Companies Act Section 45

The lender lends money to one company in a group of companies borrower and obtains suretyships for the borrower s obligations from some or all of the other group companies each a surety.

Companies act section 45. Numbering of shares effective from 12th september 2013 every share in a company having a share capital shall be distinguished by its distinctive number. However cipc now requires you to note your compliance with this section as part of the new cipc compliance checklist. Compliance with section 45 of the companies act no 71 of 2008 is proving a challenging matter to companies and clients alike.

3 nothing in this act shall affect the table in any repealed written law corresponding to table a in the fourth schedule in force immediately before the date of commencement of section 181 of the companies amendment act 2014 or any part thereof either as originally enacted or as altered in pursuance of any statutory power or the corresponding table in any former written law relating to. The commencement date of section 45 is 12 9 2013. Section 45 deals with the.

This section has no associated explanatory notes. Download all sections of the companies act 2013 in pdf. Section 45 in the companies act 1956 45.

Section 45 of the companies act 2013 has been notified by the ministry of corporate affairs mca vide notification no. 1 a company may have a common seal but need not have one. 2 a company which has a common seal shall have its name.

Section 45 addresses loans or other financial assistance to directors. Provided that nothing in this section shall apply to a share held by a person whose name is entered as holder of beneficial interest in such share in the records of a depository. Members severally liable for debts where business carried on with fewer than seven or in the case of a private company two members.

This notification was come into force from 12th september 2013 i e. 71 of 2008 the act loans or other financial assistance to directors which includes inter company loans and loans between related and inter related persons financial assistance includes lending money guaranteeing a loan or other obligation and securing any debt or obligation. Company or subsidiary acquiring company s shares.