QUESTION ONE [35] 1.1. "The ultimate goal in repealing The Companies Act, No. 61 of 1973, was to ensure that the regulatory framework for enterprises of all types and sizes promoted growth, employment, innovation, stability, good governance, confidence and international competitiveness". Discuss this statement and consider the purpose of the New Companies Act 71 of 2008. (15) 1.2. List any ten key concepts and features of The Companies Act, 2008. (20)

QUESTION TWO [30] 2.1. Discuss the determining factors for Directors and Prescribed officers, in terms of The Companies Act, 2008. (10) 2.2. "By accepting their appointment to the position, directors and prescribed officers agree that they will perform their duties to a certain standard, and it is a reasonable assumption of the shareholders that every individual director and prescribed officer will apply their particular skills, experience and intelligence to the advantage of the company." Discuss the standard as contained in The Companies Act. (20)

QUESTION THREE [15] 3.1. Explain the implications the promulgation of The Companies Act has on Close Corporations. (5) 3.2. Describesection 62 requirement of The Companies Act, in regards to meetings and notices. (10)

QUESTION FOUR [20]

The Companies Act, 2008 provides for two categories of companies, namely non- profit and profit companies. Elaborate on these two categories in detail.