In terms of section 29 ( 1 ) of the Close Corporations Act, only natural persons are permitted to be members of a close corporation, subject to certain exceptions in section 29 ( 2 ) ( b ) and ( c ).
42.
BEE certificates can be issued by any verification agency so long as they are approved to do so by SANAS or IRBA . Accounting officers registered in term of the Close corporation Act of 1984 can also issue the BBBEE certificates for EMEs
43.
This provision means, first, that the functionary or the institution must derive powers from a statute or perform a function in terms of a statute ( as opposed to merely being incorporated pursuant to a statute, such as all companies and close corporations are ).
44.
Piercing the corporate veil typically is most effective with smaller privately held business entities ( close corporations ) in which the corporation has a small number of shareholders, limited assets, and recognition of separateness of the corporation from its shareholders would promote fraud or an inequitable result.
45.
It provided not only basic technical skills needed in a modernizing world ( as reading and writing ), but also music ( singing ), religious ( Christian ) education in close corporation with the churches and tried to impose a strict ethos of duty, soberness and discipline.
46.
In " Blesovsky v Shipper ", the court held that, in terms of section 29 ( 2 ) ( c ) of the Act, the executor of deceased estate is permitted to hold a member's interest in a close corporation only if the deceased held a member's interest at time of his death.
47.
Section 49 ( 2 ) of the Close Corporations Act gives the court the power to order the sale of a corporation asset in order to enable a member who is being prejudiced, as contemplated by section 49, to be paid out for his interest and thereby to bring about a termination of his membership.
48.
The Committee never managed to win the argument conclusively even as recently as 1955, the Roman Catholic historian, David Mathew, condemns the Committee as a closed corporation of the polite unenthusiastic Catholicism of the ] ] Thames Valley ] ] but they were able to reassure Parliament sufficiently to permit the process of dismantling the Penal Laws to get under way.
