EDIT: This post is now out of date, to get the latest details on the companies act see this post
As many readers may know the Companies Act no. 71 of 2008 (a.k.a. The New Companies Act), was signed into law in April 2009, however it has not yet been put into force .
It’s been nearly a year since the Act was signed in as law, and there have been some developments. The Minister of Trade and Industry published Draft Regulations as well as “Rectifications” in December 2009, which seeks to correct some of the numerous errors in the Act, as well as give some content to some of its provisions. The closing date for comments on these regulations was 01 March 2010. The final regulations where meant to come out on 31st March 2010, as yet they have not been published. The Minister however did confirm that the Companies Act will come into force in the “third-quarter” of 2010 but no fixed date has been given.
We will keep you updated on any developments on the New Companies Act.