ActsLast Updated 20 December 2011 10:41:58 AM
Acts 
- Corporate
- Close Corporations Act, No 69 of 1984 (204Kb PDF)
The Close Corporations Act provides for the formation, registration, incorporation, management, control and liquidation of closed corporations and for matters connected to the close corporations.
- Companies Act, No 71 of 2008 (850Kb PDF) / Maatskappywet, No 71 van 2008 (840Kb PDF)
The new Companies Act was signed by the President on 8 April 2009 and gazetted in Gazette No. 32121 (Notice No. 421). The Act came into operation on 1 May 2011 and provides for the incorporation, registration, organisation and management of companies.
- Companies Amendment Act, No 3 of 2011 (2 MB PDF)
The Companies Amendment Act No.3 of 2011 was assented by the presidency and was published on Government Gazette 34243 on 26 April 2011. The Act propose the amendment of the Companies Act, No 71 of 2008 to correct errors, legal-technical and grammatical issues This Amendment Act need to be read together with the Companies Act, No 71 of 2008.
- Companies Act, No 61 of 1973 (950Kb PDF) – Withdrawn with effect 1 May 2011, certain sections still effective
The Companies Act No 61 of 1973 provides information in applying the law relating to companies and to provide for any incidental matters. This Act is applicable to all companies incorporated under the Companies Act, every external company and existing companies except for companies excluded.
- Competition Act No 89 of 1998 (250Kb PDF)
To provide for the establishment of a Competition Commission responsible for the investigation, control and evaluation of restrictive practices, abuse of dominant position, and mergers; and for the establishment of a Competition Tribunal responsible to adjudicate such matters; and for the establishment of a Competition Appeal Court; and for related matters.
- Competition Amendment Act No 1 of 2009 (200Kb PDF)
To amend the Competition Act to provide certainty with regards to concurrent jurisdiction between the Competition Commission and other regulatory bodies and to provide for guidance and recommendations.
- Co-operatives Act, No 14 of 2005 (300Kb PDF)
The Co-operatives Act provides for the formation and registration of co-operatives, the establishment of a Co-operatives Advisory Board, the winding up of co-operatives and matters connected therewith.
- Corporate Laws Amendment Act, No 24 of 2006 (900Kb PDF) -Withdrawn with effect 1 May 2011
The Corporate Laws Amendment Act, No 24 of 2006 amended certain definitions and inserted some new definitions to the Companies Act, 1973. The changes mostly focused on the following:
- a distinction between widely held companies and limited interest companies limiting the liability of office bearers to that arising from gross negligence in relation to the performance of their functions
- making provision for the use of electronic aids in the furnishing of information
- making provision of financial reporting standards
- making provision for a Financial Reporting Standards Council and a Financial Reporting Investigations Panel
- Non-Profit Organisations Act, No 71 of 1997 (150Kb PDF)
The Non-Profit Organisations Act provides for an environment in which nonprofit organisations can flourish, establishes an administrative and regulatory framework within which nonprofit organisations can conduct their affairs and to provide for matters connected therewith.
- Equality
- Broad-Based Black Economic Empowerment Act No 53 of 2003 (300Kb PDF)
To establish a legislative framework for the promotion of black economic empowerment; to empower the Minister to issue codes of good practice and to publish transformation charters; to establish the Black Economic Empowerment Advisory Council; and to provide for matters connected therewith.
- Financial
- Financial Advisory and Intermediary Services Act, No 37 of 2002 (FAIS) (2,2Mb PDF)
To regulate the rendering of certain financial advisory and intermediary services to clients; to repeal or amend certain laws; and to provide for matters incidental thereto.
- Financial Intelligence Centre Act, No 38 of 2001 (FICA) (1,5Mb PDF)
This act has as its goal the establishment of a Financial Intelligence Centre and a Counter-Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities; to clarify the application of the Act in relation to other laws; to provide for the sharing of information by the Centre and supervisory bodies; to provide for the issuance of directives by the Centre and supervisory bodies; to provide for the registration of accountable and reporting institutions; to provide for the roles and responsibilities of supervisory bodies; to provide for written arrangements relating to the respective roles and responsibilities of the Centre and supervisory bodies; to provide the Centre and supervisory bodies with powers to conduct inspections; to regulate certain applications to Court; to provide for administrative sanctions that may be imposed by the Centre and supervisory bodies; to establish an appeal board to hear appeals against decisions of the Centre or supervisory bodies; to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.
- National Credit Act, No 34 of 2005 (1,5Mb PDF)
To promote a fair and non-discriminatory marketplace for access to consumer credit and for that purpose
- to provide for the general regulation of consumer credit and improved standards of consumer information;
- to promote black economic empowerment and ownership within the consumer credit industry;
- to prohibit certain unfair credit and credit-marketing practices;
- to promote responsible credit granting and use and for that purpose to prohibit reckless credit granting;
- to provide for debt re-organisation in cases of over-indebtedness;
- to regulate credit information;
- to provide for registration of credit bureaux, credit providers and debt counselling services;
- to establish national norms and standards relating to consumer credit;
- to promote a consistent enforcement framework relating to consumer credit;
- to establish the National Credit Regulator and the National Consumer Tribunal;
- to repeal the Usury Act, 1968, and the Credit Agreements Act, 1980; and
- to provide for related incidental matters.
