Company law | Conradie Inc. Blog
Is u maatskappy se aandeelhouersooreenkoms nietig?
Sekere dinge vind ‘n mens eers uit wanneer dit te laat is, soos dat jou spaarwiel pap is wanneer jy met ‘n pap band langs die pad in die reën staan, of dat jou selfoon se battery pap is wanneer jy ‘n dringende oproep moet maak, of dat jou vuurwapen nie gelaai is wanneer jy dit nodig het nie. Teen die tyd dat jy besef jy is in die moeilikheid, is dit te laat om iets daaraan te doen.
Vanaf 1 Mei 2013 is verskeie kritieke bepalings in baie maatskappye se aandeelhouersooreenkomste nietig as gevolg van die inwerkingtreding van die Maatskappywet van 2008, die sogenaamde “nuwe Maatskappywet”. Baie van hierdie maatskappye se aandeelhouers gaan dit egter eers uitvind wanneer daar ‘n dispuut tussen die aandeelhouers ontstaan, maar teen daardie tyd gaan dit te laat wees om iets daaraan te doen.
Voor die inwerkingtreding van die nuwe Maatskappywet het aandeelhouers dikwels nie die moeite gedoen om seker te maak dat hulle aandeelhouersooreenkoms in lyn was met hulle maatskappy se funderende dokumentasie (voorheen die maatskappy se Akte en Statute) nie. Hulle het dikwels hul sake gereël in hulle aandeelhouersooreenkoms en dan bepaal dat in geval van ‘n botsing met die maatskappy se Akte en Statute, die aandeelhouersooreenkoms se bepalings voorkeur sal geniet. Alles het vlot verloop, maar sedert 1 Mei 2013 het die Maatskappywet dinge verander.
Sedert 1 Mei 2013 is enige bepaling in ‘n aandeelhouersooreenkoms wat in stryd is met die nuwe Maatskappywet of met die betrokke maatskappy se Akte en Statute of Akte van Oprigting, nietig.
Die bepalings van u maatskappy se Akte en Statute, en nie dié van die maatskappy se aandeelhouersooreenkoms nie, sal geld indien:
u maatskappy destyds geregistreer is met die standaard Akte en Statute;
u en u mede-aandeelhouers u verhouding gereël het in ‘n aandeelhouersooreenkoms;
die Akte en Statute nie aangepas is om in lyn met die aandeelhouersooreenkoms te wees nie.
‘n Bepaling in die aandeelhouersooreenkoms dat dit voorkeur sal geniet bo die Akte en Statute, is self ongeldig en kan heelwat probleme veroorsaak weens verwagtinge wat geskep word.
Baie aandeelhouersooreenkomste bepaal byvoorbeeld dat elke aandeelhouer die reg sal hê om ‘n bepaalde hoeveelheid direkteure aan te stel en dat die aangestelde direkteure dan oor ooreengekome stemreg sal beskik. In die geval van die maatskappy se standaard Akte en Statute, daarenteen, word bepaal dat die maatskappy se direkteure op ‘n algemene vergadering deur die aandeelhouers verkies moet word. Die nuwe Maatskappywet bepaal egter dat ten minste die helfte van alle direkteure verkies moet word deur die aandeelhouers. In so ‘n geval sal die bepalings van die aandeelhouersooreenkoms nietig wees, aangesien dit in stryd met die bepalings van die Akte en Statute en die Wet sal wees. Al die direkteure moet deur meerderheidsaandeelhouers verkies word en die uitkoms kan dus heelwat anders daar uitsien as wat die partye ooreengekom het; dit sal veral ‘n risiko wees vir die minderheidsaandeelhouers.
Daar is nog baie ander voorbeelde van botsings tussen ‘n maatskappy se aandeelhouersooreenkoms en Akte & Statute, wat kan veroorsaak dat die bepalings van die aandeelhouersooreenkoms nietig sal wees. Dit is daarom baie belangrik dat elke maatskappy met meer as een aandeelhouer sy Akte en Statute/Akte van Oprigting en aandeelhouersooreenkoms spoedig moet laat nagaan deur kundiges wat onderleg is in die nuwe Maatskappywet, sodat alle botsings geïdentifiseer en aangespreek kan word. U wil waarskynlik nie eers uitvind dat ‘n bepaling in u maatskappy se aandeelhouersooreenkoms waarop u staatmaak om u regte te beskerm, nietig is wanneer u in ‘n konfliksituasie daarop wil staatmaak nie. Voorsorg voorkom nasorg. Maak dus seker dat u presies weet waar u staan ten opsigte van u regte as aandeelhouer.
