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The power of the Court to "make such order as it thinks fit [...] for regulating the future conduct of the affairs of the corporation" is not restricted to an order relating to the pursuance of the objects contained in the corporation's founding statement: i.e. an order relating to the running of the business of the corporation. [4]
Since 1 May 2011, it has been impossible to incorporate a new close corporation in South Africa. There are, however, still hundreds of thousands of close corporations in existence. They are regulated chiefly by the Close Corporations Act. [13] A close corporation is a juristic person distinct from its members.
Corruption in South Africa includes the improper use of public resources for private ends, including bribery and improper favouritism. [1] Corruption was at its highest during the period of state capture under the presidency of Jacob Zuma and has remained widespread, negatively "affecting criminal justice, service provision, economic opportunity, social cohesion and political integrity" in ...
Thomas v BMW South Africa (Pty) Ltd 1996 2 SA 106 (C). Thoroughbred Breeders’ Association of South Africa v Price Waterhouse 2001 4 SA 551 (SCA). Transnet Ltd v Sechaba Photocon (Pty) Ltd 2005 1 SA 299 (SCA). Trustees, Two Oceans Aquarium Trust v Kantey & Templer (Pty) Ltd 2006 3 SA 138 (SCA). Truter v Deysel 2006 4 SA 168 (SCA).
However, due to evolutions in South African law many of the principles put forward in King II are now embodied as law in the Companies Act of South Africa of 2008. In addition to the Companies Act, there are additional applicable statutes that encapsulate some of the principles of King III such as the Public Finance Management Act and the ...
"subordinate legislation made in terms of a provincial Act"; and "legislation that was in force when the Constitution took effect and that is administered by a provincial government." [6] There are a large number and variety of statutes in South Africa—including Acts, ordinances, proclamations, by-laws, rules and regulations.
If found guilty of serious misconduct, gross abuse of position, gross negligence, wilful misconduct or a breach of trust, a director can be declared delinquent by the court. If declared delinquent, an order will ban a person from holding a director position for at least seven years, or for life in serious cases. [citation needed]
The movement for the establishment of a constitutional court in South Africa was begun in 1920 by the African National Congress (ANC). [1] Frontage of the Constitutional Court in South Africa. By 1956, judges and liberals in the country had drawn up a bill of rights in support of the creation of the court. The first meeting of selected members ...