That problem has always been around and it is exactly what gave birth to close corporations, it was largely modeled on what was being done in the UK. The new Act again has borrowed much from the UK.
The thing I was trying to point out is that the Act is what we have, and in terms of the Act they cannot do that, even if we wanted them to.
A while ago a client attempted to open a bank account at FNB and they wanted me, as the incorporator, to also sign. No amount of explanation would sway them. The client then went to SB in the same city and had no problem.
The next client that went to FNB; I accompanied them, mindful of the previous incident, but this branch of FNB had no such qualms.
What I am trying to say is yes there is a problem; it's the banks.
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