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Financial Institutions Legal Snapshot

South African banking, finance and insurance law know-how

Banking

Claim by shareholders against directors under section 218(2) of Companies Act fails

By Patrick Bracher (ZA) on October 11, 2018

Shareholders of African Bank Investments Limited failed in their claim for over R720 million against the directors and auditors of African Bank. The plaintiffs sued unsuccessfully under section 218(2) of the Companies Act 2008 alleging that the conduct of the defendants resulted in a loss to the shareholders because of the drop ... Continue reading

Unrestricted financial assistance – Financiers to consider the risks

Proposed changes to financial laws to deal with failing financial institutions

Financial assistance to subsidiaries reviewed in the Companies Amendment Bill: What is ‘its own subsidiary’?

Drafting tips

Rules of interpretation of contract

By Patrick Bracher (ZA) on April 25, 2018

Clauses in a contract must be interpreted: by having regard to the language used in the light of the ordinary rules of grammar and syntax; in the context of the clauses being interpreted and the agreement as a whole; and taking into account the apparent purpose of the clauses so as to give ... Continue reading

Interpretation: The nature of a deeming provision

Contracts need consensus

Interpretation of contracts by giving extreme examples is not helpful (UK)

Insurance

Defiance of law: the collateral challenge defence by Namibian insurers

By Ian Petherbridge on October 16, 2018

Under the correct set of circumstances a party may treat an administrative act as void and await developments, which must not be ‘equated with contumacious disregard for the law by anarchists and legal delinquents’, according to a judgment of the Namibia High Court The judgment stayed the implementation and application of ... Continue reading

‘Fraudulent devices’

Strip club not covered for credit card theft by employees (US)

Damage arising from marijuana operations not covered by policy (US)

General

Termination of employment is only grounds for eviction if agreed

By Jonathan Jones on October 17, 2018

The Extension of Security of Tenure Act 1997 (ESTA) distinguishes between individuals whose right of residence arises solely from the employment agreement and those whose right arises from the general consent of the owner of the land. Only in the former instance can the right of residence be terminated on ... Continue reading

Amazon has no product liability for third party product warehoused and shipped (US)

Companies Tribunal to adjudicate BEE referrals in proposed Companies Act amendments

Appeal court reluctantly finds a once-off loan requires registration as credit provider

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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