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The first South African company legislation was the Companies Act [3] of 1926, which was based on the Transvaal Companies Act, [4] which was in turn based on the British Companies (Consolidation) Act 1908. The next major South African legislation in this area was the Companies Act [5] of 1973, which remained in force until 31 April 2011.
Shareholders' agreements vary enormously between different countries and different commercial fields. However, in a characteristic joint venture or business startup, a shareholders' agreement would normally be expected to regulate the following matters: regulating the ownership and voting rights of the shares in the company, including
South African contract law is "essentially a modernized version of the Roman-Dutch law of contract", [1] and is rooted in canon and Roman laws. In the broadest definition, a contract is an agreement two or more parties enter into with the serious intention of creating a legal obligation. Contract law provides a legal framework within which ...
A mandatory offer rule is distinct from tag-along rights, which give minority shareholders the right to join in any sale by the majority shareholder: the former is an obligation imposed on the acquirer by laws and regulations, while the latter may be provided voluntarily by the majority shareholder of the target to minority shareholders through ...
In South Africa, from the new Companies Act 2008 which commenced in 2011, articles and memoranda of association have been replaced by a "memorandum of incorporation" or "MoI". The MoI gives considerably more scope to vary how to the company is governed than the previous arrangement.
As such, they have to be agreed upon by the parties beforehand in a shareholders’ agreement. [8] Unlike a company's articles of association, these shareholders’ agreements are not public documents registered to the government, but private dealings between parties. As such, they are not binding on all members of the company, only the ...