Special Investigating Units and Special Tribunals Act, 1996
R 385
Share Blocks Control Act 1980 (Act No. 59 of 1980)3. Application of certain laws in respect of share block company |
| (1) | Notwithstanding anything to the contrary contained in any law— |
(a)
| (i) | a member of a share block company shall not be liable for the debts of the company; and |
| (ii) | a share block company shall not be wound up, merely by reason of the fact that the number of its members has fallen below seven or any other number; |
| (b) | any share of a share block company must confer a right to vote at any meeting of the company; |
| (c) | any share block company may provide in its articles for compulsory loans by its members to the company. |
| (2) | The provisions of the Companies Act shall apply to a share block company in so far as those provisions are not in conflict with the provisions of this Act. |
