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What will now happen to close corportations under the new companies act?
The new Act allows for existing close corporations to convert into a private company (governed under the new Act) should the members decide to do so, as is the position under the current (1973) Companies Act. [ [ All that is required is an official notice of conversion, a certified copy of the special resolution to approve the conversion and a new Memorandum of Incorporation along with the necessary fee. However, from the date that the 2008 Act becomes effective, existing companies may no longer convert into close corporations. ] ]
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Expert answered|jher000|Points 7232|
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Asked 5/10/2012 11:56:41 AM
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