Corporations and partnerships in South Africa:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Den Haag
Kluwer
2013
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Originally publ. as a monograph in The International Encyclopaedia of Laws / Corporations and Partnerships Law |
| Physical Description: | 212 S. |
| ISBN: | 9789041148704 9041148701 |
Staff View
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| 100 | 1 | |a Havenga, Michele |e Verfasser |0 (DE-588)143286854 |4 aut | |
| 245 | 1 | 0 | |a Corporations and partnerships in South Africa |c Michele Havenga ; Natania Locke |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Den Haag |b Kluwer |c 2013 | |
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| 650 | 4 | |a Corporation law |z South Africa | |
| 650 | 4 | |a Partnership |z South Africa | |
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Record in the Search Index
| _version_ | 1804151364667834368 |
|---|---|
| adam_text | TABLE OF CONTENTS
THE AUTHORS 3
LIST OF ABBREVIATIONS 11
GENERAL INTRODUCTION 13
§1. GENERAL BACKGROUND 13
I. GEOGRAPHY 13
II. CULTURAL COMPOSITION 13
III. POLITICAL SYSTEM 14
IV. POPULATION AND EMPLOYMENT STATISTICS 15
V. COMPANIES AND CLOSE CORPORATIONS STATISTICS 15
VI. SOCIAL AND CULTURAL VALUES 15
§2. COMPANIES, PARTNERSHIPS AND CLOSE CORPORATIONS: HISTORICAL
BACKGROUND 15
§3. DEFINITIONS AND STRUCTURE OF CORPORATIONS AND
PARTNERSHIPS 17
I. PRINCIPAL FORMS OF ENTERPRISE 17
A. SOLE PROPRIETORSHIP 18
B. PARTNERSHIP 18
C. COMPANY 18
D. CLOSE CORPORATION 19
E. BUSINESS TRUST 19
F. CO-OPERATIVE SOCIETY 20
§4. SOURCES AND HIERARCHY OF THE LAW ON COMPANIES,
PARTNERSHIPS AND CLOSE CORPORATIONS 20
I. COMPANIES 20
A. COMMON LAW 20
B. THE COMPANIES ACT 20
II. PARTNERSHIPS 21
A. COMMON LAW 21
B. LEGISLATION 22
III. CLOSE CORPORATIONS 22
TABLE OF CONTENTS
IV. THE CONSTITUTION OF THE REPUBLIC OF SOUTH AFRICA 22
§5. PRIVATE INTERNATIONAL LAW 23
§6. THE LABOUR LAW CONNECTION: CO-DETERMINATION AND
CORPORATE STRUCTURE 24
PART I. COMPANIES 27
§1. CHARACTERISTICS 27
§2. FORMATION 28
I. FORMAL REQUIREMENTS 28
II. NOTIFICATION, REGISTRATION, INCORPORATION, AND PUBLICITY 32
III. CONTRACTS CONCLUDED ON BEHALF OF A COMPANY TO BE INCORPORATED 33
IV. NUMBER OF SUBSCRIBERS 34
V. INITIAL SHARE CAPITAL 34
VI. OTHER MATERIAL FORMATION REQUIREMENTS 34
§3. ESSENTIAL ELEMENTS OF THE LEGAL PERSON 35
I. THE COMPANY NAME 35
II. THE LEGAL NATURE OF A COMPANY 36
HI. NATIONALITY, DOMICILE, AND RESIDENCE 37
IV. THE CAPACITY AND REPRESENTATION OF THE COMPANY 38
A. THE DOCTRINE OF CONSTRUCTIVE NOTICE 39
B. LIMITATIONS IN AUTHORITY 39
C. THE TURQUAND RULE 41
D. ESTOPPEL 42
§4. CAPITAL AND SHARES 42
I. DIFFERENT CONCEPTS OF CAPITAL 42
A. NOMINAL OR AUTHORIZED SHARE CAPITAL 43
B. ISSUED AND UNISSUED SHARE CAPITAL 43
C. MINIMUM SHARE CAPITAL 43
D. CONSIDERATION FOR SHARES 44
II. ALTERATION OF CAPITAL REQUIREMENTS 44
III. PREFERENTIAL RIGHT OF SUBSCRIPTION 45
IV. PUBLIC ISSUE REQUIREMENTS: OFFERS IN THE PRIMARY MARKET 45
A. ALLOTMENT AND ISSUE OF SHARES 45
B. PROSPECTUS 46
C. ALLOTMENT AND ACCEPTANCE PURSUANT TO A PUBLIC OFFER 47
V. SECURITIES EXCHANGE REQUIREMENTS 47
VI. OFFERS FOR SALE: THE SECONDARY MARKET 49
VII. CAPITAL RULES 50
A. GENERAL REQUIREMENTS FOR DISTRIBUTIONS 51
1. AUTHORIZATION BY THE BOARD 52
2. APPLICATION OF THE SOLVENCY AND LIQUIDITY TEST 52
§5.
