COMPANIES ACT NOTES SUMMARY
INDEX
COMPANIES ACT 71 OF 2008
1) BACKGROUND
2) SECTIONS
➢ 16
➢ 65
Companies Act 71 of 2008
1) Sections
1.1.Section 16 : Changing MOI
a. Proposing to Change the MOI
- Proposal may be made only by:
The Board or
SHs holding at least 10% voting rights
b. Changing the MOI
- May only be changed by:
Court order or
Special SHs resolution[SHs decision requiring > 75% approval
from SHs]
1.2 Section 65 : Shareholders resolution
a. SHs resolution can be proposed by:
- Any 2 SHs or
- Board
b. Special SHs resolution required for :
- Amending MOI
- Issue shares to directors
- Granting financial assistance
- Basis for compensation to directors
- Other matters as required by MOI
Key words
Co Act= Companies Act
S & L= Solvency &
Liquidity
SHs = Shareholders
MOI= Memorandum of
Incorporation