- Securities Services Act No 36 of 2004 (900Kb PDF)
This Act has as its aim to consolidate and amend the laws relating to the regulation and control of exchanges and securities trading, the regulation and control of central securities depositories and the custody and administration of securities, and the prohibition of insider trading; to provide for the licensing of a clearing house and the approval of nominees; to provide for a code of conduct for authorised users.
- Governance
- King Code of Corporate Governance
The revised Code of and Report on Governance Principles for South Africa (King III) were released on 1 September 2009, with an effective date of 1 March 2010. The revision was necessitated by the Companies Act, 2008, which has incorporated many of the principles contained in King II. Both of these developments will continue to position South Africa at the forefront of good governance on the international stage.
While King III has no legal backing, except as adopted by the JSE Listings Requirements, SAICA encourages ALL entities to apply the principles insofar as is practicable.
Please note that copyright for King III subsists with the Institute of Directors, thus SAICA is unable to load the documents directly onto this website.
- Information Law
- Electronic Communications Act No 36 of 2005 (1MB PDF)
This Act promotes convergence in the broadcasting signal distribution and telecommunications sectors, provides the legal framework for convergence of these sectors, provides for the granting of new licenses and new social obligations and other matters.
- Electronic Communications and Transactions Act No 25 of 2005 (3MB PDF)
This Act provides for the facilitation and regulation of electronic communications and Transactions, provides for the development of a national e-strategy for the Republic, promotes universal access to electronic communications and transactions and the use of electronic transactions by SMMEs, to encourage the use of e-government services and to provide for matters connected therewith.
- Promotion of Access to Information Act No 2 of 2000 (900 Kb PDF)
The Promotion of Access to Information Act gives effect to the constitutional right of access to any information held by the State and any information that is held by another person and that is required for the exercise or protection of any rights; and to provide for matters connected therewith. PAIA gives the requester a right to lodge a request from the information officer of a public or private body.
- Labour Law
- Basic Conditions of Employment Act No 75 of 1997 (500Kb PDF)
This Act gives effect to the right to fair labour practices referred to in section 23(1) of the Constitution by establishing and making provision for the regulation of basic conditions of employment; and thereby to comply with the obligations of the Republic as a member state of the International Labour Organisation
- Employment Equity Act No 55 of 1998 (2,2Mb PDF)
The purpose of this Act is to achieve equity in the workplace by promoting equal opportunity and fair treatment in employment through elimination of unfair discrimination and implementing affirmative action measures to redress the disadvantages in employment experienced by designated groups, in order to ensure equitable representation in all occupational categories and levels in the workforce.
- Labour Relations Act No 66 of 1995 (200Kb PDF)
This law gives effect to section 27 of the Constitution, regulates the organisational rights of trade unions and facilitated collective bargaining at the workplace. It also regulates the right to strike and the recourse to lock-out in conformity with the Constitution. Employee participation in decision-making is encouraged through the establishment of workplace forums and also provides for the resolution of disputes and establishing the Commission for Conciliation, Mediation and Arbitration.
- Professions
- Auditing Profession Act No 26 of 2005 (430Kb PDF)
To provide for the establishment of the Independent Regulatory Board for Auditors; to provide for the education, training and professional development of registered auditors; to provide for the accreditation of professional bodies; to provide for the registration of auditors; to regulate the conduct of registered auditors; to repeal an Act; and to provide for matters connected therewith.
- Chartered Accountant Designation Act (50Kb PDF)
The Chartered Accountants Designation (Private) Act, 67 of 1993 restricts the use of the designations 'Chartered Accountant', 'Geoktrooieerde Rekenmeester', 'Chartered Accountant (South Africa)', 'Geoktrooieerde Rekenmeester (Suid Afrika)', 'Chartered Accountant (SA)', 'Geoktrooieerde Rekenmeester (SA)', or the initials 'CA', 'GR', 'CA(SA)', and 'GR(SA)'.
Only members of The South African Institute of Chartered Accountants (SAICA) may use the above designations and /or initials. A company, close corporation, or other body, firm or partnership, which engages in public practice as accountants and auditors and of whom every shareholder, every director, every member or every partner, as the case may be, is a member of SAICA, shall be entitled to use the above designations and /or initials in the name of the firm.
It is important to note that the right to use the above designations and initials only accrues once a person is registered with SAICA. The fact that a person has completed his/her studies and training does not entitle him/her to use the designations or initials.
- Property legislation
- Sectional Titles Act No 95 of 1986 (400Kb PDF)
This Act provides for the division of buildings into sections and common property and for the acquisition of separate ownership in sections coupled with joint ownership in common property, the control of certain incidents attaching to separate ownership in sections and joint ownership in common property, the transfer of ownership of sections and the registration of sectional mortgage bonds over, and real rights in, sections, the conferring and registration of rights in, and the disposal of, common property, the establishment of bodies corporate to control common property and for that purpose to apply rules, and the establishment of a sectional titles regulation board; and to provide for incidental matters.
