Many business people purchase a shelf company as a cheap and quick method of obtaining a registered company. Often this is done without realising the consequences of the new landscape brought about by the Companies Act, 71 of 2008 (\u201cthe new Act\u201d) with regards to the different types of companies and the powers of its functionaries in terms of the new prescribed \u201cstandard\u201d memoranda of incorporation (\u201cMOI\u2019s\u201d).<\/p>\r\n\r\n\r\n\r\n
Under the old Companies Act, 61 of 1973 (\u201cthe old Act\u201d), there was a single standard company constitution prescribed for private and public companies respectively. This made it easy to use a shelf company since the choice was only between these two alternatives. In terms of the new Act there are five prescribed \u201cstandard form\u201d MOI\u2019s designed for different types of companies. There is, in addition, an option to draft a unique MOI based on the specific requirements of a company.<\/p>\r\n\r\n\r\n\r\n
The most basic prescribed MOI under the new Act is the \u201cshort form\u201d MOI for private companies. This MOI is suitable for small owner managed companies. It contains only four articles (which are further subdivided) and allows for minimum flexibility with regards to the governance of a company. Experience shows that this is the standard MOI most commonly used for shelf companies.<\/p>\r\n\r\n\r\n\r\n
One of the key features of the \u201cshort form\u201d MOI is that it empowers the directors of a company to exercise most of the powers ordinarily reserved for shareholders. This makes sense in owner-managed companies because the shareholders and directors are the same people. The Board may, for instance, increase or decrease the number of authorised shares of any class, determine the preferences, rights, limitations or other terms associated with each class of shares, and it can issue shares up to a maximum of 30% of the voting power of all shares of that class. The voting rights in the company are pre-determined and so are meeting quorums. The authority of the Board to issue secured or unsecured debt instruments is unlimited and the provisions relating to appointment and removal of directors may not suit every company.<\/p>\r\n\r\n\r\n\r\n
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Many business people purchase a shelf company as a cheap and quick method of obtaining a registered company. Often this is done without realising the consequences of the new landscape brought about by the Companies Act, 71 of 2008 (\u201cthe new Act\u201d) with regards to the different types of companies and the powers of its functionaries in terms of the new prescribed \u201cstandard\u201d memoranda of incorporation (\u201cMOI\u2019s\u201d). Under the old Companies Act, 61 of 1973 (\u201cthe old Act\u201d), there was a single standard company constitution prescribed for private and public companies respectively. This made it easy to use a shelf company since the choice was only between these two alternatives. […]<\/p>\n","protected":false},"author":38,"featured_media":7980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[67],"tags":[],"knowledge_center_type":[16],"class_list":["post-2432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-article","knowledge_center_type-legal-updates"],"acf":[],"yoast_head":"\n