| (1) |
The board of a company may set a record date for the purpose of determining which shareholders are entitled to— |
| (b) |
participate in and vote at a shareholders meeting; |
| (d) |
exercise pre-emptive rights, as contemplated in section 39; |
| (f) |
be allotted or exercise other rights. |
| (2) |
A record date determined by the board in terms of subsection (1)— |
| (i) |
earlier than the date on which the record date is determined; or |
| (ii) |
more than 10 business days before the date on which the event or action, for which the record date is being set, is scheduled to occur; and |
| (b) |
must be published to the shareholders in a manner that satisfies any prescribed requirements. |
| (3) |
If the board does not determine a record date for any action or event, the record date is— |
| (a) |
in the case of a meeting, the latest date by which the company is required to give shareholders notice of that meeting; or |
| (b) |
the date of the action or event, in any other case, |
unless the Memorandum of Incorporation or rules of the company provide otherwise.
Special Investigating Units and Special Tribunals Act, 1996
