South Africa Act or statute

Parliament of the Republic of South Africa

Companies Second Amendment Act, 2024

application requirementsapplication timingclaims recoveryCompany law Company lawcourt extensioncourt time periodsdirector applicationsdirector eligibilitydirector qualificationliabilityliability claimslitigationprescription

Jurisdiction: South Africa
Structure: 8 provisions
Citation: Act 17 of 2024
Dates: updated 25 Jul 2024

More statute details

Dates: updated 25 Jul 2024

Publicly available, excluded from search-engine indexing

This page remains available for direct research for the following reasons:

The record does not meet this release's canonical indexing criteria. (market-indexing-disabled)
The record does not meet this release's canonical indexing criteria. (emergency-noindex)

On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

“For claims to recover loss, damages, or costs under this section, the Prescription Act does not apply and proceedings must be brought within three years of the act or omission, unless the court extends the period for good cause.”

For claims to recover loss, damages, or costs under this section, the Prescription Act does not apply and proceedings must be brought within three years of the act or omission, unless the court extends the period for good cause. This section amends section 162 so the director lookback period changes to 60 months before the application, subject to subsection (2A). Claims to recover loss, damage, or costs under section 77 must generally be started within three years of the act or omission, unless the court extends time for good cause. Article 162 is amended so that paragraph (a) now requires the person to be a director of the company, or to have been a director within the previous 60 months, subject to subsection (2A). The court may extend certain periods on good cause shown, even if the period has already expired or the relevant circumstances happened before the amendment was promulgated.

How the instrument operates

01
Start with the recorded version

updated 25 Jul 2024. The date shown identifies this source expression and should not be treated as proof that no later change exists.
02
Locate the controlling provision

Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
03
Read conditions and exceptions together

Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
04
Verify currency and official wording

Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Section 77 of the Companies Act, 2008 (Act No. 71 of 2008), (hereinafter referred

Section 1

Artikel 77 van die Maatskappywet, 2008, (Wet No. 71 van 2008) (hierna die

Claims to recover loss, damage, or costs under section 77 must generally be started within three years of the act or omission, unless the court extends time for good cause.

Section 1

No. 50992

The court may extend certain periods on good cause shown, even if the period has already expired or the relevant circumstances happened before the amendment was promulgated.

Section 4

This Act is called the Companies Second Amendment Act, 2024, and comes into

This section gives the Act its short title and says it starts on a date fixed by the President in the Gazette.

Section 3

No. 50992

This text is gazette header and publication information, not a substantive legal rule.

Section 6

Source and current-law status

Source record view

Source record from www.parliament.gov.za · updated 25 Jul 2024

Verify current force

The source record does not state a definitive current-law status. Check the official publisher and later amendments before relying on this text.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Search within this statute

Search all stored provisions in this version.

Showing 8 of 8 provisions

Provision 3Short title 2CommencementSubstitution

§ 1Section 77 of the Companies Act, 2008 (Act No. 71 of 2008), (hereinafter referredCommencement

1. Section 77 of the Companies Act, 2008 (Act No. 71 of 2008), (hereinafter referred to as the ‘‘principal Act’’), is hereby amended by the substitution for subsection (7) of the following subsection: ‘‘(7) In relation to the proceedings to recover any loss, damages or (c) costs for which a person is or may be held liable in terms of this section— (a) the Prescription Act, 1969 (Act No. 68 of 1969) does not apply; subject to paragraph (c), such proceedings may not be commenced more than (b) three years after the act or omission that gave rise to that liability; and the court may, on good cause shown, extend the period referred to in paragraph (b) regardless of whether— such period has expired or not; or (i) the act or omission that resulted in the loss, damages or costs (ii) contemplated in this section, occurred prior to the promulgation of the Companies Second Amendment Act, 2024 (Act No. 17 of 2024).’’. 5 10 15 Amendment of section 162 of Act 71 of 2008, as amended by section 101 of Act 3 of 2011 20

Section 1Verify source

§ 2Section 162 of the principal Act is hereby amended—Substitution

This section amends section 162 so the director lookback period changes to 60 months before the application, subject to subsection (2A).

