by VDT Attorneys | May 20, 2021 | Bank, Credit, Financial
As a rule of thumb, when money is deposited into a bank account, it becomes the property of the bank, irrespective of who deposits the money, and the bank acquires a real right of ownership to the money deposited. The bank however owes the client a personal obligation...
by VDT Attorneys | Sep 10, 2018 | Commercial, Company, Financial
To answer your question, one must look at what the Companies Act 71 of 2008 (“Companies Act“) determines in respect of auditing and accounting requirements for a private company like yours. Unlike the previous Companies Act of 1973 which required all companies to be...
by VDT Attorneys | Apr 6, 2018 | BEE, Financial
The Amended Financial Sector Codes of Good Practice (“Amended Codes”) was gazetted on 1 December 2017 and came into effect immediately. The Amended Codes differ from the generic Department of Trade and Industry (DTI) Codes of Good Practice in their calculation of the...
by VDT Attorneys | Mar 8, 2018 | BEE, Charter, Financial
The Financial Sector BEE Charter (“FSC”) was published on 1 December 2017 and is effective immediately, with no transitional period applicable. All businesses operating within the South African financial sector, which includes banks, short and long term insurers,...