Indien u bystand verlang in die verband, kan u Stephan Bester by stephan@conradieinc.co.za of Andries Conradie by andries@conradieinc.co.za kontak of gedurende kantoorure by 023 347 0996 skakel.
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The New Companies Act: What implications does it have for your company?
The new Companies Act came into effect on 1 May 2011 and thereby we have entered a new era of company law. As expected the new Act initially led to a fair amount of confusion, especially with regard to the implications for existing companies.
In terms of the transitional provisions of the new Act existing companies were afforded a period of 2 (two) years to register a new Memorandum of Incorporation, which complies with the provisions of the new Act.
During this transition period, the provisions of existing companies’ Articles of Association, Memoranda of Association and Shareholders Agreements, with a few exceptions, prevailed over the provisions of the new Act, if there were any discrepancies with the provisions new Act.
After the two (2) year transition period expired on 30 April 2013 any provision in a company’s existing Articles of Association, Memorandum of Association or Shareholders Agreement that is inconsistent with the provisions of the new Act, are void to the extent that it does not comply with the provisions of the Act.
The new Act distinguishes between alterable and unalterable provisions. Companies are not allowed to alter the substance or effect of unalterable provisions in their Memorandum of Incorporation unless the provision in the Memorandum of Incorporation is more onerous than the unalterable provisions of the Act. Companies however have the freedom to change the alterable provisions of the Act in their Memorandum of Incorporation to suit their unique needs.
The directors of existing companies should give careful consideration to certain major changes introduced by the new Act and the implications for their companies, especially regarding the following:
Directors duties, conduct and liability.
Shareholders’ right to receive notice or have access to any information.
Shareholders’ and directors’ meetings and the adoption of resolutions.
Change of Name especially for non – profit companies.
The possibility for the board of directors to issue company rules make in respect of certain management aspects that are not provided for by the Act or the company’s Memorandum of Incorporation.
Unlike the previous position where a Shareholders’ Agreement, signed by all shareholders, prevailed over a company’s Articles of Association and Memorandum of Association, the provisions of a Shareholders’ Agreement, which is inconsistent with provisions of a company’s Memorandum of Incorporation or provisions of the new Act is void in so far as it is inconsistent.Shareholders’ Agreements should therefor also be reviewed to ensure that it complies with the provisions of the new Act.
For example: A typical Shareholders’ Agreement normally provides that a company may not issue shares without the prior written consent of all the shareholders or without a prior authorization by special resolution. In terms of the new Act, a company’s directors are authorized to issue shares, unless the powers of the board of directors are limited by the company’s Memorandum of Incorporation. The powers of the board can therefor not be limited in a Shareholders’ Agreement, but should be limited in the company’s Memorandum of Incorporation.
In future only new shares without par value can authorized.
The new Act requires special resolutions for certain actions, which was not required in terms of the old Act.
For example: The remuneration of directors in terms of the new must be authorized by a special resolution taken in the preceding two ( 2 ) years.
Trading under insolvent circumstances – In terms of the old Companies Act directors were personally liable for the debts of a company if the business was carried on recklessly. In terms of the new Act it is however prohibited for a company to continue trading in insolvent circumstances.
Business rescue: It aims to rehabilitate companies under financial distress.
Solvency and liquidity test: In terms of the new Companies Act, a company must pass the solvency and liquidity test before certain actions can be performed.
For example: The approval of a distribution of profits by the board.
Although the new Companies Act aims to simplify the legislative framework of companies, it has unfortunately led to a lot of uncertainty in various aspects and potential problems. Companies’ directors are recommended to review their current Articles of Association, Memorandum of Association or Shareholders Agreement to ensure that it does not contain provisions inconsistent with the provisions of the new Act and thereby be rendered void.
Please contact Andries Conradie at andries@conradieinc.co.za or Stephan Bester at stephan@conradieinc.co.za to assist you with your company’s documentation.
This article contains general information and should therefore not be utilized as legal or other professional advice. No responsibility can be accepted for any errors or omissions or any damages or loss resulting from the use of any information contained herein. Always contact your legal advisor for advice.
This entry was posted in Company law on October 15, 2013 by Conradie Inc..