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Cohen, NO V Segal
''Cohen, NO v Segal'' is an important case in South African law. It was heard in the Witwatersrand Local Division by Boshoff J on March 17, 1970, with judgment handed down on April 28. The case is significant for its finding that a dividend cannot be declared which has the effect of diverting a portion of the ''corpus'' of the company to the shareholders. A dividend may therefore, generally speaking, only be declared out of profits, and a resolution which declares a dividend to be paid out of the capital of the company is ''ultra vires'' the company.706A-B. Facts Prior to the liquidation of a company, the defendant and one "H," the sole directors and shareholders, had sold the fixed property of the company. They had then divided the proceeds of the sale between them, the company's accountant having debited their loan accounts with the amounts. Thereafter they had purported to distribute the proceeds between them as a declared dividend. The liquidator of the company sued the defend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Delict
Delict (from Latin ''dēlictum'', past participle of ''dēlinquere'' ‘to be at fault, offend’) is a term in civil and mixed law jurisdictions whose exact meaning varies from jurisdiction to jurisdiction but is always centered on the notion of wrongful conduct. In Scots and Roman Dutch law, it always refers to a tort, which can be defined as a civil wrong consisting of an intentional or negligent breach of duty of care that inflicts loss or harm and which triggers legal liability for the wrongdoer. Other civil wrongs include breach of contract and breach of trust. Liability is imposed on the basis of moral responsibility, i.e. a duty of care or to act, and fault (''culpa'') is the main element of liability. The term is similarly used in a handful of other English speaking jurisdictions which derive their private law from French or Spanish law, such as Louisiana and the Philippines, but ''tort'' is the equivalent legal term used in common law jurisdictions and in general discu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of South Africa
South Africa has a 'hybrid' or 'mixed' legal system, formed by the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which there are many variations depending on the tribal origin). These traditions have had a complex interrelationship, with the English influence most apparent in procedural aspects of the legal system and methods of adjudication, and the Roman-Dutch influence most visible in its substantive private law. As a general rule, South Africa follows English law in both criminal and civil procedure, company law, constitutional law and the law of evidence; while Roman-Dutch common law is followed in the South African contract law, law of delict (tort), law of persons, law of things, family law, etc. With the commencement in 1994 of the interim Constitution, and in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business. Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources. "Run the business" and "Change the business" are two concepts that are used in management to differentiate between the continued delivery of goods or services and adapting of goods or services to meet the changing needs of customers - see trend. The term "management" may also refer to those people who manage an organization—managers. Some people study management at colleges or universities; major degrees in management includes the Bachelor of Commerce (B.Com.), Bachelor of Business Adminis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Company Law
South African company law is that body of rules which regulates corporations formed under the Companies Act. A company is a business organisation which earns income by the production or sale of goods or services. This entry also covers rules by which partnerships and trusts are governed in South Africa, together with (albeit in less detail) cooperatives and sole proprietorships. Features A company has (but is not limited to) three distinguishing features: # its legal separateness from the people involved in it—specifically from its owners, called shareholders, # its potential immortality, and # its size. Separateness A company is separate from its employees, shareholders or members (in the case of close corporations), in that the connection between them is, usually, a mere contract of employment, which may be terminated, leaving both parties to go their own ways. The same generally applies, however, to those businesses which are not companies. There is also, more importan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Law Of Delict
The South African law of delict engages primarily with 'the circumstances in which one person can claim compensation from another for harm that has been suffered'. JC Van der Walt and Rob Midgley define a delict 'in general terms ..as a civil wrong', and more narrowly as 'wrongful and blameworthy conduct which causes harm to a person'. Importantly, however, the civil wrong must be an actionable one, resulting in liability on the part of the wrongdoer or tortfeasor. The delictual inquiry 'is in fact a loss-allocation exercise, the principles and rules of which are set out in the law of delict'. The classic remedy for a delict is compensation: a claim of damages for the harm caused. If this harm takes the form of patrimonial loss, one uses the Aquilian action; if pain and suffering associated with bodily injury, a separate action arises, similar to the Aquilian action but of Germanic origin; finally, if the harm takes the form of injury to a personality interest (an ''injuria''), t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Law Reports
Case citation is a system used by legal professionals to identify past court case decisions, either in series of books called reporters or law reports, or in a neutral style that identifies a decision regardless of where it is reported. Case citations are formatted differently in different jurisdictions, but generally contain the same key information. A legal citation is a "reference to a legal precedent or authority, such as a case, statute, or treatise, that either substantiates or contradicts a given position." Where cases are published on paper, the citation usually contains the following information: * Court that issued the decision * Report title * Volume number * Page, section, or paragraph number * Publication year In some report series, for example in England, Australia and some in Canada, volumes are not numbered independently of the year: thus the year and volume number (usually no greater than 4) are required to identify which book of the series has the case reporte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1970 In South African Law
Year 197 ( CXCVII) was a common year starting on Saturday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Magius and Rufinus (or, less frequently, year 950 ''Ab urbe condita''). The denomination 197 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * February 19 – Battle of Lugdunum: Emperor Septimius Severus defeats the self-proclaimed emperor Clodius Albinus at Lugdunum (modern Lyon). Albinus commits suicide; legionaries sack the town. * Septimius Severus returns to Rome and has about 30 of Albinus's supporters in the Senate executed. After his victory he declares himself the adopted son of the late Marcus Aurelius. * Septimius Severus forms new naval units, manning all the triremes in Italy with heavily armed troops for war in the East. His soldiers embark on an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
