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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—


(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.