Exemption from unalterable provisions - an underutilised procedure

Every company has a Memorandum of Incorporation (“MOI”), a founding document that sets out the rights and responsibilities of shareholders, directors and others within a company.

The Companies Act, 71 of 2008 contains certain unalterable provisions which companies are required to comply with and alterable provisions which companies may elect to comply with or alter in terms of their MOI’s. However, there is an exception to the rule that companies must comply with unalterable provisions.

This exception is discussed in the article below by Paul Truter and Amy Jones which was published in the January/February 2015 edition of De Rebus magazine.

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This article does not constitute legal advice and is provided for information only. The information set out in this article is subject to change without notice. Copyright in this article vests in Truter Jones Inc and it may not be redistributed or copied without the written consent of Truter Jones Inc.