n Tax Breaks Newsletter - Inter vivos trust can now be a member of a CC

Volume 2006, Issue 245
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Extracted from text ... SECTION 29 of the Close Corporation Act has been amended by the addition of Section (1A), which reads as follows: (1A) "A natural or juristic person in the capacity of a trustee of a trust inter vivos may be a member of a corporation: Provided that - ? no juristic person shall directly or indirectly be a beneficiary of that trust; ? the member concerned shall, as between himself or herself and the corporation, personally have all the obligations and rights of a member. ? The corporation shall not be obliged to observe or have any obligation in respect ..

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