# Companies Amendment

- Link: https://dearsouthafrica.co.za/companies-amendment/
- Published: 2023-09-06T16:07:15+02:00
- Author: dearSA

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### The Portfolio Committee on Trade, Industry and Competition invites you to comment on the Companies Amendment Bill [B27-2023] and the Companies Second Amendment Bill [B26-2023].

### **52**** **comments delivered to parliament (closed 2 October 2023)

[click to view a report, all comments, documents and videos ](https://dearsouthafrica.co.za/companies-amendment/summary)

## Have your say – shape the Bills. [CLOSED]

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Amendments proposed in the Bill

    - Amend the Companies Act, 2008, so as to change the definition of ‘securities’;
    - Clarify when a Notice of Amendment of a Memorandum of Incorporation takes 
      effect;
    - Differentiate where the right to gain access to companies’ records may be 
      limited;
    - Provide for the preparation, presentation and voting on companies’ remuneration
      policy and directors’ remuneration report;
    - Provide for the filing of a copy of the annual financial statement;
    - Empower the court to validate the irregular creation, allotment or issue of
      shares;
    - Clarify how shares which are not fully paid are to be dealt with;
    - Exclude the subsidiary company from the requirements relating to financial
      assistance;
    - Provide for instances where a special resolution is required for acquisition
      of shares by the company;
    - Extend the definition of an employee share scheme to include situations where
      there are purchases of shares of a company;
    - Provide for the circumstances under which a private company will be a regulated
      company;
    - Deal with the composition of the social and ethics committee;
    - Provide for the publication of the application for exemption from the requirement
      to appoint a social and ethics committee;
    - Provide for the presentation of the social and ethics committee report at 
      the annual general meeting or shareholders’ meeting as the case may be;
    - Ensure the differentiation of duties between the chairperson of the Companies
      Tribunal and the Chief Operating Officer; and
    - Provide for matters connected therewith.

**The Companies Second Amendment Bill seeks to:**

    - Amend the Companies Act, 2008, so as to amend the time bars, in respect of
      proceedings to recover any loss, damages or costs for which a person may be
      held liable in terms of section 77 of the Companies Act;
    - Amend the time bar for the bringing of an application to declare a person 
      delinquent in terms of section 162(2) and (3) of the Companies Act; and
    - Provide for matters connected therewith.

_Streamed live on 29 Aug 2023_
 **National Assembly,** Briefing on the Companies
Amendment Bills

[View more info ](https://dearsouthafrica.co.za/companies-amendment/summary/)