Originally Posted by
CLIVE-TRIANGLE
It's actually not CIPC's fault. You cannot record shareholders in a company still to be formed, and anyway the shareholders are investors and are not charged with any management functions and it is one of life's mysteries why on earth banks want copies of the certificates.
Secondly, if there are, lets say five shareholders, and you only present two share certificates, how would they know? Or one shareholder lives in Cape Town and the company is based in Johannesburg; how would you present his share certificate?
When a public company opens a bank account, they wouldn't dream of requiring the share certificates. There is nothing in the act affecting the bank that makes a private company any different.
As usual, the banks have lost the plot.
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