Determination that the results of certain foreign lotteries are “other events or contingencies” upon which bets may be struck in KwaZulu-Natal

Regulation 171 of the KwaZulu-Natal Gaming and Betting Regulations, 2012 in terms of the KwaZulu-Natal Gaming and Betting Act, 8 of 2010 (“the Act”) sets out an approval procedure in terms of which any person who wishes the Member of the Executive Council of the Province of KwaZulu-Natal responsible for Gaming and Betting (“the MEC”) to determine that an event or contingency is an “other event or contingency” in terms of section 1 of the Act must make an application to the MEC in writing.

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The importance of determining who is in a position to form an intention to pass ownership on behalf of a juristic person in a contract of sale

It is trite that juristic or artificial persons can only act through natural persons. In a contract of sale involving a juristic person as the seller, the natural persons through whom the juristic person acted, must have had the intention to transfer ownership in order for ownership to pass.

The recent judgment of the Supreme Court of Appeal in Investgold CC v Dirk Uys and Mariesa Troskie [2014] ZASCA 166 (1 October 2014) highlights the importance of establishing who (i.e. which natural person or persons) is in a position to form an intention to transfer ownership on behalf of the juristic person concerned.

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The importance of aligning the shareholders agreement of a company with its MOI

The Memorandum of Incorporation (“MOI”) is the document that sets outs the rights, duties and responsibilities of shareholders, directors and others within and in relation to a company, and certain other matters which the new Companies Act, 71 of 2008 does not address. It is binding between the company and each shareholder, its shareholders, and between the company and certain other persons, such as directors, in the exercise of their functions within the company. The documents by which a pre-existing company was structured and governed in terms of the old Companies Act, 61 of 1973 (i.e. its memorandum and articles of association) will be its MOI, if the company did not adopt a new MOI prior to 1 May 2013.

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