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Corporate Laws Amendment Act finally becomes law

Important changes will be effected to South Africa's corporate landscape before the implementation of the much talked about Companies Bill (which will overhaul South Africa's corporate landscape).

Although the Corporate Laws Amendment Act was signed by the President on 11 April 2007, it did not come into effect. As such the two important

amendments relating to the giving of financial assistance to purchase shares and the disposal of the whole or substantial part of the business or assets did not come into effect (for a more detailed explanation of the changes please click here). Another major change relates to audit committees and financial reporting.

On 14 December 2007 the Corporate Laws Amendment Act finally became law when it was so published in the Government Gazette.

For further information on these changes, kindly contact Rian Geldenhuys.

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