TABLE OF CONTENTS
3. BOARD RESOLUTION ACKNOWLEDGING SATISFACTION WITH THE
SOLVENCY AND LIQUIDITY TEST
54
B. ACQUISITION OF OWN SHARES BY THE COMPANY (SHARE BUY-BACK) 54
C. CAPITALIZATION SHARES
D. PAYMENT OF DIVIDENDS
E. REDEMPTION OF SHARES
VIN. TYPES OR CLASSES OF SHARES
A. PREFERENCE SHARES
B. ORDINARY SHARES
C. DEFERRED SHARES
IX. VARIATION OF CLASS RIGHTS
A. CLASS RIGHTS AND THE POWER TO VARY THEM
X. TRANSFER OF SHARES
A. THE SECURITIES REGISTER
B. SECURITIES TO BE EVIDENCED BY CERTIFICATES OR UNCERTIFICATED
C. BENEFICIAL INTERESTS IN SECURITIES
D. TRANSFER OF SECURITIES
E. SECURITY BY MEANS OF SHARES
F. INSIDER TRADING
XI. DEBT INSTRUMENTS
SHAREHOLDERS, MANAGEMENT AND CONTROL
I. SHAREHOLDERS
A. SHAREHOLDERS MEETINGS
1. THE ANNUAL GENERAL MEETING
2. GENERAL MEETINGS
3. NOTICE OF MEETINGS
4. CONDUCT OF MEETINGS
5. QUORUM
6. PROXIES
7. VOTING
8. RESOLUTIONS
9. UNANIMOUS ASSENT AND INFORMAL VOTING
10. MINUTES
II. DIRECTORS
A. POWERS OF MANAGEMENT AND REPRESENTATION
B. APPOINTMENT AND ADMINISTRATIVE MATTERS
C. DUTIES OF DIRECTORS TO THE COMPANY, THE SHAREHOLDERS
AND THIRD PARTIES
1. FIDUCIARY DUTIES
2. DUTIES OF CARE AND SKILL
3. INSIDER TRADING
4. OTHER STATUTORY DUTIES
D. LIABILITY OF DIRECTORS
1. PERSONAL LIABILITY TOWARDS OTHERS
2. CRIMINAL LIABILITY
3. INDEMNITY FROM LIABILITY AND RELIEF BY THE COURT
56
57
57
57
58
59
59
59
59
60
61
61
61
63
63
64
65
66
68
68
69
70
70
71
72
73
74
75
78
78
79
79
79
84
87
89
90
90
91
94
96
98
TABLE OF CONTENTS
III. OTHER OFFICERS 99
A. THE COMPANY SECRETARY 100
B. THE MANAGING DIRECTOR 102
C. THE CHAIRMAN OF THE BOARD OF DIRECTORS 102
IV. THE AUDITOR 102
V. ANNUAL FINANCIAL STATEMENTS AND REPORTS 107
VI. REMEDIES AND ENFORCEMENT 110
A. MAJORITY RULE: PROTECTION OF MINORITY INTERESTS 111
1. STATUTORY DERIVATIVE ACTION 113
2. COMMON-LAW PERSONAL ACTION 114
3. STATUTORY REMEDIES FOR SHAREHOLDERS 115
B. APPLICATION TO DECLARE DIRECTOR DELINQUENT OR UNDER
PROBATION 119
C. PROTECTION FOR WHISTLE-BLOWERS 121
D. ALTERNATIVE DISPUTE RESOLUTION 122
E. COMPLAINTS TO THE COMPANIES AND INTELLECTUAL PROPERTY
COMMISSION OR THE TAKEOVER REGULATION PANEL 122
§6. LIQUIDATION OF THE COMPANY 123
