The Companies Amendment Act, 2024 has made important changes in regard to the requirements for share repurchases in terms of section 48 of the Companies Act, 2008 (Companies Act).
New position regarding share repurchases.
Sections 48(1) to 48(7) are unamended and compliance with section 46 is still required for all share repurchases, essentially requiring the
This blog is co-authored by Justine Subramoney, a candidate attorney.
A Company’s Memorandum of Incorporation or MOI is its most important document. However, section 15 of the Companies Act provided that an MOI must be consistent with the Act and any clause that is not will be void to the extent it is not. In
The Companies Act 2008 introduced the key concept that a provision in a shareholders agreement that is inconsistent with the Companies Act and the company’s memorandum of incorporation (MOI) is void to the extent of the inconsistency. This was an about turn from the position under the previous Companies Act and the previous practice of