Companies Act – Composing the Board of Directors
This is the first of a series of short circulars which will highlight practical issues arising when applying and working with the Companies Act No. 71 of 2008 (“Companies Act”). The focus of this circular is on “how to” lawfully appoint the members of the board of a private company or a public company with […]
Introducing New Additions to Cox Yeats’ Insolvency Team
The Cox Yeats Insolvency Team Introducing new additions to our Insolvency Team….. Cox Yeats is pleased to advise that Callyn Wilkinson has recently joined the firm as a partner in the insolvency team. Callyn obtained her LL.B from the University of KwaZuluNatal in 2005. After travelling in the United Kingdom, she completed her […]
Take care when calling up a Construction Guarantee
Introduction Late last year the Supreme Court of Appeal handed down a decision which underscores the importance of complying strictly with the requirements for calling up a construction guarantee. Background Facts A property development company by the name of Hospitality Hotels (Pty) Ltd (“Hospitality”) in 2008 undertook the refurbishment of a hotel. The works included […]
More on Tenders
Introduction Usually tenders are attacked by an aggrieved tenderer who believes that the award made was wrong due to either procedural irregularities, corruption or otherwise. What is the position if the organ of State who made the award itself recognises that it acted wrongly in making the award? Can it correct its mistake? In December […]
The Renewal of Leases and Ubuntu
Leases sometimes contain a clause entitling the lessee to renew the lease at a rental to be agreed upon. It has long been established law that such a clause is unenforceable as it requires the parties to agree on the rental. A right of renewal is enforceable only if the rent is stated or is […]
A move towards Renewable Energy
Governments and businesses around the world are placing increasing value on the generation and use of renewable energy. As the South African regulatory environment changes to incentivise investment in technologies and initiatives which increase the use of renewable energy, new opportunities for business emerge. This circular explores some of the regulatory schemes which may influence […]
Green Paper on Land Reform
On 31 August 2011, the Department of Rural Development and Land Reform tabled the Green Paper on Land Reform. The Green Paper’s stated aim is to address the injustice of past discriminatory laws and the inadequacy of existing land reform legislation and policy. The Department of Rural Development and Land Reform proposes various measures to […]
Can an Arbitrator make an Award by Consent
Introduction It frequently happens in arbitrations that parties settle their disputes before the conclusion of the arbitration proceedings. In these circumstances it has often been the practice for the parties to ask the arbitrator to make an award by consent setting out the terms of the settlement between them. The question as to whether such […]
Promotion of Access to Information Act
With effect from 31 December 2011, all private bodies will be obliged to prepare a manual which complies with the Promotion of Access to Information Act. Private bodies include any individual or partnership which carries on a trade, business or profession and any juristic person (such as a trust, company or close corporation). The Promotion […]
Companies Act – Intercompany Loans
In Companies Act Circular Number 1, we pointed out that remuneration for directors for services as directors may only be paid in accordance with a special resolution approved by the shareholders within the previous two years. We also pointed out that companies may not make loans to directors unless: the loan has been approved by […]