Acts Online
GT Shield

Companies Act, 1973 (Act No. 61 of 1973)

Chapter III: Types and forms of Companies

Conversion of Companies and Close Corporations

29D. Effect of conversion of close corporation into company

 

 

1)
a) On the registration of a company converted from a close corporation, all the assets, liabilities, rights and obligations of the corporation shall vest in the company.
b) Any legal proceedings instituted before the registration by or against the corporation, may be continued by or against the company, and any other thing done by or in respect of the corporation, shall be deemed to have been done by or in respect of the company.
c) The juristic person which existed as a close corporation before the conversion shall notwithstanding the conversion continue to exist as a juristic person, but in the form of a company.

 

2) Upon the production by a company which has been converted from a close corporation of a certificate of incorporation referred to in section 64 to any registrar or other officer charged with the maintenance of a register under any law, and on compliance with the requirements of such registrar or officer as to the form of application (if any) and the payment of any required fee, such registrar or other officer shall make in his register all such alterations as are necessary by reason of the change effected by the conversion of the close corporation into a company: Provided that no transfer or stamp duty shall be payable in respect of such alterations in a register.