Important notice to all companies and their directors / shareholders

/ March 2020 / By
SECTION CIPC COMPLIANCE REQUIREMENTS CHECKLIST YES NO N/A
4 DID THE COMPANY COMPLY WITH THE SOLVENCY AND LIQUIDITY TEST DURING THE PREVIOUS CALENDAR YEAR?
A COMPANY SATISFIES THE SOLVENCY AND LIQUIDITY TEST AT A PARTICULAR TIME IF, CONSIDERING ALL REASONABLY FORESEEABLE FINANCIAL CIRCUMSTANCES OF THE COMPANY AT THAT TIME, THE ASSETS OF THE COMPANY AS FAIRLY VALUED EQUAL OR EXCEED THE LIABILITIES OF THE COMPANY AS FAIRLY VALUED
15 DID THE COMPANY COMPLY WITH THE MOI, SHAREHOLDER AGREEMENT AND RULES OF THE COMPANY DURING THE PREVIOUS CALENDAR YEAR?
EACH PROVISION OF A COMPANY’S MOI MUST BE CONSISTENT WITH THIS ACT AND IS VOID TO THE EXTENT THAT IT CONTRAVENES OR IS INCONSISTENT WITH THIS ACT SUBJECT TO SECTION 6(15)
26 DID THE COMPANY GRANT BENEFICIAL HOLDERS ACCESS TO COMPANY RECORDS DURING THE PREVIOUS CALENDAR YEAR?
A PERSON WHO HOLDS OR HAS A BENEFICIAL INTEREST IN ANY SECURITIES ISSUED BY A PROFIT COMPANY, OR WHO IS A MEMBER OF A NON-PROFIT COMPANY, HAS A RIGHT TO INSPECT AND COPY WITHOUT ANY CHARGE FOR ANY SUCH INSPECTION OR UPON PAYMENT OF NO MORE THAN THE PRESCRIBED MAXIMUM CHARGE FOR ANY SUCH COPY CONTAINED THE RECORDS OF THE COMPANY.
27 DID THE COMPANY HAVE A FINANCIAL YEAR IN THE PRESCRIBED FORM AS REQUIRED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
A COMPANY MUST HAVE A FINANCIAL YEAR, ENDING ON A DATE SET OUT IN THE COMPANIES NOTICE OF INCORPORATION, SUBJECT TO ANY CHANGE MADE IN TERMS OF SUBSECTION (4)
28 DID THE COMPANY KEEP ACCOUNTING RECORDS IN THE PRESCRIBED FORM AS REQUIRED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
A COMPANY MUST KEEP ACCURATE AND COMPLETE ACCOUNTING RECORDS IN ONE OF THE OFFICIAL LANGUAGES OF THE REPUBLIC
29 DID THE COMPANY COMPLY WITH  THE FINANCIAL STATEMENTS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
IF A COMPANY PROVIDES ANY FINANCIAL STATEMENTS, INCLUDING ANY ANNUAL FINANCIAL STATEMENTS, TO ANY PERSON FOR ANY REASON THOSE STATEMENTS MUST SATISFY THE FINANCIAL REPORTING STANDARDS AS TO FORM AND CONTENT, IF ANY SUCH STANDARDS ARE PRESCRIBED
30 DID THE COMPANY’S ANNUAL FINANCIAL STATEMENTS ADHERE TO THE REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
EACH YEAR, A COMPANY MUST PREPARE ANNUAL FINANCIAL STATEMENTS WITHIN SIX MONTHS AFTER THE END OF ITS FINANCIAL YEAR OR SUCH SHORTER PERIOD AS MAY BE APPROPRIATE TO PROVIDE THE REQUIRED NOTICE OF AN ANNUAL GENERAL MEETING IN TERMS OF SECTION 61 (7)
32 DID THE COMPANY TRADE UNDER THE CORRECT COMPANY NAME AND REGISTRATION NUMBER DURING THE PREVIOUS CALENDAR YEAR?
A COMPANY MUST PROVIDE ITS FULL REGISTERED NAME OR REGISTRATION NUMBER TO ANY PERSON ON DEMAND AND NOT MISSTATE ITS NAME OR REGISTRATION NUMBER IN A MANNER LIKELY TO MISLEAD OR DECEIVE ANY PERSON
33 DID THE COMPANY FILE ANNUAL RETURNS DURING THE PREVIOUS CALENDAR YEAR?
EVERY COMPANY MUST FILE AND ANNUAL RETURN IN THE PRESCRIBED FORM WITH THE PRESCRIBED FEE, WITHIN THE PRESCRIBED PERIOD AFTER THE END OF THE ANNIVERSARY OF THE DATE OF ITS INCORPORATION INCLUDING A COPY OF “AFS” IF IT IS REQUERED
44 DID THE COMPANY COMPLY WITH FINANCIAL ASSISTANCE FOR SUBSCRIPTION OF SECURITIES REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
AFTER PROVIDING THE FINANCIAL ASSISTANCE THE SOLVENCY AND LIQUIDITY TEST IS SATISFIED AND THE TERMS AND CONDITIONS ARE FAIR AND REASONABLE.
45 DID THE COMPANY COMPLY WITH LOANS OR OTHER FINANCIAL ASSITANCE TO DIRECTORS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
AFTER PROVIDING THE FINANCIAL ASSISTANCE THE SOLVENCY AND LIQUIDITY TEST IS SATISFIED AND THE TERMS AND CONDITIONS ARE FAIR AND REASONABLE.
