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New director rules could lead to vacancies
A progressive attempt to partially codify the duties and responsibilities of directors in SA could lead to vacancies, causing companies to have less than the minimum number of prescribed directors.
Commercial law experts Werksmans cautioned during a conference on Wednesday (5 October 2011) that companies scrutinise the provisions of the new Companies Act 2008, effective from May 2011, dealing with the eligibility and disqualification of directors, prescribed officers, company secretaries and auditors.
"This is because any such person who, in terms of the new Act, is ineligible to hold, or disqualified from holding, the office in question will be regarded as having resigned from that office as from the effective date [May 2011]."
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
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