as amended by section 46 of the Companies Amendment Act No. 3 of 2011
(1) In this section, ''director'' includes an alternate director, and—
(a) a prescribed officer; or
(b) a person who is a member of a committee of a board of a company, or of the audit committee of a company, irrespective of whether or not the person is also a member of the company's board.
(a) be appointed or elected as a director of a company, or consent to being appointed or elected as a director; or
(b) act as a director of a company.
(3) A company must not knowingly permit an ineligible or disqualified person to serve or act as a director.
(4) A person who becomes ineligible or disqualified while serving as a director of a company ceases to be entitled to continue to act as a director immediately, subject to section 70 (2).
(5) A person who has been placed under probation by a court in terms of section 162, or in terms of section 47 of the Close Corporations Act, 1984 (Act No. 69 of 1984), must not serve as a director except to the extent permitted by the order of probation.
(6) In addition to the provisions of this section, the Memorandum of Incorporation of a company may impose—
(a) additional grounds of ineligibility or disqualification of directors; or
(b) minimum qualifications to be met by directors of that company.
(7) A person is ineligible to be a director of a company if the person—
(a) is a juristic person;
(b) is an unemancipated minor, or is under a similar legal disability; or
(c) does not satisfy any qualification set out in the company's Memorandum of Incorporation.
(a) a court has prohibited that person to be a director, or declared the person to be delinquent in terms of section 162, or in terms of section 47 of the Close Corporations Act, 1984 (Act No. 69 of 1984); or
(i) is an unrehabilitated insolvent;
(ii) is prohibited in terms of any public regulation to be a director of the company;
(aa) involving fraud, misrepresentation or dishonesty;
(cc) under this Act, the Insolvency Act, 1936 (Act No. 24 of 1936), the Close Corporations Act, 1984, the Competition Act, the Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001), the Securities Services Act, 2004 (Act No. 36 of 2004), or Chapter 2 of the Prevention and Combating of Corruption Activities Act, 2004 (Act No. 12 of 2004).
(a) five years after the date of removal from office, or the completion of the sentence imposed for the relevant offence, as the case may be; or
(a) the Commission may apply to a court for an extension contemplated in subsection (9)(b); and
(b) the court may extend the disqualification for no more than five years at a time, if the court is satisfied that an extension is necessary to protect the public, having regard to the conduct of the disqualified person up to the time of the application.
(11) A court may exempt a person from the application of any provision of subsection 8)(b).
(11 A) The Registrar of the Court must, upon-
(a) the issue of a sequestration order;
(b) the issue of an order for the removal of a person from any office of trust on the grounds of misconduct involving dishonesty; or
(c) a conviction for an offence referred in subsection (8)(b)(iv), send a copy of the relevant order or particulars of the conviction, as the case may be, to the Commission.
(11 B) The Commission must notify each company which has as a director to whom the order or conviction relates, of the order or conviction.
Part A: Business rescue proceedings
Part B: Practitioner’s functions and terms of appointment
Part C: Rights of affected persons during business rescue proceedings
Part D: Development and approval of business rescue plan
Part E: Compromise with creditors
Business rescue provisions in Chapter 6 of the Companies Act No. 71 of 2008 (323k).
Ondernemingreddingbepalings in Hoofstuk 6 van die Maatskappywet No. 71 of 2008 (333k).
Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (279k).
Business rescue provisions in Chapter 6 of the Companies Amendment Act No. 3 of 2011 (English/Afrikaans version) (792k).
Business rescue provisions in Chapter 6 of the unofficial LexisNexis Consolidated Companies Act (105k).
Business rescue provisions in Chapter 6 of the Companies Regulations, 2011 (62k).
Companies Act No. 71 of 2008 (829k).
Mastskappywet No. 71 of 2008 (545k).
Companies Amendment Act No. 3 of 2011 (2 000k).
Companies Regulations, 2011 (951k).