50 DID THE COMPANY COMPLY WITH SECURITIES REGISTER AND NUMBERING REQUIREMENTS AS PRESCRIBED  BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
EVERY COMPANY MUST ESTABLISH OR CAUSE TO BE ESTABLISHED A REGISTER OF ITS ISSUED SECURITES IN THE PRESCRIBED FORM AND MAINTAIN ITS SECURITIES REGISTER IN ACCORDANCE WITH THE PRESCRIBED STANDARDS
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SECTION CIPC COMPLIANCE REQUIREMENTS CHECKLIST YES NO N/A
61 DID THE COMPANY COMPLY WITH SHAREHOLDERS MEETINGS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
THE BOARD OF A COMPANY OR ANY OTHER PERSON SPECIFIED IN THE COMPANY’S MOI OR RULES MAY CALL A SHAREHOLDERS MEETING AT ANY TIME.
66 DID THE COMPANY COMPLY WITH THE BOARD, DIRECTORS AND PRESCRIBED OFFICERS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
THE BUSINESS AND AFFAIRS OF A COMPANY MUST BE MANAGED BY OR UNDER THE DIRECTION OF ITS BOARD, WHICH HAS THE AUTHORITY TO EXERCISE ALL OF THE POWERS AND PERFORM ANY OF THE FUNCTIONS OF THE COMPANY EXCEPT TO THE EXTENT THAT THIS ACT OR THE COMPANY’S MOI PROVIDES OTHERWISE
69 DID THE COMPANY COMPLY WITH INELIGIBILITY AND DISQUALIFICATION OF PERSONS TO BE DIRECTOR OR PRESCRIBED OFFICER REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
IN THIS SECTION DIRECTOR INCLUDES AN ALTERNATE DIRECTOR, A PRESCRIBED OFFICER OR 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
70 DID THE COMPANY COMPLY WITH VACANCIES ON BOARD REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
SUBJECT TO SUBSECTION (2), A PERSON CEASES TO BE A DIRECTOR, AND A VACANCY ARISES ON THE BOARD OF A COMPANY
71 DID THE COMPANY COMPLY WITH THE REMOVAL OF DIRECTORS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
DESPITE ANYTHING TO THE CONTRARY IN A COMPANY’S MOI OR RULES, OR ANY AGREEMENT BETWEEN A COMPANY AND A DIRECTOR, OR BETWEEN ANY SHAREHOLDERS AND A DIRECTOR, A DIRECTOR MAY BE REMOVED BY AN ORDINARY RESOLUTION ADOPTED AT A SHAREHOLDERS MEETING BY THE PERSONS ENTITLED TO EXERCISE VOTING RIGHTS IN AN ELECTION OF THAT DIRECTOR, SUBJECT TO SUBSECTION (2)
86 DID THE COMPANY COMPLY WITH THE MANDATORY APPOINTMENT OF COMPANY SECRETARY REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
A PUBLIC COMPANY OR STATE-OWNED COMPANY MUST APPOINT A COMPANY SECRETARY
90 DID THE COMPANY COMPLY WITH APPOINTMENT OF AUDITOR REQUIREMENTS AS PRESCRIBED BY COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
UPON ITS INCORPORATION AND EACH YEAR AT ITS ANNUAL GENERAL MEETING A PUBLIC COMPANY OR STATE-OWNED COMPANY MUST APPOINT AN AUDITOR
92 DID THE COMPANY COMPLY WITH ROTATION OF AUDITORS REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
THE SAME INDIVIDUAL MAY NOT SERVE AS THE AUDITOR OR DESIGNATED AUDITOR OF A COMPANY FOR MORE THAN FIVE CONSECUTIVE FINANCIAL YEARS
94 DID THE COMPANY COMPLY WITH AUDIT COMMITTEES REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
THIS SECTION APPLIES CONCURRENTLY WITH SECTION 64 OF THE BANKS ACT, TO ANY COMPANY THAT IS SUBJECT TO THAT ACT, BUT SUBSECTIONS (2), (3) AND (4) OF THIS SECTION DO NOT APPLY TO THE APPOINTMENT OF AN AUDIT COMMITTEE BY ANY SUCH COMPANY AND DOES NOT APPLY TO A COMPANY THAT HAS BEEN GRANTED AN EXEMPTION IN TERMS OF SECTION 64 (4) OF THE BANKS ACT.
Regulation DID THE COMPANY COMPLY WITH THE REGISTERED OFFICE OF THE COMPANY REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
21 FILING OF COR21.1 – CHANGE OF THE COMPANY’S REGISTERED ADDRESS.
Regulation DID THE COMPANY COMPLY WITH THE SOCIAL AND ETHICS COMMITTEE REQUIREMENTS AS PRESCRIBED BY THE COMPANIES ACT DURING THE PREVIOUS CALENDAR YEAR?
43 THIS REGULATION APPLIES TO EVERY STATE OWNED COMPANY, PUBLIC COMPANY AND ANY OTHER COMPANY THAT HAS IN ANY TWO OF THE PREVIOUS FIVE YEARS, SCORED ABOVE 500 POINT IN TERMS OF REGULATION 26 (2)
Schedule DID THE COMPANY COMPLY WITH THE PROVISIONS CONCERNING NON-PROFIT COMPANIES DURING THE PREVIOUS CALENDAR YEAR?
1 REFER TO COMPANY’S ACT