2. Section 162 of the principal Act is hereby amended— (a) by the substitution in subsection (2) for paragraph (a) of the following paragraph: ‘‘(a) the person is a director of that company or, subject to subsection (2A), within the [24] 60 months immediately preceding the application, was a director of that company; and’’; 25 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 30 JuliE 2024 Tweede Maatskappywysigingswet, 2024 ALGEMENE VERDUIDELIKENDE NOTA: 3 No. 50992 3 No. 17 van 2024 [ ] Woorde in vetdruk tussen vierkantige hakies dui skrappings uit bestaande verordenings aan. Woorde met ’n volstreep daaronder dui invoegings in bestaande verordenings aan. (Engelse teks deur die President geteken) (Goedgekeur op 25 July 2024) WET Tot wysiging van die Maatskappywet, 2008, ten einde die tydsbeperkings te wysig ten opsigte van verrigtinge om enige verlies, skade of koste te verhaal waarvoor ’n persoon ingevolge artikel 77 van die Maatskappywet aanspreeklik gehou kan word; om die tydsbeperking vir die bring van ’n aansoek om ’n persoon ingevolge artikel 162(2) en (3) van die Maatskappywet as misdadiger of op proef te verklaar, te wysig; en om voorsiening te maak vir aangeleenthede wat daarmee in verband staan. DAAR WORD BEPAAL deur die Parlement van die Republiek van Suid-Afrika, soos volg:— Wysiging van artikel 77 van Wet 71 van 2008, soos gewysig deur artikel 49 van Wet 3 van 2011

Section 2Verify source

§ 1Artikel 77 van die Maatskappywet, 2008, (Wet No. 71 van 2008) (hierna dieProvision

Claims to recover loss, damage, or costs under section 77 must generally be started within three years of the act or omission, unless the court extends time for good cause.

1. Artikel 77 van die Maatskappywet, 2008, (Wet No. 71 van 2008) (hierna die ‘‘Hoofwet’’ genoem), word hierby gewysig deur subartikel (7) deur die volgende subartikel te vervang: ‘‘(7) Met betrekking tot die verrigtinge om enige verlies, skade of koste te verhaal waarvoor ’n persoon ingevolge hierdie artikel aanspreeklik gehou word of kan word— (a) (b) behoudens paragraaf (c), mag sodanige verrigtinge nie meer as drie jaar na die handeling of versuim wat tot daardie aanspreeklikheid aanleiding gegee het, begin word nie; en is die Verjaringswet, 1969 (Wet No. 68 van 1969), nie van toepassing nie; 5 10 (c) kan die hof, by die aanvoer van goeie gronde, die tydperk bedoel in paragraaf 15 (b) verleng, ongeag— (i) hetsy sodanige tydperk verstryk het al dan nie; of (ii) hetsy die handeling of versuim wat die verlies, skade of koste beoog in hierdie artikel, tot gevolg gehad het, voorgekom het voor die uitvaar- diging van die Tweede Maatskappywysigingswet, 2024 (Wet No. 17 van 2024).’’. Wysiging van artikel 162 van Wet 71 van 2008, soos gewysig deur artikel 101 van Wet 3 van 2011

Section 1Verify source

§ 2Artikel 162 van die Hoofwet word hierby gewysig—Amendment

Article 162 is amended so that paragraph (a) now requires the person to be a director of the company, or to have been a director within the previous 60 months, subject to subsection (2A).

2. Artikel 162 van die Hoofwet word hierby gewysig— (a) deur in subartikel (2) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) die persoon ’n direkteur van daardie maatskappy is of, behoudens subartikel (2A), binne die [24] 60 maande wat die aansoek voorafgegaan het, ’n direkteur van daardie maatskappy was; en’’; 20 25 This gazette is also available free online at www.gpwonline.co.za

Section 2Verify source

§ 4No. 50992Short title

The court may extend certain periods on good cause shown, even if the period has already expired or the relevant circumstances happened before the amendment was promulgated.

