Acts Online
GT Shield

Companies Act, 2008 (Act No. 71 of 2008)

Schedule 2 : Conversion of Close Corporations to Companies

1. Notice of conversion of close corporation

 

 

1) A close corporation may file a notice of conversion in the prescribed manner and form, at any time.

 

2) A notice of conversion must be accompanied by—
a) a written statement of consent approving the conversion of the close corporation signed by members of the corporation holding in aggregate, at least 75% of the members’ interest in the corporation;
b) a Memorandum of Incorporation consistent with the requirements of this Act; and
c) the prescribed filing fee.

 

3) Section 14, read with the changes required by the context, applies with respect to the filing of a notice of conversion, as if it were a Notice of Incorporation in terms of this Act.

 

4) Upon conversion of a close corporation in terms of this Schedule the Commission must—
a) cancel the registration of that close corporation in terms of the Close Corporations Act, 1984 (Act No. 69 of 1984);
b) give notice in the Gazette of the conversion of a close corporation into a company; and
c) enable the Registrar of Deeds to effect the necessary changes resulting from conversions and name changes.