The Act gives companies a two year "transitional" or "grace" period and which to comply with the new Act. The contents of the Memorandum and Articles of Association of pre-existing companies may this remain unchanged for two years calculated from the effective date of the Act, being 1 May 2011 until 1 May 2013.
Pre-existing companies can during the two year period, comply with the new Act by lodging their new MOI with the Commission.
New Companies formed after 1 May 2011 will need to comply with the new Act – which creates new rules for incorporate, registration, organization and management of companies in SA. Statucor can assist you with drafting a new MOI as required by the Act and give you professional advice on all aspect of the Memorandum and Articles.