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.
What is SAFE? The SAFE – Simple Agreement for Future Equity – has emerged in the South African investment environment as a buzz 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.
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.
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).
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.
Judge reprimanded for Facebook posts
A senior judge in Minnesota was reprimanded for Facebook posts about trials he was overseeing. The Board on Judicial Standards said the posts cast doubt on his impartiality and violated rules requiring jurists to be "dignified and courteous with litigants" and to refrain from putting personal interests above the duties of the judicial role. At least one mistrial resulted from the judge's posts. The judge thought he was only sharing them with 80 friends but he was not familiar with privacy settings on the social media site. He shouldn't even have shared the posts within the limited group. Martha Neil November 20, 2015
An Indian teenager, 15-year old Pranav Dhanawade smashed a cricket world record set by an English schoolboy in 1899 for the highest score in an innings. He beat the previous record by 628 runs when he finished on 1 009, not out. He had hit 59 sixes when his side declared on 1 465 for three.
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.
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.
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.