384. Application of provisions of Act Flashcards
- Application of provisions of Act
General overview
[384.01] Section 384 is a new section that was introduced by Act No 15 of 2017. Section 384 allows any regulations that the Minister is empowered to make under s 411 in respect of companies incorporated under the Act to be extended to apply to foreign companies, subject to any adaptations, modifications, or additions as may be prescribed: Explanatory Statement to Bill No 13 of 2017, First Reading on February 28, 2017. Such regulations may provide that the provisions relating to the transfer of shares in a company and the register of members, in Division 7 of Part IV and Division 4 of Part V of the Act respectively, are to apply to foreign companies. Section 384 also allows regulations to be made to exempt foreign companies from any of the provisions of Division 2 of Part XI of the Act.
