n SA Mercantile Law Journal = SA Tydskrif vir Handelsreg - The impact of the National Credit Act on specific company transactions

Volume 21, Issue 4
  • ISSN : 1015-0099
  • E-ISSN: 1996-2185



The National Credit Act 2005 ('the Act') came into full operation on 1 June 2007. It enjoyed huge publicity and much has been written about its content, impact on the economy, interaction with other areas of law, and so forth. Little has been written so far, though, about its impact on specific credit agreements in or by a company.

Here we will examine whether such agreements will come within the ambit of the Act and, if so, how it will affect them. We will not examine all credit agreements to which a company is a party, but only those that deserve particular attention from a company-law perspective, being expressly regulated in terms of the Companies Act 1973 ('the Companies Act'). These include loans or security regulated in terms of ss 37, 38 and 226 of the Companies Act, and the issue of debentures by a company.

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