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Clarify that shares which are not fully paid are Provide, in respect of a private company,
to be transferred to a stakeholder and dealt personal liability company or non-profit
with in terms of a stakeholder agreement company, for the appointment of an
auditor at a shareholder’s meeting if such
appointment is a requirement in terms of
the Act
Exclude the subsidiary company from the Provide for CIPC to substitute a contested
requirements relating to financial assistance name of a company under certain
circumstances
Provide for instances where a special To provide for the determination by the
resolution is required for the acquisition by a Minister, in consultation with the Panel,
company of its own shares of financial thresholds for purposes of
identifying the private companies to which
Parts B and C of Chapter 5 of the Act apply
Provide for pronouncements that may be Provide for mediation, conciliation and
issued by the Financial Reporting Standards arbitration by the Companies Tribunal only in
Council respect of relief or complaints in terms of the
Act; to further provide for the operation and
governance of the Companies Tribunal

Directors’ Checklist
■ Appointment of Public Officer, and Information Officer
■ Submission of CIPC annual returns, together with the company’s beneficial ownership
register, annual financial statements and compliance checklist (where applicable)
■ Updating the register of directors and members
■ Updating of the securities register
■ Keeping financial and accounting records in the prescribed form
■ Ensuring that annual financial statements are produced every year within 6 months after
the end of their financial year
■ Displaying the business name correctly on all documents
■ Ensuring that all statutory submissions and payments to SARS are made timeously (VAT,
PAYE, UIF etc.)
■ Monitor the company’s financial position and ensure that the company meets the solvency
and liquidity test, where applicable
■ Directors knowledge of legislation and compliance requirements
The checklist is intended as a “quick” checklist for directors, and does not purport to include
all of the directors’ duties and responsibilities contained in the Act.

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