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The Companies and Intellectual Property Commission (CIPC) is an agency of the Department of Trade, Industry and Competition in South Africa. [1] The CIPC was established by the Companies Act, 2008 (Act No. 71 of 2008) [2] as a juristic person to function as an organ of state within the public administration, but as an institution outside the public service.
Voting, director removal, closely held companies Bushell v Faith [1970] AC 1099 is a UK company law case, concerning the possibility of weighting votes, and the relationship to section 184 of Companies Act 1948 (the predecessor of s 168 of the Companies Act 2006 ) which mandates that directors may be removed from a board by ordinary resolution ...
In corporate law, the directors register is a list of the directors elected by the shareholders, generally stored in the company's minute book.By law, companies are required to keep this list up to date to remove those directors who are deceased or resign, and to add those who have been elected by the shareholders [1] However, the register must also list any person who had been a director ...
The board of supervisors or supervisor of a company with no board of supervisors may exercise the following authorities: (1) checking the financial affairs of the company; (2) supervising the duty-related acts of the directors and senior managers, and bringing forward proposals on the removal of any director or senior manager who violates any ...
Directors' decisions are typically protected under the business judgment rule, unless they breach one of these duties or unless the decision constitutes waste. A breach of fiduciary duty will typically remove a director's decision from business judgment protection and require that the director show entire fairness.
A private company need not lodge financial statements with the CIPC (formerly CIPRO, formerly the Registrar of Companies), whereas a public company must. Voting rights in a private company may be freely regulated in the Memorandum of Incorporation; voting rights in a public company are proportional to the number of shares the voter holds.
Isle of Wight Railway Company v Tahourdin (1884) LR 25 Ch D 320 is a UK company law case on removing directors under the old Companies Clauses Act 1845. In the modern Companies Act 2006 , section 168 allows shareholders to remove of directors by a majority vote on reasonable notice, regardless of what the company constitution says.
A "director" is deemed to include a "shadow director", which is defined as a person in accordance with whose directions or instructions the directors of the company are accustomed to act (but so that a person is not deemed a shadow director by reason only that the directors act on advice given by him in a professional capacity).(s. 9(2) and s ...