Transcription of INTERPRETATION NOTE 9 (Issue 7) ACT : INCOME TAX ACT …
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INTERPRETATION NOTE: NO. 9 (Issue 6) DATE: 26 July 2016 ACT : INCOME TAX ACT NO. 58 OF 1962 SECTION : SECTION 12E SUBJECT : SMALL BUSINESS CORPORATIONS CONTENTS PAGE Preamble .. 2 1. Purpose .. 3 2. Background .. 3 3. The law .. 4 4. Application of the law .. 4 Qualifying requirements .. 4 Legal entity requirement [section 12E(4)(a)] .. 4 (a) Close corporation .. 4 (b) Co-operatives .. 5 (c) Private company .. 5 Holder of shares requirement .. 6 (a) The holding of shares in the potential small business corporation [section 12E(4)(a)] .. 6 (b) The holding of shares in any other company by the holders of shares or members of the close corporation or co-operative [section 12E(4)(a)(ii)].
6 Section 8(2)(b) of the Companies Act provides that a private company’s Memorandum of Incorporation must prohibit it from offering its securities to the public
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