Companies Act, 1973 (Act No. 61 of 1973)Chapter II: Administration of ActRegulations by the Minister and Proclamations by the State President15. Regulations and policy |
| 1) | The Minister may make regulations- |
| a) | providing for the conduct and administration of the Companies Registration Office and prescribing the practice and procedure to be observed therein; |
| b) | prescribing the practice and procedure to be observed in the office of the Master in connection with the winding-up and judicial management of companies; |
| bA) | providing for the reproduction of any records in the Companies Registration office or the office of the Master by microfilm, microcard, miniature photographic process, the conversion into electronic format in such a way as to allow such records to be reconverted without changing their original contents or any other process deemed suitable by the Minister; |
| bB) | providing for the use for official purposes and the admissibility in evidence in any proceedings, whether in a court of law or otherwise, of any reproduction contemplated in paragraph (bA); |
| c) | providing for the keeping and preservation of any records, or any reproduction thereof contemplated in paragraph (bA), in the Companies Registration office or the office of the Master, the removal from such offices and preservation in any other place of such records or reproductions and prescribing the circumstances under which any such records or reproductions may be destroyed; |
| cA) | prescribing how records required under this Act to be kept by a company may be kept, and prescribing the circumstances under which any such records may be destroyed; |
| d) | prescribing the procedure to be followed with respect to any matter in connection with the winding-up and judicial management of companies; |
| e) | prescribing the form and the contents of any return, notice or form provided for by this Act; |
| f) | prescribing when an additional copy or copies of documents to be lodged under the Act shall require to be lodged and whether such additional copy or copies shall be in the form of a copy or copies certified in the manner prescribed or shall be in duplicate original form; |
| g) | in consultation with the Minister of Finance, prescribing the matters in respect of which fees shall be payable and the tariff of such fees; |
| h) | providing for a table of fees, subject to taxation by the Master, which shall be payable to a liquidator as remuneration; |
| i) | prescribing a tariff of remuneration payable to any person performing on behalf of a liquidator any act relating to the winding-up of a company, and prohibiting the charging or recovery of remuneration at a higher tariff than the tariff so prescribed; |
| j) | in consultation with the Minister of Finance, prescribing the remuneration and allowances of members of the standing advisory committee and its standing sub-committees and the conditions upon which such members are appointed; |
| k) | as to any matter required or permitted by this Act to be prescribed by regulation; and |
| l) | generally, as to any matter which he or she considers it necessary or expedient to prescribe in order that the purposes of this Act may be achieved. |
| 1A) |
| a) | The Minister may determine policy for the appointment of a provisional liquidator, co-liquidator, liquidator or provisional judicial manager by the Master in order to promote consistency, fairness, transparency and the achievement of equality for persons previously disadvantaged by unfair discrimination. |
| b) | Any policy determined in accordance with the provisions of paragraph (a) must be tabled in Parliament before publication in the Gazette. |
| 2) | Any regulations made under subsection (1) may prescribe penalties for any contravention thereof or failure to comply therewith not exceeding a fine or imprisonment for a period of six months or both a fine and such imprisonment. (Date of commencement 13 July, 1973.) |