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Came across another one today that I need to check out with the forum. It reads:
The Customer warrants that the Customer is a juristic person as defined in the National Credit Act.
The customer warrants that its assets and/or annual turnover exceeds one million Rand and that this agreement therefore falls outside the ambit of the National Credit Act
The Customer acknowledges and accepts that by virtue of the above, this agreement will come into acceptace of this Credit Application by the Company.
The customer acknowledges and accepts that this agreement shall not be subject to the provisions of the National Credit Act.
I found this reference on "gottaquirk.com/2011/04/04/" which has bearing, but raises the bar to 3 million.
It is widely expected, however, that once the Minister of Trade and Industry has passed the long-overdue Regulations which are required to give practical meaning and effect to much of the CPA, the definition of “consumers” will be limited to exclude juristic persons (i.e. CCs, companies, trusts) whose asset value or annual turnover is equal to or exceeds R3 million.
Can any light be shed on this by those who know?
The Customer warrants that the Customer is a juristic person as defined in the National Credit Act.
The customer warrants that its assets and/or annual turnover exceeds one million Rand and that this agreement therefore falls outside the ambit of the National Credit Act
The Customer acknowledges and accepts that by virtue of the above, this agreement will come into acceptace of this Credit Application by the Company.
The customer acknowledges and accepts that this agreement shall not be subject to the provisions of the National Credit Act.
I found this reference on "gottaquirk.com/2011/04/04/" which has bearing, but raises the bar to 3 million.
It is widely expected, however, that once the Minister of Trade and Industry has passed the long-overdue Regulations which are required to give practical meaning and effect to much of the CPA, the definition of “consumers” will be limited to exclude juristic persons (i.e. CCs, companies, trusts) whose asset value or annual turnover is equal to or exceeds R3 million.
Can any light be shed on this by those who know?
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