Results 1 to 4 of 4

Thread: Cede or assigning of your remuneration package. What does this mean?

  1. #1
    Junior Member
    Join Date
    Jan 2012
    Location
    Roodepoort
    Posts
    12
    Thanks
    2
    Thanked 1 Time in 1 Post

    Cede or assigning of your remuneration package. What does this mean?

    I was reading the employment contract of a chap in the youth group I co-ordinate. He has a clause that reads "You may not cede or assign your remuneration package or any part thereof to any other person or organization. The company shall be entitled to refuse or recognise any document which purports to grant any such cession or assignment to any third party of your remuneration package or any part thereof."

    What does this mean?

  2. #2
    Platinum Member sterne.law@gmail.com's Avatar
    Join Date
    Oct 2009
    Location
    Durban
    Posts
    1,332
    Thanks
    38
    Thanked 566 Times in 413 Posts
    Blog Entries
    7
    Cession involves "signing over" a right to someone else.
    Example, I might cede my ownership in shares to Mr ABC as security. In this manner he has a claim and right to those shares subject to the agreement, perhaps default, but there is no need to go the route of I transfer the shares to him and then when the debt is paid he transfers them back.
    Anthony Sterne

    www.acumenholdings.co.za
    DISCLAIMER The above is merely a comment in discussion form and an open public arena. It does not constitute a legal opinion or professional advice in any manner or form.

  3. #3
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    3,480
    Thanks
    134
    Thanked 695 Times in 593 Posts
    Blog Entries
    1
    I would assume that a garnishee order will over rule that clause, as it is instituted by a court of law.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  4. #4
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    I've got a hunch there's a specific risk they're trying to exclude here - and it's probably not garnishee orders.

    What line of employment does this contract entail?

Similar Threads

  1. [Question] HOW DO WE CEDE A LOAN ACCOUNT FROM ONE MEMBER TO ANOTHER??
    By Kari in forum Business Finance Forum
    Replies: 4
    Last Post: 26-Sep-11, 02:26 PM
  2. Time to upgrade to a dedicated server package
    By Dave A in forum Administrative issues
    Replies: 9
    Last Post: 01-Jun-11, 12:54 PM
  3. [Question] Accounting Package
    By AmithS in forum Accounting Forum
    Replies: 36
    Last Post: 26-May-11, 09:26 AM
  4. We have outgrown our hosting package
    By Dave A in forum Administrative issues
    Replies: 10
    Last Post: 16-Apr-08, 12:22 PM
  5. Civil service remuneration strategy.
    By Dave A in forum South African Politics Forum
    Replies: 1
    Last Post: 06-Jun-07, 10:40 AM

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
  •