The new statutory derivative action under the companies act 71 of 2008 is a paramount protective measure or weapon for minority shareholders, which will be very useful in good corporate governance. A guide to directors responsibilities under the companies act 2006. In line with international best practice, the law provides modern vehicle for domestic and international investors to. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Companies act 2006, section 523 is up to date with all changes known to be in force on or before 22 april 2020.
There are changes that may be brought into force at a future date. An overview and guide to the consultation process, implementation and evaluation of the companies act 2006, including information on the new regulations amending part 25 of the act. Companies act 2001 corporate and business registration. Changes that have been made appear in the content and are referenced with annotations. The implementation of the companies act 2006 was completed on 1 october 2009. The companies act 2006 c 46 is an act of the parliament of the united kingdom which forms the primary source of uk company law. View on westlaw or start a free trial today, section 523, companies act 2006, primarysources. The saica guide to the companies act 71 of 2008 has been released. In the case of re barings plc no 5 2000 1 bclc 523, the court of appeal. Related commentary 5231 this section applies if an auditor is ceasing to. The companies act 2006 enshrines in law the concept of enlightened shareholder value, a form of corporate social responsibility, in place of a directors traditional common law duty of loyalty.