On 1 October 2021, the Department of Trade, Industry and Competition published the Draft Companies Amendment Bill (Draft Amendment Bill 2021) for public comment. The Draft Amendment Bill 2021 serves as a revision of the previous Draft Companies Amendment Bill, published on 21 September 2018, and was developed after taking into consideration comments from the public and various affected stakeholders. The Draft Amendment Bill 2021 contains a number of proposed changes which seek to amend the Companies Act 71 of 2008 (Companies Act). The amendment to section 45 of the Companies Act is of particular interest.