I. WINDING-UP OF SOLVENT COMPANIES 123
II. WINDING-UP OF INSOLVENT COMPANIES 126
M. THE EFFECT OF WINDING-UP: LIQUIDATION 127
§7. BUSINESS RESCUE AND COMPROMISE 132
I. BUSINESS RESCUE 132
A. INITIATION OF BUSINESS RESCUE 133
1. INITIATION BY WAY OF A BOARD RESOLUTION 133
2. INITIATION BY WAY OF A COURT ORDER 134
B. EFFECTS OF BUSINESS RESCUE 135
1. GENERAL MORATORIUM ON LEGAL PROCEEDINGS 135
2. PROTECTION OF PROPERTY INTERESTS 136
3. POST-COMMENCEMENT FINANCING 137
4. EMPLOYEES AND CONTRACTS 138
5. SHAREHOLDERS AND DIRECTORS 139
C. THE BUSINESS RESCUE PRACTITIONER 139
D. RIGHTS OF AFFECTED PERSONS DURING THE BUSINESS RESCUE
PROCEEDINGS 140
E. THE BUSINESS RESCUE PLAN 141
II. COMPROMISE 142
§8. FUNDAMENTAL TRANSACTIONS AND TAKEOVERS 143
I. REGULATION OF FUNDAMENTAL TRANSACTIONS 143
II. AFFECTED TRANSACTIONS AND THE TAKEOVER REGULATION PANEL 147
III. THE COMPETITION ACT 89 OF 1998 149
§9. HOLDING COMPANIES AND SUBSIDIARIES 151
I. DEFINITION 151
TABLE OF CONTENTS
II. GROUP ACCOUNTS AND ENHANCED ACCOUNTABILITY 152
III. PREVENTION OF ABUSE OF CONTROL 153
A. INTRA-GROUP DISTRIBUTIONS 153
B. LOANS TO DIRECTORS AND GROUP COMPANIES 153
C. FINANCIAL ASSISTANCE FOR SUBSCRIPTION OR PURCHASE OF
SECURITIES 154
D. STANDARDS OF DIRECTORS CONDUCT 155
§10. TAXATION OF COMPANIES AND SHAREHOLDERS 156
§11. NON-PROFIT COMPANIES 157
PART II. PARTNERSHIP 159
§1. DEFINITION, NATURE AND ELEMENTS OF A PARTNERSHIP 159
I. DEFINITION 159
II. NATURE OF A PARTNERSHIP 159
III. TYPES OF PARTNERSHIP 160
IV. ESSENTIAL ELEMENTS OF A PARTNERSHIP 161
V. NATURAL CONSEQUENCES OF A PARTNERSHIP 162
§2. THE RELATIONSHIP BETWEEN THE PARTNERS 162
I. INTRODUCTION 162
II. RIGHTS AND DUTIES OF PARTNERS 163
III. ENFORCEMENT OF PARTNERS RIGHTS AND DUTIES 164
§3. THE RELATIONSHIP BETWEEN PARTNERS AND THIRD PARTIES 165
I. INTRODUCTION 165
II. CONTRACTS 165
A. REPRESENTATION 166
B. THE PRINCIPLE OF MUTUAL MANDATE 166
C. ESTOPPEL 167
D. RATIFICATION 167
III. DELICTUAL LIABILITY 167
IV. CRIMINAL LIABILITY 167
V. PROCEEDINGS AGAINST THE PARTNERSHIP 168
§4. DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP 169
169
169
169
169
170
170
171
171
171
I. DISSOLUTION
II. GROUNDS FOR DISSOLUTION
A.
