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Close Corporation Amendment Act, No. 26 of 1997
To amend the Close Corporations Act, 1984, so as to substitute the definition of “Court” and to regulate the definition of “name”, in relation to a corporation, anew’; to clarify the jurisdiction of courts in respect of corporations; to provide for a literal translation of a corporation’s name into any one other official language; to provide for the reservation of a name for a corporation; to compel a corporation to subjoin the statement “In Voluntary Liquidation” to its name in appropriate circumstances; to further regulate the use and publication of the name of a corporation; to further determine the nature of a member’s interest in a corporation; to provide for the attachment and sale in execution of a member’s interest to further regulate participation in the management of a corporation; to provide for the adjournment of and subsequent quorum for a meeting of members of a corporation at which a quorum is not present; to further determine the powers of members to bind a corporation; to provide for a longer period within which a vacancy in the office of accounting officer shall be filled; to further prescribe the duties of an accounting officer who has resigned or has been removed; to clarify the liability for the debts of a corporation by a member who fails to deliver the member’s contribution; to exclude the application of the provisions of the Companies Act in respect of compromises and arrangements in so far as they relate to the liquidation of a corporation; to provide for an offer of composition to be made in the winding-up of a corporation; and to prescribe a penalty for a further offence; and to provide for matters connected therewith.
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