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 In Business, News

Are you a Business Owner?

Are your Company Records in line with what the new Companies Act require?

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Not sure? Phezulu VBO’s expert team are on hand to do a Statutory Audit for you and ensure that your Company remains compliant.

Company records are defined as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations.

The Companies Act states in Section 24 that records should be retained in writing or in a form that can be converted into written format for a period of seven (7) years unless a longer period is stated in other legislation.

The Act also states what information must be kept by every company. A list of all documents to be kept is as follows:

  1. Copy of Memorandum of Incorporation and rules of the company.
  2. Record of directors:
  • Details of persons who served as directors for seven years after person served.
  • Full name and former names (if any).
  • Identity number, or, if not, then birth date.
  • Nationality and passport number.
  • Occupation.
  • Date of last appointment as director.
  • The name and registration number of every other company or foreign company of which the person is a director.
  • Copies of all reports presented at annual general meetings of the company, annual financial statements and accounting records. All these documents have to be kept for seven years after the event or meeting occurred.
  • Notice and minutes of all meetings including all resolutions adopted for seven years after the resolution was adopted and any documentation that was sent to shareholders in connection with the resolution.
  • Copies of all written communication sent to shareholders of different classes of securities for a period of seven years after the date issued.
  • Minutes of all meetings and resolutions of directors or directors’ committees or audit committees for a period of seven years after the date of the meeting or when the resolution was adopted.

A profit company must also maintain a securities register and any records as required in section 85, if applicable.

The securities register must include the following:

  • Uncertificated: the total number of securities that are held.
    • Certificated:
    • Names and addresses of the people to whom the securities were issued;
    • Number of securities issued to every person;
    • The number of securities that have been placed in trust or whose transfer has been restricted;
    • Securities other than shares – the number of the securities issued and outstanding or the names and addresses of the registered owners of a beneficial interest in the security.
    • Uncertificated securities or securities that cease to be certificated must be recorded by a participant of central securities depository which will then form part of the company’s securities register.
    • Section 85 states that every state-owned and public company that appoints a company secretary, auditor and audit committee has to maintain a record of its company secretaries and auditors. If this is an individual then the name and the date of appointment must be recorded. Where a firm or juristic person is appointed the name, registration number and registered address of the firm or juristic person must be recorded. There is no timeframe on these records and it would be assumed that it would be kept for the life of the company.
    • Please note the requirements outlined above will only become effective when the Companies Act 2008 comes into force, still anticipated to be mid-2010.

Although a seven year retention period is prescribed, certain documents should be retained for the life of the company, e.g. the Memorandum of Incorporation and rules of the company.

 

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