Companies Flashcards
1
Q
Company Act 71 of 2008 came into effect?
A
on 11/May/2011
2
Q
Why new Act?
A
- simplification
- modernization of companies act to take cognisance of international developments.
- Bring Act in line with the constitution.
3
Q
COMPANIES ACT: ADMINISTRATION
A
- Registers companies
- Keeps information of companies
- Reviews complaints regarding Act contraventions
4
Q
“TRIBUNAL”
A
- Dual purpose
- To promote alternative dispute resolution(ADR)
- To review orders from the commission.
5
Q
What is a company?
A
An association of persons with juristic personality incorporated under the Companies Act in order to make a profit.
6
Q
JURISTIC PERSONALITY is?
A
The company has rights of its own independently from members.
7
Q
Attributes of a juristic person?
A
- Own assets
- Own profits
- Own debts
- perpetual succession
- shareholders have limited liabilty.
8
Q
Acquisition of juristic person?
A
- Need specific Act
- Registration in terms of companies act
- Conduct in common law
9
Q
Common law requirements by the court?
A
- Assets are held separately.
- capacity to acquire rights and authority
- Locus standi (standing)
