Attorney accounts and director personal expense questions

[CLIVE-TRIANGLE]

There are a few inconsistencies with regards to old / new MOI provisions:
- With regards to the exemption from audit, a resolution is needed in the interim. Actually this is also needed for a new MOI company, even if its PIS and other factors indicate a review. Conversion is not required.
- Unissued par value shares cannot be issued until they are converted to no par value shares. It follows then that the company must adopt a new MOI because the old one makes no provision for no par value shares.
- Similarly, the company cannot buy-back any issued par value shares.

By the way, the deadline for no-cost conversion is 30 April 2013.

[geraldenek]

D. Who may do what
1. Audit – must be performed by a registered auditor.
2. Independent review, a member of an IRBA accredited professional body (presently only SAICA) or an auditor.

Sorry just want to add here - A member of a professional body that has obtained accreditation with the companies commission and is qualified to be appointed as an accounting officer of a close corporation may perform independent review for non-owner managed companies with an PIS score of less than 100. And also perform an independant review for owner-mananged companies.

[CLIVE-TRIANGLE]

Correct. Refer the chart I posted in the follow up post; much better than my pointers lol