B.
C.
D.
E.
F.
G.
MUTUAL AGREEMENT
EFFLUXION OF TERM
COMPLETION OF THE PARTNERSHIP BUSINESS
CHANGE IN MEMBERSHIP
COURT ORDER
WAR
SEQUESTRATION
TABLE OF CONTENTS
III. FORMALITIES FOR DISSOLUTION 171
IV. CONSEQUENCES OF DISSOLUTION 172
V. LIQUIDATION OF THE PARTNERSHIP ESTATE 172
A. THE LIQUIDATOR 172
VI. DISTRIBUTION 173
§5. TAXATION OF PARTNERS 174
PART III. CLOSE CORPORATIONS 177
§1. DEFINITION, NATURE AND DISTINCTIVE CHARACTERISTICS OF
A CLOSE CORPORATION 177
I. BACKGROUND 177
N. NATURE AND DISTINCTIVE CHARACTERISTICS OF A CLOSE CORPORATION 177
§2. FORMATION, NAME, AND CONVERSIONS 178
§3. PRE-INCORPORATION CONTRACTS 179
§4. MEMBERSHIP AND MEMBERS INTERESTS 180
I. MEMBERSHIP 180
II. ACQUISITION OF MEMBER S INTEREST 181
§5. INTERNAL RELATIONS 183
I. ASSOCIATION AND OTHER AGREEMENTS 183
II. MANAGEMENT 184
III. FIDUCIARY DUTIES AND DUTIES OF CARE AND SKILL 185
IV. STATUTORY PROTECTION OF MEMBERS AND THE CORPORATION 186
§6. EXTERNAL RELATIONS 186
§7. ACCOUNTING AND DISCLOSURE 187
I. ACCOUNTING RECORDS AND DISCLOSURE 187
II. THE ACCOUNTING OFFICER 188
III. APPOINTMENT OF AUDITORS AND ENHANCED ACCOUNTABILITY 190
§8. LIABILITY OF MEMBERS AND OTHERS FOR DEBTS INCURRED BY
OF THE CLOSE CORPORATION 191
I. CIVIL LIABILITY 191
II. CRIMINAL LIABILITY 192
§9. WINDING-UP, DISSOLUTION AND DEREGISTRATION 192
§10. TAXATION OF CLOSE CORPORATIONS AND THEIR MEMBERS 196
SELECTED BIBLIOGRAPHY 199
INDEX 207
10
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| spelling | Havenga, Michele Verfasser (DE-588)143286854 aut Corporations and partnerships in South Africa Michele Havenga ; Natania Locke 2. ed. Den Haag Kluwer 2013 212 S. txt rdacontent n rdamedia nc rdacarrier Originally publ. as a monograph in The International Encyclopaedia of Laws / Corporations and Partnerships Law Corporation law South Africa Partnership South Africa Südafrika (Staat) Locke, Natania Verfasser (DE-588)143286870 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026746234&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Havenga, Michele Locke, Natania Corporations and partnerships in South Africa Corporation law South Africa Partnership South Africa |
| title | Corporations and partnerships in South Africa |
| title_auth | Corporations and partnerships in South Africa |
| title_exact_search | Corporations and partnerships in South Africa |
| title_full | Corporations and partnerships in South Africa Michele Havenga ; Natania Locke |
| title_fullStr | Corporations and partnerships in South Africa Michele Havenga ; Natania Locke |
| title_full_unstemmed | Corporations and partnerships in South Africa Michele Havenga ; Natania Locke |
| title_short | Corporations and partnerships in South Africa |
| title_sort | corporations and partnerships in south africa |
| topic | Corporation law South Africa Partnership South Africa |
| topic_facet | Corporation law South Africa Partnership South Africa Südafrika (Staat) |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=026746234&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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