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New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]Industrial Action Report finds SA recorded the highest number of strikes last year
A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]by FSP Business, 22 October 2013 |
Death can strike at any moment. And sadly, business has to go on as usual.
That's why you need to know what to do when a CC member dies without a member's agreement in place.
The following will happen when a member dies without a member's agreement in place:
The executor of a deceased estate has a duty to dispose of a member's interest and this duty must be exercised subject to the provisions of the association agreement.
The Practical Tax Loose Leaf Service says that in the absence of an association agreement, the executor of a deceased estate may only transfer the member's interest to an heir or legatee if he qualifies to become a member and if the remaining members have given their consent.
If the remaining members refuse to consent within the prescribed 28 days, the executor must sell the member's interest of the deceased member to the corporation, the remaining members or an outsider on the same terms as in the case of insolvency.
That's why it's better to have a watertight member's agreement in place. It'll help avoid an interest going to an outsider, who could potentially be your competitor.
The bottom line: 'It's essential that the members of a Close Corporation sign an association agreement preferably at the beginning of the relationship,' says Michalsons.
One of our female employees gave birth on the 19th of January-2012. There seems to be confusion regarding the types of leave that can be taken. In order to run the maternity leave, the benefits and the claim to ... [see the answer]