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Is Knysna Tourism is an Illegal Company? — 2 Comments

  1. Kindly note that no company is under any obligation to replace their Memorandum and Articles with a new MoI. It is recommended to streamline same. With lapsing of the grace period it merely means that the entity’s Memorandum, if not changed, remains as is and is read with the new Companies Act. KT has therefore NOT been in breach of any laws, legislation OR regulations.

    • Thanks, Maggie. Please would you clarify. Are you saying that they have to stay with the old rules permanently? You’d agree that “With implementation of the new Companies Act it brings with it a greater responsibility for directors. Make sure you know what are your responsibilities, fiduciary duties and what liabilities it attracts.” How does the law approach a Section 21 company that has broken it’s own rules? Or even just that it’s run without a CEO for almost 2 years, just using consultants.