ramabulana (Block B, 1st floor).”
The following note appears in the draft Companies Act Regulations:
“In preparing these draft regulations and forms, the dti provided an early draft of the proposed Companies Amendment Bill, published in Gazette No 33695 of 27 October 2010. When considering these regulations, readers should refer to both the Companies Act 2008, as well as the draft Companies Amendment Bill as published in the Government Gazette on 27 October 2010.
In order to retain the essential harmony of the regulations with the empowering legislation, after the Companies Amendment Bill has been considered by Parliament, these regulations and forms will be re-evaluated, and may need to be revised, to the extent that the Companies Amendment Bill differs from any legislation that Parliament may enact.”