4 No. 50992 GOVERNMENT GAZETTE, 30 July 2024 Act No. 17 of 2024 Companies Second Amendment, Act 2024 4 (b) by the insertion after subsection (2) of the following subsection: ‘‘(2A)(a) The court may, on good cause shown, extend the period contemplated in subsection (2)(a) in respect of any of the circumstances contemplated in subsection (2)(b) regardless of whether— (i) (ii) such period has expired or not; or the circumstances occurred prior to the promulgation of the Companies Second Amendment Act, 2024 (Act No. 17 of 2024).’’. (c) by the substitution in subsection (3) for paragraph (a) of the following paragraph: ‘‘(a) the person is a director of a company or, subject to subsection (3A), within the [24] 60 months immediately preceding the application, was a director of a company; and’’; and (d) by the insertion after subsection (3) of the following subsection: ‘‘(3A)(a) The court may, on good cause shown, extend the period contemplated in subsection (3)(a) in respect of any of the circumstances contemplated in subsection (3)(b) regardless of whether— (i) (ii) such period has expired or not; or the circumstances occurred prior to the promulgation of the Companies Second Amendment Act, 2024 (Act No. 17 of 2024).’’. Short title and commencement

Section 4Verify source

§ 3This Act is called the Companies Second Amendment Act, 2024, and comes intoShort title

This section gives the Act its short title and says it starts on a date fixed by the President in the Gazette.

3. This Act is called the Companies Second Amendment Act, 2024, and comes into operation on a date to be ﬁxed by the President by proclamation in the Gazette. 5 10 15 20 This gazette is also available free online at www.gpwonline.co.za Tweede Maatskappywysigingswet, 2024 5 STAATSKOERANT, 30 JuliE 2024 No. 50992 5 No. 17 van 2024 (b) deur die volgende subartikel na subartikel (2) in te voeg: ‘‘(2A)(a) Die hof kan, by die aanvoer van goeie gronde, die tydperk beoog in subartikel (2)(a) verleng ten opsigte van enige van die omstandighede in subartikel (2)(b) beoog, ongeag— (i) hetsy die tydperk verstryk het al dan nie; of (ii) hetsy die omstandighede voorgekom het voor die uitvaardiging van die Tweede Maatskappywysigingswet, 2024 (Wet No. 17 van 2024).’’; (c) deur in subartikel (3) paragraaf (a) deur die volgende paragraaf te vervang: ‘‘(a) die persoon ’n direkteur van ’n maatskappy is of, behoudens subartikel (3A), binne die [24] 60 maande wat die aansoek voorafgegaan het, ’n direkteur van ’n maatskappy was; en’’; en (d) deur die volgende subartikel na subartikel (3) in te voeg: ‘‘(3A)(a) Die hof kan, by die aanvoer van goeie gronde, die tydperk beoog in subartikel (3)(a) verleng ten opsigte van enige van die omstandighede in subartikel (3)(b) beoog, ongeag— (i) hetsy die tydperk verstryk het al dan nie; of (ii) hetsy die omstandighede voorgekom het voor die uitvaardiging van die Tweede Maatskappywysigingswet, 2024 (Wet No. 17 van 2024).’’. 5 10 15 20 Kort titel en inwerkingtreding

Section 3Verify source

§ 3Hierdie Wet heet die Tweede Maatskappywysigingswet, 2024, en tree in werkingProvision

This section says the Act is called the Tweede Maatskappywysigingswet, 2024, and it starts on a date fixed by the President by proclamation in the Gazette.

3. Hierdie Wet heet die Tweede Maatskappywysigingswet, 2024, en tree in werking op ’n datum deur die President by proklamasie in die Staatskoerant vasgestel. This gazette is also available free online at www.gpwonline.co.za

Section 3Verify source

§ 6No. 50992Provision

This text is gazette header and publication information, not a substantive legal rule.

6 No. 50992 GOVERNMENT GAZETTE, 30 July 2024 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT 30 JULIE 2024 No. 50992 7 This gazette is also available free online at www.gpwonline.co.za 8 No. 50992 GOVERNMENT GAZETTE, 30 July 2024 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065

Section 6Verify source

Legislative relationships

1 referenced instrument

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

1 instrument

Companies Act, 2008
Section 1

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint

Undated version · currentEnglish

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

Explore more