Results 1 to 8 of 8

Thread: How does one dispute / argue s26: Access to company records

  1. #1
    Silver Member
    Join Date
    Oct 2011
    Location
    johannesburg
    Posts
    200
    Thanks
    2
    Thanked 9 Times in 9 Posts

    How does one dispute / argue s26: Access to company records

    s26: Access to company records
    (1) A person who holds or has a beneficial interest in any securities issued by a profit company, or who is a member of a non-profit company, has a right to inspect and copy, without any charge for any such inspection or upon payment of no more than the prescribed maximum charge for any such copy, the information contained in the following records of the company:
    (a) The company's Memorandum of Incorporation and any amendments to it, and any rules made by the company, as mentioned in section 24(3)(a);

    (b) the records in respect of the company's directors, as mentioned in section 24(3)(b);

    (c) the reports to annual meetings, and annual financial statements, as mentioned in section 24(3)(c)(i) and (ii);

    (d) the notices and minutes of annual meetings, and communications mentioned in section 24(3)(d) and (e), but the reference in section 24(3)(d) to shareholders meetings, and the reference in section 24(3)(e) to communications sent to holders of a company's securities, must be regarded in the case of a non-profit company as referring to a meeting of members, or communication to members, respectively; and

    (e) the securities register of a profit company, or the members register of a non-profit company that has members, as mentioned in section 24(4)[(a) or (b);


    (2) A person not contemplated in subsection (1) has a right to inspect or copy the securities register of a profit company, or the members register of a non-profit company that has members, or the register of directors of a company, upon payment of an amount not exceeding the prescribed maximum fee for any such inspection.

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,979
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Surely the point is you can't
    The trouble with opportunity is it normally comes dressed up as work.

  3. #3
    Silver Member
    Join Date
    Oct 2011
    Location
    johannesburg
    Posts
    200
    Thanks
    2
    Thanked 9 Times in 9 Posts
    Does this not open up private companies to any kind exposure

  4. #4
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    That section is in Part C of the Act, Transparency, Accountability and Integrity of Companies, so I guess exposure is it's intention.

  5. #5
    Full Member polpak's Avatar
    Join Date
    Jun 2013
    Location
    Australia
    Posts
    27
    Thanks
    14
    Thanked 4 Times in 3 Posts
    Exposure to what ?


    This access appears to support, or confirm, that all shareholders or members of the company or association are entitled to access various reports from companies or associations which they are supposed to provide to their shareholders or members.

    Many companies or associations appear to find ways to keep plenty of their secrets secret, mostly by making sure unwanted data fails to appear in these types of records... BTW often later such exclusions may be found to be legal offences or breaches of responsibility.


    .

  6. #6
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    The point SSS100 was making is the red bit; shareholders have free access to the records. Anybody else has paid access to the same records.

  7. #7
    Silver Member
    Join Date
    Oct 2011
    Location
    johannesburg
    Posts
    200
    Thanks
    2
    Thanked 9 Times in 9 Posts
    Looks like a lot of just curious people use that to go see how those dedicated self-made business people are doing in their businesses
    Imagine a person simply comes and says, ok i want access to all your business info .. financials and securities
    You ask whats the purposes.. answer is that because i'm interested to see and the allows me to do just that
    I can even your neighbour who thinks how come you go on holiday more than he does

  8. #8
    Gold Member
    Join Date
    Mar 2012
    Location
    Vanderbijlpark
    Posts
    886
    Thanks
    83
    Thanked 381 Times in 298 Posts
    Hi SSS100, it is less sinister than it looks.

    A non-connected person cannot access the financial records, only the register of directors and shareholders.

    Most public companies provide that information on the websites anyway. The "private" in private companies merely means that the company's shares may not be offered to the general public; it has no connection to secrecy.

Similar Threads

  1. [Question] Book keeping where there are no records
    By Samu in forum Accounting Forum
    Replies: 6
    Last Post: 18-Jul-13, 08:02 AM
  2. Judgement: Do I have a case to argue
    By Selepeks in forum National Credit Act Forum
    Replies: 0
    Last Post: 16-Jan-13, 07:35 AM
  3. Criminal records
    By mmp in forum The Whistleblower Forum
    Replies: 23
    Last Post: 18-Mar-12, 07:05 PM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •