COMPANIES ACT IMPLEMENTATION

The Department of Trade and Industry (the dti) notes the public interest regarding implementation date of the Companies Act 71 of 2008. It is important to acknowledge that the Parliamentary process in regard to the adoption of the Companies Amendment Bill was only finalised on 24 March 2011, following a rigorous and inclusive consultative process that resulted in the incorporation of recommendations from stakeholders. The Parliamentary process took slightly longer than anticipated.

The Companies Amendment Bill is currently going through the necessary approval processes for the President's assent. The dti is of the view that the Presidency must be allowed to apply its mind sufficiently in processing the Companies Amendment Bill before signing it into Law. The dti will continuously advise stakeholders of progress in this regard. The dti is confident that all systems and processes necessary for the Companies and Intellectual Property Commission's operation are on track, and acknowledge the practical challenges surrounding the implementation date.

RE: the dti RECOMMENDS 01 MAY 2011 AS IMPLEMENTATION DATE FOR THE COMPANIES ACT

The Department of Trade and Industry (the dti) acknowledges the high volume of enquiries regarding implementation date of the Companies Act. In terms of the Act, implementation date of the Act shall be the date on which the Act is proclaimed. the dti can confirm that after all the technical processes required have been completed. It has recommended to Presidency to provide 01 May 2011 as implementation date. The Department reiterates that all the necessary systems and processes necessary for the operation of the Companies and Intellectual Property Commission, including the appointment of the Commissioner and Deputy Commissioner, are on track. 

Statements issued by the DTI, March 31 2011

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