Legal insights

During consultation with clients, the question often arises as to which individuals in a company would be considered to be a Prescribed Officer in terms of the Companies Act 71 of 2008 (“the Act”), and what does this mean for such an individual?

I attended a Corporate Governance conference in September 2016. Judge Mervyn King was one of the speakers presenting on the King IV report which replaces King III and was officially released on 1 November 2016. It is effective for financial years commencing 1 April 2017.

The Companies Act 71 of 2008 (“the Act”), provides that a company may acquire its own shares, to the extent that it is solvent and liquid, as more fully described in Section 4 of the Act.

The 2016/2017 Budget Speech by the Minister of Finance, Pravin Gordhan saw the announcement of a Special Voluntary Disclosure Programme (“SVDP”), which is aimed at encouraging South African residents with undisclosed offshore assets and income to regularise their affairs through the SVDP.

One of the most significant changes in the Codes of Good Practice for Broad-Based Black Economic Empowerment (“the New Codes”) that came into effect on 1 May 2015 was the requirement to be an Empowering Supplier.

Much has been written in the past as to the doctrine of Constructive Notice and the application of the Turquand rule.

When attending to investing in a South African entity as an offshore shareholder, it is important to understand the requirements of the Exchange Control Regulations of 1961 (promulgated in terms of the Currencies and Exchanges Act, 9 of 1933), hereinafter referred to as “the Regulations” and its application as regards to any person or entity in South Africa.

A Look at the Disposal of Intellectual Property Owned in South Africa to an Offshore Purchaser It often occurs that a company established in South Africa has developed a specific software program or other processes and/or applications upon which it basis its particular service offering or product.

Directors’ resolutions are common place in commerce as a convenient and effective manner in which the Directors of a Company can make a decision on behalf the Company.

Global business is increasingly showing interest in expanding their business operations into the African continent.