CORPORATE GOVERNANCE AND PERSONAL LIABILITY IN TERMS OF SECTION 424(1) OF THE COMPANIES ACT OR SECTION 64(1) OF THE CLOSE CORPORATIONS ACT

Authors

  • Johann Basson CSIR

DOI:

https://doi.org/10.7166/11-2-366

Abstract

ENGLISH ABSTRACT: TThe author poses the question: "In knowingly becoming a party to the conducting of corporate business, within which boundaries must I operate so as not to become personally liable for all or any of such debts or other liabilities of the corporation as the Court may direct in terms of section 424(1) of the Companies Act 61 of 1973 or section 64(1) of the Close Corporations Act 69 of 1984?"
The answer to this question may prove to be of paramount importance to members of the scientific and engineering fraternity who become involved in corporate governance, whether in a technology advisory capacity, in a managerial capacity, or otherwise.

AFRIKAANSE OPSOMMING: Die outeur stel die volgende vraag: "Indien ek wetens as 'n party betrokke raak by die bedryfvan 'n maatskappy, binne welke grense moet ek optree om persoonlike aanspreeklikheid te vermy vir al of enige van die skulde of ander verpligtinge van die maatskappy soos die Hof mag gelas ingevolge artikel 424(1) van die Maatskappywet, No. 61 van 1973 of artikel 64(1) van die Wet op Beslote Korporasies, No. 69 van 1984?"
Die antwoord op hierdie vraag mag van groot belang wees vir lede van die wetenskap- en ingenieursberoepe wat op die een of ander manier betrokke raak by die bedryf van ' n maatskappy, hetsy in 'n tegnologie-adviserende hoedanigheid, in 'n bestuurshoedanigheid ofandersins.

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Published

2011-11-05

How to Cite

Basson, J. (2011). CORPORATE GOVERNANCE AND PERSONAL LIABILITY IN TERMS OF SECTION 424(1) OF THE COMPANIES ACT OR SECTION 64(1) OF THE CLOSE CORPORATIONS ACT. The South African Journal of Industrial Engineering, 11(2). https://doi.org/10.7166/11-2-366

Issue

Vol. 11 No. 2 (2000)

Section

General Articles

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