VIR­TU­ALLY IN­COR­PO­RATED

Finweek English Edition - - Economic trends & analysis -

> COM­PA­NIES WILL BE­COME com­pletely vir­tual once the Com­pa­nies Bill is pro­mul­gated to es­tab­lish a re­vamped and mod­ernised reg­u­la­tory set­ting for South Africa.

Un­like the cur­rent leg­is­la­tion, which ob­li­gates share­hold­ers and direc­tors to phys­i­cally at­tend meet­ings, the new Bill al­lows direc­tors and share­hold­ers to meet, dis­cuss and vote on is­sues (even be rep­re­sented by vir­tual proxy) at meet­ings in cy­berspace.

Doc­u­ments gen­er­ated by th­ese meet­ings, in­clud­ing share cer­tifi­cates, will also be al­lowed to be filed in cy­berspace. Elec­tronic sig­na­tures will also be stan­dard.

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