Implementation of Geneva Conventions Act, 2012
R 385
Close Corporations Act, 1984 (Act No. 69 of 1984)Part IV : Membership39. Payment by corporation for members' interests acquired |
(1) | Payment by a corporation in respect of its acquisition of a member's interest in the corporation shall be made only— |
(a) | with the previously obtained written consent of every member of the corporation, other than the member whose interest is acquired, for the specific payment; |
(b) | if, after such payment is made, the corporation's assets, fairly valued, exceed all its liabilities; |
(c) | if the corporation is able to pay its debts as they become due in the ordinary course of its business; and |
(d) | if such payment will in the particular circumstances not in fact render the corporation unable to pay its debts as they become due in the ordinary course of its business. |
(2) | For the purposes of subsection (1) "payment" shall include the delivery or transfer of any property. |