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Section 49(2) of the Close Corporations Act [2] gives the court the power to order the sale of a corporation asset in order to enable a member who is being prejudiced, as contemplated by section 49, to be paid out for his interest and thereby to bring about a termination of his membership. [3]
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.
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]
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 ...
The Companies and Intellectual Property Commission (CIPC) is an agency of the Department of Trade, Industry and Competition in South Africa. [1] The CIPC was established by the Companies Act, 2008 (Act No. 71 of 2008) [2] as a juristic person to function as an organ of state within the public administration, but as an institution outside the public service.
The Financial Sector Conduct Authority (FSCA) is the South African financial institutions market conduct regulator and a successor agency to the Financial Services Board (South Africa). [ 1 ] [ 2 ] [ 3 ]
Basic Conditions of Employment Amendment Act, 2013: 21: Africa Institute of South Africa Act Repeal Act, 2013: 22: Banks Amendment Act, 2013: 23: Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2013: 24: Merchant Shipping (International Oil Pollution Compensation Fund) Act, 2013: 25: Merchant Shipping (Civil Liability Convention ...
The South African law of delict engages primarily with 'the circumstances in which one person can claim compensation from another for harm that has been suffered'. [1] JC Van der Walt and Rob Midgley define a delict 'in general terms [...] as a civil wrong', and more narrowly as 'wrongful and blameworthy conduct which causes harm to a person'. [2]