The version is amended up to Sectional Titles Amendments Act, No 11 of 2010.
- Sectional Titles Schemes Management Act No 8 of 2011 (2MB PDF)
This Act provides for the establishment of body corporate to manage and regulate sections and common property in sectional titles schemes and to apply rules applicable to such schemes. The effective date has not yet been gazetted.
- Public Sector Legislation
- Local Government: Municipal Finance Management Act No 56 of 2003
Part I (720Kb PDF)
Part II (830Kb PDF)
Part III (710Kb PDF)
The Municipal Finance Management Act was enacted to secure sound and sustainable management of the financial affairs of municipalities and other institutions in the local sphere of government; to establish treasury norms and standards for the local sphere of government; and to provide for matters connected therewith.
- Public Audit Act No 25 2004 (950Kb PDF)
The Public Audit Act, 25 of 2004, which was enacted on 20 December 2004, has introduced some new provisions in the functions of the Auditor-General (AG), auditing of institutions in the public sector, among others. The provisions have impact on the audit firms and accountants engaged in public sector institutions. We encourage you to review the Act – as attached - in order to determine the impact on you and your organisation.
The Act replaces Auditor-General Act, 1995 and Audit Arrangements Act, 1992.
- Public Finance Management Act, No 1 of 1999 (100Kb PDF)
The Public Finance Management Act regulates the financial management in the national government and provincial governments; to ensure that all revenue, expenditure, assets and liabilities of those governments are managed efficiently and effectively; to provide for the responsibilities of persons entrusted with financial management in those governments and to provide for matters connected therewith.
- Tax Legislation
For all tax legislation please visit the SARS website
- Estate Duty Act No 45 of 1955
To impose an estate duty upon the estates of deceased persons, to repeal the Death Duties Act, 1922, and to provide for matters incidental thereto.
- Income Tax Act No 58 of 1962
The Income Tax Act No 58 of 1962 consolidates the law relating to the taxation of income and donations, to provide for the recovery of taxes on person, to provide for the deduction by employers of amounts from the remuneration of employees in respect of certain tax liabilities of employees and to provide for the making of provisional tax payments and for the payment into the National Revenue Fund of portions of normal tax and interest and other charges in respect of such taxes, and to provide for related matters.
- Securities Transfer Tax Act No 25 of 1955
The Securities Transfer Tax Act provides for the levying of securities transfer tax in respect of every transfer of any securities.
- Transfer Duty Act No 40 of 1949
The Transfer Duty Act levies a transfer duty on the value of property acquired by any person on or after the date of commencement of this Act.
- Value Added Tax Act No 89 of 1991
The Value Added Tax Act provides for the taxation in respect of the supply of goods and services and the importation of goods; it also amends the Transfer Duty Act, 1949 to provide an exemption; it also amends the Stamp Duties Act, 1968 to provide an exemption from stamp duty and to discontinue the levying of certain stamp duties; to repeal the Sales Tax Act, 1978 and to provide for matters connected therewith.
- Other Legislation
- Consumer Protection Act, No 68 of 2008 (250Kb PDF)
This act wants to promote a fair, accessible and sustainable marketplace for consumer products and services and for that purpose to establish national norms and standards relating to consumer protection, to provide for improved standards of consumer information, to prohibit certain unfair marketing and business practices, to promote responsible consumer behaviour, to promote a consistent legislative and enforcement framework relating to consumer transactions and agreements and to establish the National Consumer Commission.
- National Small Business Act, No 102 of 1996 (50Kb PDF)
This Act provides for the establishment of the National Small Business Council and the Ntsika Enterprise Promotion Agency; and to provide guidelines for organs of state in order to promote small business in the Republic; and to provide for matters incidental thereto.
- National Small Business Amendment Act, No 26 of 2003 (300Kb PDF)
This Act amended the National Small Enterprises Act, 1996 as to repeal all provisions pertaining to the National Small Business Council end to empower to Minister to establish an Advisory Body to represent the interest of small business.
- National Small Business Amendment Act, No 29 of 2004 (200Kb PDF)
This Act amended the National Small Enterprises Act, 1996 to provide for the establishment of the Small Enterprise Development Afnecy and to repeal all provisions relating to the Ntsika Enterprise Promotion Agency. It also amended the name of the principal Act from National Small Business Act to the National Small Enterprises Act.
- International legislation
- Sarbanes-Oxley Act (260Kb PDF)
The Sarbanes-Oxley Act of 2002 is also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called SOX is a United States federal law enacted on July 30, 2002 in response to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of the affected companies collapsed, shook public confidence in the nation's securities markets.
The legislation establishes new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The Act contains 11 titles, or sections, ranging from additional Corporate Board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Debate continues over the perceived benefits and costs of SOX. Supporters contend that the legislation was necessary and has played a useful role in restoring public confidence in the nation's capital markets by, among other things, strengthening corporate accounting controls.
- Foreign Account Tax Compliance Act (FATCA)
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S.taxpayers with investments in offshore accounts.
Under FATCA, U.S. taxpayers with financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers, or held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
To view a summary of FATCA visit the IRS website
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