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Thread: Memorandum of Incorporation (New Companies Act (Act 71 of 2008)

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    Memorandum of Incorporation (New Companies Act (Act 71 of 2008)

    Hi all, this is my first time on the Forum. Hope someone will be able to assist.

    I've been thrown into the deep end and need to answer these 3 questions of a client of mine. Tried phoning the CIPC but after 40min of "Your call is important to us, please hold for the first available operator..." i just lost it... Couldnt stay on the line for another minute! Isn't the service at CIPC pathetic?

    1. Can the Memorandum of Incorporation (MOI) be updated more than once?
    2. More than once during the same financial year?
    3. What percentage of the company in terms of shares/shareholders, must agree upon amendments to the MOI before the MOI can be updated? or is it only up to the director(s)?

    Thanx
    KDG

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    Diamond Member Justloadit's Avatar
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    I am no expert here, but I would assume so, provided the procedure of change is followed of the existing MOI, and thereafter following what ever procedures have been agreed by the corum.

    Just remember there must be minutes and signed by all parties concerned. If in doubt contact a lawyer who can assist in the proper procedure as according to the original MOI
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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    Platinum Member sterne.law@gmail.com's Avatar
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    You can change the MOI as many times as you want.
    If they start conflict they get read together. the commission may instruct you to consolidate your documents where there are addendum's
    The standard MOI which is on the CIPC web sets out the voting requirements. You can change these requirements subject to a few protection type standards.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

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    Thank you very much!



    Quote Originally Posted by Justloadit View Post
    I am no expert here, but I would assume so, provided the procedure of change is followed of the existing MOI, and thereafter following what ever procedures have been agreed by the corum.

    Just remember there must be minutes and signed by all parties concerned. If in doubt contact a lawyer who can assist in the proper procedure as according to the original MOI

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