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October 2019

Dear Client / Geagte Kliënt


Newsletter
 
 

Shareholders’ Agreements  -  Aandeelhouersooreenkomste

Menige keer word die vraag gevra: “Wat is die nut en doel van ‘n aandeelhouersooreenkoms?” “Reguleer die memorandum van inkorporasie (MOI) dan nie juis kragtens die Maatskappye Wet (71 of 2008 -“the Act”) alle aspekte van die maatskappy en die verhoudings tussen aandeelhouers nie?”

The answer lies to a large extent therein that whilst the Memorandum of Incorporation is essentially a public document and as such subject to scrutiny by all and sundry, the Shareholder’s Agreement conversely, is essentially intended only for the eyes of the parties thereto and normally remains in the private domain. 


Die nut van die aandeelhouersooreenkoms lê daarin dat dit grootliks maatskappy-spesifiek is en noukeurig bepaal hoe die betrokke privaatmaatskappy bedryf behoort te word tot die voordeel van alle aandeelhouers.  Verder reguleer dit die regte en verpligtinge van die aandeelhouers onderling, asook hul verhouding met die maatskappy. Die ooreenkoms is verder van groot hulp om geskille tussen aandeelhouers te voorkom.

It is therefore no coincidence that acknowledgement of the value of shareholders’ agreements are given in section 15(7) of Act wherein it is stated that shareholders of a company may enter into any agreement with one another in respect to any matter relating to the company. 

Daar is dus geen voorskrif in die wet rakende die inhoud van 'n aandeelhouersooreenkoms nie en dit wat uiteindelik in die ooreenkoms verwoord word, word eintlik slegs beperk deur die vindingrykheid van die partye en dié van die opsteller.  Daar is egter die enkele voorskrif dat geen bepaling vervat in die  aandeelhouersooreenkoms strydig mag wees met die bepalings van die Maatskappywet of die MOI nie.

Note, however, that contrary to the earlier position the contents of the Memorandum of Incorporation now always trump terms of a shareholders’ agreement which may not be consistent with either the Act or the MOI.  It means that the shareholders’ agreements have evolved in the last decade into a document that rather complements the company’s MOI in a way that covers those situations or issues that the Act or the MOI does not address.

 ‘n Aandeelhouersooreenkoms moet gesien word as daardie ekstra pyl in die boog van die aandeelhouers  wat hul toelaat om sekere sake van die maatskappy privaat te reguleer. Sulke aangeleenthede sluit gewoonlik in spesiale reëlings rakende die regulering van besluite deur aandeelhouers,  aankoop en verkoop van aandele, onderling of andersins, waardasie van die aandele, borgskappe, interne en eksterne befondsing van die maatskappy, asook die uittrede of afsterwe van aandeelhouers, hetsy hul maatskappy werknemers is al dan nie.  Laastens kan alternatiewe geskilbeslegtings-prosedures neergelê word.

It should be noted that shareholders’ agreements bind only those shareholders that were parties to the contract and that new shareholders should always be obliged to also commit themselves to the terms of a shareholders’ agreement.

Groete / Greetings!

Hennie, Eberhard & Cheryl-Anne  |  Directors
 
 
 
 
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 Our Directors
             
       
    Hennie van Zyl
DIRECTOR
021 180 4551 / 083 250 9501
hvanzyl@vzk.co.za
      Eberhard Kruger
DIRECTOR
021 180 4552 / 082 789 1706
ekruger@vzk.co.za
      Cheryl-Anne Ehrenreich
DIRECTOR
021 180 4564 / 082 783 7242
cheryl@vzk.co.za
   
     Full Bio →

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© LawDotNews & Van Zyl Kruger Inc. This newsletter is a general information sheet and should not be used or relied on as legal advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.

VAN ZYL KRUGER INCORPORATED (REG. NO 2015/174073/21) (VAT NUMBER 413 0273 172)


www.vzk.co.za

Suite A4-2, Avanti Building, South Block,
cnr Carl Cronje Drive & Bill Bezuidenhout Avenue, Bellville, Cape Town

info@vzk.co.za | Reception: 021 180 4550 | Fax: 021 180 4540


DIRECTORS: H L VAN ZYL (B.PROC); E S KRUGER (B.COMM LL.B MPRE); C A EHRENREICH (BA.LL.B LL.M)
ASSOCIATES: S JANSE VAN RENSBURG (B.COM LL.B); LI CHANTLER(B COMM LLB); D VAN ZYL (LL.B LL.M);
M VAN DEN HEEVER (LL.B); A BARNARD (B.COM LL.B DIP.FINPLANNING).
PRACTICE MANAGER: F BRAVENBOER (NDIP FIS).
CONSULTANT: J A L VAN ZYL (B.JURIS LL.B); C I’ANSON-SPARKS Solicitor in England and Wales (LL.B(HONS), DIP LEGAL PRACTICE)