Housing Development Agency Act, 2008
R 385
Close Corporations Act, 1984 (Act No. 69 of 1984)Part I : Formation and Juristic Personality of Close Corporations2. Formation and juristic personality of close corporations |
| (1) | At any time before section 13 of the Companies Act comes into operation, any one or more persons, not exceeding ten, who qualify for membership of a close corporation in terms of this Act, may form a close corporation and secure its incorporation by complying with the requirements of this Act in respect of the registration of its founding statement referred to in section 12. |
[Section 2(1) substituted by section 224, item 2(1) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (2) | A corporation formed in accordance with the provisions of this Act is on registration in terms of those provisions a juristic person and continues, subject to the provisions of this Act, to exist as a juristic person notwithstanding changes in its membership, or its conversion to a company in terms of Schedule 2 of the Companies Act, until it is deregistered or dissolved— |
| (a) | in terms of this act; or |
| (b) | in terms of the Companies Act, in the case of a juristic person that has been converted to a company. |
[Section 2(2) substituted by section 224, item 3(1) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (3) | Subject to the provisions of this Act, the members of a corporation shall not merely by reason of their membership be liable for the liabilities or obligations of the corporation. |
| (4) | A corporation shall have the capacity and powers of a natural person of full capacity in so far as a juristic person is capable of having such capacity or of exercising such powers. |
