by VDT Attorneys | Mar 8, 2017 | Commercial, Company, Estate Planning, Tax, Trust
You are correct. A new Section 7C has been introduced into the Income Tax Act 58 of 1962 as an anti-avoidance provision to discourage the use of trusts for estate planning purposes. Section 7C is effective from 1 March 2017 and will apply to any loans, advances or...
by VDT Attorneys | Feb 7, 2017 | Commercial, Company, Competition
A Competition Amendment Bill, 2017 (“draft Bill”) was published for comment on 01 December 2017 with the proposed amendments being described as “extensive” and “far reaching”. Primarily, the draft Bill seeks to address two structural challenges to the business...
by VDT Attorneys | Dec 14, 2016 | Company, Corporate, Credit Act, Shares
In terms of the National Credit Act an agreement can be considered a credit agreement if it is a credit facility, a credit transaction, a credit guarantee, or any combination of the above. In the case where a party sells his shares to a purchaser and the agreement...
by VDT Attorneys | Dec 14, 2016 | Commercial, Company, Corporate
A company is a juristic person and can only act through its shareholders and directors. For now I will discuss the position regarding the taking of shareholder decisions or ‘resolutions’, and provide a brief overview of the default position established by the...
by VDT Attorneys | May 9, 2016 | Company, Shares
A share certificate is not a share itself, but is merely evidence of a share. A share is intangible property and has been described by our courts as being a bundle of rights which you own as shareholder. The nature and scope of these rights are usually set out in the...
by VDT Attorneys | May 9, 2016 | Commercial, Company, Shares
As a point of departure, it is important to understand what exactly is denoted by the concept of a “share”. Simply put, a share represents the measure of a shareholder’s (the owner of the shares) interest in a company and consists of a collection of personal rights...
