Nov 27, 2019 | Useful Info

Exemption from unalterable provisions

An under-utilised 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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