So Colonel Muamar Gadaffi, the eccentric and often way-ward leader of Libya, is dead, killed by members of a movement whose sole purpose was to overthrow him and his 42-year long regime. He was accused variously of being a dictator with a blood-thirsty appetite who killed his opponents without compassion, who sponsored worldwide terrorism and who carried a personal liability for the nearly 300 killed in the bombing of a Pan America jumbo jetliner over the Scottish town of Lockerbie in 1988. Ostensibly at least, those in rebellion against him stood for everything that was better – and then promptly fell into his category by executing him (and other members of his family) and dragging his body through the streets of the city of Misrata.
“We are the 99%" has become instantly recognisable as the slogan of Occupy Wall Street. The demonstrations in New York City (which have now spread to, it is claimed, at least 900 other cities) have been called “'The American Spring," and a “democratic awakening" by some while others, less enamoured of the event, have called it leaderless and a group of rabble-rousers.
Published in February this year, the most recent amendments to Regulation 28 of the Pension Funds Act (24 of 1956) for the first time amended asset allocation limits governing the retirement industry at both a product and a member level. As such, individual investors are now compelled to comply with investment restrictions previously imposed at only an overall product level and are allowed maximum exposures of 75% to equity, 25% to property and 25% to offshore investments.
Project finance is a form of limited recourse finance and involves financing (usually on a long-term basis) the development or exploitation of a right, natural resource or other asset based upon the project's projected cash flows rather than the balance sheet of the entities undertaking the project.
It is said that there are many similarities between South Africa and New Zealand. Obvious similarities such as an historical association as former British colonies, shared geographic location in the Southern hemisphere, comparable climates, cultural similarities (in particular an unparalleled love of rugby), come to mind. But can a similarity in "trust cultures" be added to this list? Especially when the New Zealand's trust culture has recently been described as "viral " and New Zealanders as "having a predilection for trusts beyond that experienced in similar countries." This description was recorded in the Issues Papers of the New Zealand Law Commission which, at the end of last year, embarked upon a systematic review of itsr law of trusts. Four Issues Papers have been released.
Suppliers who grant credit to their customers ought to take steps to ensure that the prospects of recovery of these debts are as certain as they can be. A customer's continued profitability and financial security is never guaranteed, even where liability for the debt is admitted. This much is particularly apparent in times of economic downturn. Once flourishing and valued customers, who were granted credit facilities, might now find themselves unable to meet debts to longstanding suppliers, in contrast to years of excellent credit histories.
Part 2 of a three part series
A. FIDUCIARY DUTIES AND ESG ISSUES – WHERE DO THINGS STAND?
The relationship between fiduciary duties and ESG considerations in investment policymaking and practice as expressed in SA case law is unclear at this stage but the consideration of ESG factors is arguably legally permissible...
There were changes to the way in which value added tax is charged on supplies of services within and outside the European Union at the beginning of the year. In view of the current rates of VAT, these changes are worth understanding, particularly if you or entities connected to you use the services of professionals, such as administrators, lawyers and accountants.
The significance of being a “prescribed officer" under new Companies Act, 2008 (Companies Act) has the following principal implications:
In a judgement handed down in the Gauteng High Court on May 20 the Applicant, a director and share- holder in Beagles Run Investments 25 (Pty) Ltd, applied for
The new Companies Act creates certain onerous obligations and duties on company directors. One of these is to ensure that a director does not trade the business of his or her company recklessly, negligently or conduct the company's business with the intention of defrauding a creditor.
Fiduciary duties and duty to disclose interests
The fiduciary duties that directors owe their company basically entail that they act in good faith, for a proper purpose and in the best interests of the company. This is codified in s76(3)(a) and (b) of the Companies Act (71 of 2008), which should be read with the common law to establish the exact content of the fiduciary duties.
Mandatory offers by persons who wish to acquire more than 35% of the shareholding in a regulated company are dealt with in s123 of the Companies Act, 2008. Takeover Regulations to the Act have been gazetted in terms of s120, and regulation 86 deals with mandatory offers. –
It is a general principle that in certain circumstances administrative acts and their consequences must be regarded as valid until set aside. As was said in Oudekraal Estates vs City of Cape Town 2004 (6) SA 222 (SCA) para 26.
"The proper functioning of a modern state would be considerably compromised if all administrative acts could be given effect to or ignored depending on the view the subject takes on the validity of the act in question. No doubt it is for this reason that our law has always recognized that even an unlawful administrative act is capable of producing legally valid consequences for so long as the unlawful act is not set aside."
Imagine a world where deadly diseases such as cancer and AIDS can be treated; where suffering caused by spinal cord injuries, birth defects, neurological disorders, strokes and diabetes can be eased by a simple transplantation of biological cells known as stem cells in the human body. This is considered possible through regenerative medicine in the form of cell-based therapy.