| (1) |
On application by any member of a corporation a Court may on any of the following grounds order that any member shall cease to be a member of the corporation: |
| (a) |
Subject to the provisions of the association agreement (if any), that the member is permanently incapable, because of unsound mind or any other reason, of performing his part in the carrying on of the business of the corporation; |
| (b) |
that the member has been guilty of such conduct as taking into account the nature of the corporation's business, is likely to have a prejudicial effect on the carrying on of the business; |
| (c) |
that the member so conducts himself in matters relating to the corporation's business that it is not reasonably practicable for the other member or members to carry on the business of the corporation with him; or |
| (d) |
that circumstances have arisen which render it just and equitable that such member should cease to be a member of the corporation: |
Provided that such application to a Court on any ground mentioned in paragraph (a) or (d) may also be made by a member in respect of whom the order shall apply.
| (2) |
A Court granting an order in terms of subsection (1) may make such further orders as it deems fit in regard to— |
| (a) |
the acquisition of the member's interest concerned by the corporation or by members other than the member concerned; or |
| (b) |
the amounts (if any) to be paid in respect of the member's interest concerned or the claims against the corporation of that member, the manner and times of such payments and the persons to whom they shall be made; or |
| (c) |
any other matter regarding the cessation of membership which the Court deems fit. |
Stamp Duties Act, 1968 (Act 77 of 1968)
