Section 167 – Companies Tribunal
The amendments to Section 167 of the Companies Act concerning the establishment and functions of the Companies Tribunal were made to describe the primary functions of the Tribunal’s Chairperson, as well as to permit the Chairperson to appoint a COO whose functions are also described. Furthermore, the amendment has provided the Companies Tribunal with additional functions, including presiding over matters referred to it by the B-BBEE Commission in terms of the B-BBEE Act and making appropriate orders in relation to such matters.
The Companies Act Amendments 2024:
Pertinent changes were made to our South Africa Companies Act recently after the Companies Amendment Act 2024, No. 16 and the Companies Act Second Amendment, 2024 No. 17 were ascended into law on 25 July 2024.
The amended provisions are not yet operational and will come into effect after President Cyril Ramaphosa makes proclamation in the Gazette as to the effective date.
Statucor continues to unpack the amendments and the effect that they may have on our valued clients, and we look forward to publishing further communications on our observations in future. Click here for a full summary of all changes made to the Companies Act through the 2024 Amendments or view our News page for our latest articles on the Companies Act, Governance and Compliance matters that may be pertinent to you.
By Herman Moolman
Statucor (Pty) Ltd © 2024
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