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Tuafeni wants to purchase 100% of the member’s interest in Stein Street Thirty Close Corporation. The corporation is the owner of a house in Windhoek. The bank is prepared to lend the purchase price for the member’s interest to Tuafeni, provided that he can provide security for the repayment of the loan. Tuafeni does not own any property. Can you propose a solution to the problem?
Funny Company (Pty) Limited appoints Nici as their Chief Executive Officer (CEO). A few years ago prior to her appointment, Nici was found guilty on charges of corruption and sentenced to pay a fine of N$ 50 000 or serve 5 years imprisonment. She paid the fine. Nici attends meetings of the board of directors but does not have voting rights. Nici enters into a lucrative deal with Nambia Limited (Nambia). Six months after the contract was signed, Nambia realises that this deal is not to their favour and wants to cancel the contract. 5.1 Can Nambia cancel the contract? (8 marks) 5.2 Would your answer to the previous question be different if Nici was a director of the company? (5 marks)
Funny Company (Pty) Limited appoints Nici as their Chief Executive Officer (CEO). A few years ago prior to her appointment, Nici was found guilty on charges of corruption and sentenced to pay a fine of N$ 50 000 or serve 5 years imprisonment. She paid the fine. Nici attends meetings of the board of directors but does not have voting rights. Nici enters into a lucrative deal with Nambia Limited (Nambia). Six months after the contract was signed, Nambia realises that this deal is not to their favour and wants to cancel the contract. Can Nambia cancel the contract? (8 marks)
Montavi (Pty) Ltd is a private company with the following shareholders: 1. Sem, who has been declared a prodigal by the High Court 2. Nusiku, Sem’s 25 year old daughter 3. Nelson, Sem’s 25 year old son 4. Oshini CC, the trustee of a testamentary trust with Nelson and Okathimeti (Pty) Ltd as the only beneficiaries of the trust 5. Starlight (Pty) Ltd, the curator of the insane Ouma Kwatha, mother of Sem,During a general meeting of the members of Montavi (Pty) Ltd, it is decided that it would be to the benefit of all if Montavi (Pty) Ltd were to convert into a close corporation. Montavi (Pty) Ltd wants to know whether it can be converted into a close corporation. Advise
The King IV report lists five (5) general principles of good corporate governance. In your opinion, which is the most important of these principles? Provide a brief explanation of this principle (using your own words) and give an example.
What are the requirements to be met if a company wishes to provide financial assistance for the purchase of its own shares?
List the rules that govern payments to members of a Close Corporation.
Why would a company enter into a pre-incorporation contract? Give an example. (5 marks)
Explain the concept state fully and say why the agreement by citizens in this regard is said to be deemed
