Nwanda internal news (January)

  1. New Home of Nwanda:

We have settled in at our shinning new premises located at 28a Riley Road, Bedfordview.  Maps available:

  1. Multiple Wedding Bells:

We had two wedding celebrations at Nwanda this December!  Congratulations to Sarvesh Chinappa & Oriana Padayachee, who were married on 28 December 2014 and;

Sarvesh Chinappa & Oriana Padayachee

Andre Strydom & Charmaine Meyer, who were married on 20 December 2014.

Andre Strydom & Charmaine Meyer

  1. Awesome rewards:

Congratulations to the following staff:

  • Successfully obtained their BCom(Acc) Degree:
    Brett Beetge | Nishani Bhawager | Roxy Lorincz | Sifiso Tshabalala | Teboho Magodiele
  • Passed with Distinctions:
    Jamie-Lee Pietens & Sadiya Mansoor
  1. New Trainees:

We are proud to introduce our 2015 Trainee Accounts:

WELL DONE ESTELLE FOR OBTAINING 7 DISTICTIONS DURING YOUR FINAL MATRIC EXAMINATIONS AND YOUR ACADEMIC AWARD FROM EKURHULENI!

  1. Employees on the move:

Pat Rusch, Sibusiso Nhlapo and Rozelda Tiearney – we wish them the best in their future endeavors.

Requirements to restore a deregistered company

There are various circumstances in which a company (or close corporation) can become deregistered at the CIPC.

  1. The company itself can apply for deregistration at the CIPC, for any number of reasons.
  1. If a company has not submitted and paid its annual returns for more than two successive years, the CIPC will inform such a company of the fact and the intention of the CIPC to deregister said company. If such a company does not take any steps to remedy the situation, the CIPC will proceed to finally deregister it.
  1. If the CIPC believes that the company has been inactive for seven or more years.

However, it is possible to restore such a company or close corporation which has been finally deregistered, but all outstanding information and annual returns (including the fees) will have to be lodged with the CIPC. An additional R200 prescribed re-instatement fee must also be paid.

Recently, the CIPC has set additional requirements to do this, which also impacts on the time, administration and cost to restore such a company. These requirements took effect from 1 November 2012.

The steps and requirements for the re-instatement process are:

  1. The proper application CoR40.5 form Application for Re-instatement of Deregistered Company must be completed and submitted, originally signed by the duly authorised person.
  1. A certified copy of the identity document of the applicant (director / member) must be submitted.
  1. A certified copy of the identity document of the person filing the application must be submitted.
  1. A Deed Search, reflecting the ownership of any immovable property (or not) by the company, must be obtained and submitted together with the application.
  1. If the company does in fact own any immovable property, a letter from National Treasury must be submitted, indicating that the department has no objection to the re-instatement of the company.
  1. Also, if the company does in fact own any immovable property, a letter from the Department of Public Works must be submitted, indicating that the department has no objection to the re-instatement of the company.
  1. An advertisement must be placed in a local newspaper where the business of the company is conducted, giving 21 days’ notice of the proposed application for re-instatement.
  1. If the deregistration was due to non-compliance with regards to annual returns, an affidavit indicating the reasons for the non-filing of annual returns must be submitted.
  1. If the company itself applied for deregistration, an affidavit indicating the reasons for the original request for deregistration must be submitted.
  1. Sufficient documentary proof indicating that the company was in business or that it had any assets or liabilities at the time of deregistration must be submitted.
  1. All outstanding annual returns must be submitted and paid, along with any penalties.

Upon compliance of all of the above requirements, the CIPC will issue a notice to the company that it is restored.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or ommissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

Minutes of board meetings

Board meetings and the decisions made during these meetings may be determining for the effective functioning of a company. Clients are therefore reminded of the legal requirements relating to board meetings as stipulated in Article 73(6), (7) and (8) of the Companies Act 71 of 2008, which should be strictly adhered to.

The Act requires a company to keep minutes of meetings of the board and of any of the board’s committees, and that a majority of the directors must be present before a vote may be called at a meeting of the directors. Each resolution taken by the board and also any statement made by a board member must be recorded in the minutes. A board resolution takes effect on the date that the resolution is made unless another date of implementation is recorded in the resolution. Attention is drawn in particular to the requirement that resolutions must be dated and numbered sequentially.

Providing that a company’s Memorandum of Incorporation allows therefor, a board meeting may also be held by means of electronic communication, or one or more directors may participate in a meeting by means of electronic communication. This is conditional on the electronic communication facility enabling all participants in the meeting to communicate with each other without an intermediary.

Minutes of a meeting, or a resolution, signed by the chair of the board meeting or by the chair of the next meeting is evidence of the proceedings of that meeting or adoption of the particular resolution. It is therefore important that all minutes be signed and dated by the chairman before sending them to all relevant parties and filing them.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or ommissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.