All companies that existed prior to 1 May 2011 are required to Amend their Memorandum and Articles of Association or adopt a completely new ” Memorandum of Incorporation ” (MOI ) to remove any contraventions and/ or inconsistencies with the new Act .
Companies have until 30 April 2013 to meet this requirement.
The MOI shall have preference over any shareholders agreements which companies had in place before 1 May 2011. Thus it is essential that such agreements should be revised and amended (if necessary) before the cut-off date of 30 April 2013 to prevent any contradictions between shareholders’ agreements and the Law.
All companies are advised to get a MOI in place as soon as possible and also to look at shareholders’agreements timeously in order to ensure that they comply with the statutes of the Law.
We can assist you with compiling your “MOI”.