Without Prejudice - Volume 16, Issue 1, 2016
Volume 16, Issue 1, 2016
Author Jason DorningSource: Without Prejudice 16, pp 8 –9 (2016)More Less
The purpose of this article is to set out the implications of the shareholders agreeing a particular term in a company's Memorandum of Incorporation versus an undertaking to vote in a particular manner within the context of s112 (Proposals to dispose of all or greater part of assets or undertaking) and s115 (Required approval for transactions contemplated in Part A) of the Companies Act, 2008.
Author Juliette ThirskSource: Without Prejudice 16, pp 10 –11 (2016)More Less
What is SAFE? The SAFE - Simple Agreement for Future Equity - has emerged in the South African investment environment as abuzz word. Introduced in December 2013 by a Silicon Valley seed funder, the instrument is gaining traction in South Africa as a means of raising seed capital and growth finance for start-ups. In traditional lending and investment models, start-up founders often find themselves losing or compromising flexibility in running their businesses. Generally, an investor has a right to influence and participate in business decisions. Loan finance may require debt repayments irrespective of the cash flow position of the business and debt conversions to equity may have little correlation to the underlying value of the business.
Source: Without Prejudice 16, pp 12 –13 (2016)More Less
A decision-maker, as contemplated in the Financial Services Board Act, 1990, (FSB Act), makes a decision; the decision is appealed and the Appeal Board substitutes that decision. That decision-maker then decides to take the matter on review to the high court. Does he or she, in terms of the relevant legislation, have locus standi to challenge the Appeal Board's decision? This question was recently raised and answered in the Supreme Court of Appeal in the matter between the Registrar of Pension Funds v Financial Services Appeal Board (222/2015) ZASA 203 (2 December 2015), which was written as a separate judgement, on this point alone, emanating from Tellumat (Pty) Ltdv Appeal Board of the Financial Services Board (221/2015)  ZASCA 202.
Author Gari MatariranoSource: Without Prejudice 16, pp 14 –17 (2016)More Less
Why is bankability crucial to the successful financing of electricity infrastructure in emerging markets such as Africa? In answering this question, it is necessary first to consider the background against which bankability has assumed increased importance in securing financing for African power projects.
Author Hans MuhlbergSource: Without Prejudice 16, pp 19 –20 (2016)More Less
Some background may be in order. The ASA is a voluntary body, a club if you like. Like any club, the ASA has rules, and if you join the ASA you agree to be bound by its rules. One of the ASA's rules is that all members will recognise its decisions. So if the ASA decides that a certain advert contravenes the ASA Code, all ASA members have to recognise that decision.
Author Medelein KleynSource: Without Prejudice 16, pp 20 –21 (2016)More Less
Research and development is costly. International patent portfolios even more so. The business strategy of most corporations when filing a patent application is to seek some return on R&D investment, mostly through self-exploitation of the products of R&D, or through royalty earnings from intellectual Property (IP).
Author Hugo BiermannSource: Without Prejudice 16, pp 22 –23 (2016)More Less
The Court of the Commissioner of Patents delivered judgement in the matter between Franco Resca and Enrico Cupido (the plaintiffs) and Pasadena Leather Products CC (Trading as Pasadena Products) and Trifecta Trading 83 (Pty) Ltd (Trading as DOS Group) (the defendants) on 18 September 2015.
Author Brain KaluleSource: Without Prejudice 16, pp 28 –29 (2016)More Less
Money laundering is said to play a key role in a large proportion of criminal activity which, according to International experts, generates around US$1 500bn a year. These activities not only foster continued criminal activity (and terrorism) and threaten the financial systems of the world, but also promote corruption and threaten the foundations of the rule of law. As a result, there has been increasing pressure on governments to develop policies and regulations to combat money laundering. In Uganda, it can be said that the Anti Money Laundering Act 2013 was the result of such effort when it was first introduced in November 2013. More recently, the Uganda Financial Intelligence Authority (UFIA), the agency concerned with implementation of the Act, finally became operational. For now it is focusing on commercial transactions reported to it by the commercial banks.
Author Llewellyn CurlewisSource: Without Prejudice 16 (2016)More Less
Part 3 - Competent verdicts
Oscar Pistorius was charged with a number of offences. The main charge (and the one everybody was intrigued with) was murder. What follows will indicate, however, that one should be alert to all aspects of the law. Even though the indictment in that trial, for example, did not mention culpable homicide per se, this did not detract from the fact that both prosecutor and defense lawyer had to be alert, at all times, to certain "hidden" charges, even if not mentioned specifically. In law, this is termed "competent verdicts". Part 3 and Part 4 of this series of articles will deal with this principle of our law to demonstrate why Mr Pistorius was ultimately discharged on the murder charge, but convicted of culpable homicide.
Author Deirdre VenterSource: Without Prejudice 16 (2016)More Less
Does the Prescription Act (68 of 1969), which provides that "a debt shall be extinguished by prescription after a lapse of a period..." apply to arbitration awards issued in terms of the Labour Relations Act (65 of 1995) (the LRA)? If so, what processes as envisaged by the Act will successfully interrupt the running of prescription are questions the Labour Court has grappled with over the years? The Labour Court has been divided as to the answers to these questions.
Source: Without Prejudice 16, pp 39 –40 (2016)More Less
English law is the primary choice of law for use in cross-border financing transactions in Africa, especially in jurisdictions with less well-developed bodies of commercial and financial law. It is also the primary legal choice in international financial transactions where it is not as easy to determine an obvious governing law.
Author Ben StraussSource: Without Prejudice 16, pp 40 –41 (2016)More Less
Until recently it was smaller investors who bought and let residential property. But nowadays even listed Real Estate Investment Trusts (REITs) are building, buying and letting large portfolios of residential property. No doubt the investors are looking to satisfy the demand for residential property, and to realise better yields than may be achieved in commercial property.
Author Carmel RickardSource: Without Prejudice 16, pp 42 –43 (2016)More Less
Quite something to witness: virtually every car in South Africa headed for the coast, their drivers seeking relief from the year's heat and stress. Our little dorp, half-way between Gauteng and the sea,watches the trek with annual astonishment - and some envy - while the lucky ones stream through town towards the pleasures of the coast.
Source: Without Prejudice 16, pp 44 –45 (2016)More Less