MENU

Section 965 of The Companies Act No. 17 of 2015: Experts and valuers: independence requirement

    

(1) A person satisfies the independence requirement for the purposes of section938, 953 or 964 only if—
(a) the person is not—
(i) an officer or employee of any of the companies involved in the scheme; or
(ii) a partner or employee of such a person; or a partnership of which such a person is a partner; (b) the person is not—
(i) an officer or employee of an associated undertaking of any of the companies concerned in the scheme; or
(ii) a partner or employee of such a person, or a partnership of which such a person is a partner; and (c) there does not exist between—
(i) the person or an associate of the person; and
(ii) any of the companies involved in the scheme or an associated undertaking of such a company, a connection of any such description as may be specified by regulations (if any) made for the purposes of this section.
(2) An auditor of a company is not an officer or employee of the company for the purpose of subsection (1).
(3) For the purposes of this section—
(a) the "companies involved in the scheme" means each transferor and existing transferee company;
(b) "associated undertaking", in relation to a company, means—
(i) a parent undertaking or subsidiary undertaking of the company; or
(ii) a subsidiary undertaking of a parent undertaking of the company; and
(c) "associate" has the meanings given by subsections (4) to (7).
(4) In relation to a natural person, "associate" means—
(a) that person's spouse or minor child or step-child; (b) any body corporate of which that person is a director; and (c) any employee or partner of that person.
(5) In relation to a body corporate, "associate" means— (a) any body corporate of which that body is a director;
(b) any body corporate within the same group as that body; and
(c) any employee or partner of that body or of any body corporate in the same group.
(6) In relation to a partnership that is a legal person under the law by which itis governed, "associate" means—
(a) any body corporate of which that partnership is a director;
(b) any employee of or partner in that partnership; and
(c) any person who is an associate of a partner in that partnership.
(7) In relation to a partnership that is not a legal person under the law by whichit is governed, "associate" means any person who is an associate of any of the partners.
(8) In applying this section to a limited liability partnership, "member" is to be substituted for "director".

« Previous:   Section 964 - Experts’s report: valuation by another person          Next: »   Section 966 - Power of the Court to convene meeting of members or creditors of existing transferee company

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections