24.3 S45 – ADDITIONAL DISCLOSURES
There is also a new disclosure in terms of S45(5) which is not a requirement in S44 which provides that if a resolution in terms of S45(2) is adopted the company must provide written notice of that resolution to all shareholders unless every shareholder is also a director and to any trade union, representing its employees.
There are two conditions where this is applicable, this disclosure must be provided within 10 business days after the resolution is adopted, if the total value of all the total debts or obligations of assistance contemplated in the resolution together with any other previous resolutions during the financial year exceeds one tenth of 1 % of the company’s net worth at the time of the resolution or within 30 business days after the end of the financial year in any other case.
In terms of S 45(6) if the granting of such financial assistance is in conflict with any term in the MOI then the transaction is void.