18

(b) by lhe substitution in subsection (3) for paragraph (d) or the following
parograph:
"(d) nOLice and minutes of all shareholders meetings, including-
(i) all resolutions adopted by them [, for se\'en years after the
date each such resolution was adopted]; and 5
(ii) any document thal was made available by the company to the
holders of securities in relation to each such resolution [j],
for seven years after the date each such resolution was adopted;";
and
(c) by the substitution for subsection (4) of the following subsection: 10
"(4) In addition to the requirements of subsection (3), every [profit]
company must maintain-
(a) a securities register or its equivalent, as required by section 50. in
ora
the case of a profit company. or a member's rcgi!->tcr in the case
non-profit company {hat has members; and 15
(b) the records required in tenns of section 85. ifthar section applies to
the company, " ,

Amendment of section 26 of Act 71 of 2008

17. Section 26 of the princ ipal Act is hereby amended-

(a) by the substitution for subsections (1) and (2) of the following subseclions. 20
respectively:
"( 1) A person who holds or has a beneficial interest in any securities
issued by a profit company [-1. or who is a member of a non-profit
company. [(a)] has a right to inspect and copy, without any charge for any
~uch inspecti on or upon payment of no more than the prescribed 25
maximum charge for any such copy. thc information contained in the
following records of the cornpany[-L
(a) The comrany '~ Memorandum or Incorporation and any amend-
ments III iI, and any rules made hy the company, as {(i)l mentioned
in section 24(3)(a)[. (b). (e)(i) and (ii). (d) and (e); or]; 30
(b) the records in r~spect of the company's directors. as mentioned in
section 24(3)(h );
(e) the reports to annual meetings. and annual financial statements, as
mentioned in section 24(3)(c)(i) and (ii);
(d) the nOlices and minutes of annual meetlOgs, and communications 35
mentioneu in section 24(3)(d) and (e), but the reference in section
24(3)(d) to shareholders meetings. and the rererence in seclion
24(3)(f) to communications sent to holders of a company's
securities, must be regarded in the case of a non-profit company as
referring to a meeting of members, or communication to members, 40
respectively; and
(e) the securities register of a profit company, or the members register
of a non-profit company that ha:. memhers. as [(ii) contemplated]
menlion ed in section 24(4)[(a) or (h);
(b) bas 8 right to any other information to the extent granted by Ule 45
Memorandum of Incorporation, as contemplated in suhsection
(2); and
(e) may exercise the rights set out in paragraph (a) or (b)-
(i) by direct request made to the company in the prescribed
manner, either in person or through an attorney or other 50
personal representative designated in writingj or
eii) in accordance with the Promotion of Access to rnfonnation
Act, 2000 (Act No.2 of 20(0)].
(2) A crson not conlcmpJmcd in subsection ( I) has a right to inspect
or copy the securities reglsler 0 a profi t company. or the members 55
register of a non-profit company that has members, or the register of
directors of a cumpany. upon payment of an amount nOl exceeding the
prescribed maximum fee for any sllch jn~pection.
[(2)] QJ In addit ion to the information rights set oul in lsubsection
(I)(a)] subsections (I) and (2). the Memorandum of Incorporation of a 60
company may establish additional infonnation rights of any person. wilh
 19

respect to any infonnation pertaining to the company, but no such right

may negate or thminish any mandatory protection of any record [, as set
out in] required by Of in terms of Part 3 of the Promotion of Access to
Information Act, 2000 (Act No.2 of 2000).
(4) A pcr~on may exercise the rights set aut in subsection t 1) or (2), or 5
contemplated in subsection (3)-
(a) for a reasonable period during business hours;
(b) by direct request made to a company in the prescribed manner,
either in person or through an attorney or other personal represen-
tative designated in writing; or 10
(c) in accordance with the Promotion of Access to Information Act,
2000 (Act No.2 uf 2000).
(5) Where a company receives a request in tcmlS of subsection (4)(b)
it must within 14 business days comply with the request by providing the
opportunilY to inspect or copy the register concerned to the person 15
making such request. " .
(b) by the re-numbering of subsections (3), (4), (5) and (6) as subsections (6), (7),
(8) and (9) respectively; and
(e) by the substitution in subsection (6) for paragraphs (a) and (b) of the following
paragraphs. respectively: 20
"(a) fail to accommodate any reasonable request for access. or to
unreasonably refuse access, to any record that a person has a right to
inspect or copy in tenns of this section or section 31; or
(b) to otherwise impede, interfere with, or attempt to frustratc, thc
reallonable exercise by any person of the rights set out in this section 25
or section 31 ....

Amendment of section 27 of Act 71 of 2008

18. Section 27 of the principal Act is hereby amended by the deletion of subsection
(6).

Amendment of section 29 of Act 71 of 2008 30

19. Section 29 of the principal Act is hereby amended-

(a) by the substitution in subsection (I) for paragraph (d) of the following
paragraph:
"(d) set out the date on which the statements were [produced]
published, and the accounting period to which the statements apply; 35
and";
(b) by the substitution in subsection (5) for paragraph (b) of the following
paragraph:
"(b) in the case of financial reporting standards for public companies,
must be [consistent] in accordance with the International Pinancial 40
Reporting Standards of the Internation al Accounting Standards
Board or its successor body; and"; and
(e) by the substitution in sub,ection (6)(a) for subparagraph (i) of the following
subparagraph:
"(i) [do not] fail in a material way to comply with the requirements of 45
subsection (1 ); or".

Amendment of section 30 of Act 71 of 2008

20. Section 30 of the principal Act is hereby amended-

(a) by the substitution in subsection (2)(b) for the word, preceding subparagraph
(i) of the following words: 50
"in the case of any other profit or non-profit company-";
(b) by the substitution in subsection (2)(b) for subparagraph 0) of the following
subparagraph:
"(i) be audited, if so required by the regulations made in tenns of
subsection (7) taking into account whether it is desirable in the 55
public interest, having regard to the economic or social significance
of the company, as indicated by any relevant factors. including-";