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LML4806 Assignment 2 (ANSWERS) Semester 2 2023
Question: 1 Shareholders’ resolutions must usually be voted on at properly
constituted meetings of the company’s shareholders. However, the
Companies Act 71 of 2008 provides for an exception to this general rule.
Explain what this exception under the Companies Act 71 of 2008 entails. (5)
Under the Companies Act 71 of 2008 (South Africa), there is an exception to
the general rule that shareholders' resolutions must be voted on at properly
constituted meetings of the company's shareholders. This exception is
commonly referred to as the "unanimous written consent" provision.
According to this exception, shareholders can pass a resolution without the
need for an actual meeting as long as all the shareholders entitled to vote on
that resolution provide their written consent or approval. In other words, if all
shareholders (or all shareholders of a particular class, if applicable) sign a
written document expressing their agreement to a specific resolution, the
resolution is considered valid and effective.
Key points about the unanimous written consent provision:
1. Unanimity: For this exception to apply, every shareholder with voting
rights on that particular resolution must give their consent. Even if a
single shareholder dissents or does not provide written consent, this
exception cannot be used.
2. Written consent: The consent must be in writing, signed by each
shareholder who agrees with the resolution. Typically, this can be in the
form of physical paper documents or electronic signatures, depending
on the company's adopted procedures.
3. Specificity: The written consent must be clear and unambiguous about
the resolution being approved. It should state the exact content of the
resolution to avoid any confusion.
4. Record-keeping: The company is responsible for keeping a record of
the unanimous written consent, as it serves as evidence that the
resolution was properly passed without a physical meeting.
5. Timeframe: The Act does not specify any time constraints for obtaining
unanimous written consent. However, it is prudent to obtain the
consent in a reasonable timeframe and without undue delay to ensure
the validity of the resolution.
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- School: Chamberlain College Of Nursing
- Course: NURSING
- Subject: Company Law
- All documents for this course ›
- Subject code: Company Law
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- Section: Examinations
- Made on: 19-09-2023
- Type: .pdf
- Pages: 4
- Language: English
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