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3 Cards in this Set
- Front
- Back
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Personal liability companies |
The directors and past directors of such companies are jointly and severally liable together with the company for debts and liabilities contracted during their periods of office. These are similar to the current 'Inc' used for incorporated professional practices. |
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Public companies |
These are similar to public companies under the current Companies Act, although only one member is required compared to 7 members currently. |
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State-owned companies |
A state owned company is a company which is: a 'state-owned enterprise' as defined in the Public Finance Management Act 1 of 1999, or owned by the Municipality. |
