This blog was co-authored with Michael McCarthy, Candidate Attorney
In response to the now-implemented threat of greylisting, South Africa enacted the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act, 2022. The following amendments to the Trust Property Control Act, 1998 became operational with effect from 1 April 2023. Every trustee needs to
Where an unrehabilitated insolvent was the beneficiary of the proceeds of a life policy taken out on the life of his wife, and the couple’s joint estate had been sequestrated, it was held that the proceeds of the policy were payable to the trustees of the insolvent estate and not to the insolvent surviving husband.
On 10 July 2020, the Financial Sector Conduct Authority (FSCA) published the awaited Conduct Standard prescribing the minimum skills and training requirements for members of the board of trustees of pension funds as contemplated in section 7A(3)(a) of the Pension Funds Act 1956, effective from date of publication.
Section 7A(3)(a) requires the trustees of pension
Where an agreement was purportedly entered into with a trust where one of two required trustees did not sign and in fact refused to do so, the agreement was void and there was no basis for an action compelling the sale to the trustee who did sign to buy the property. A signatory who warrants
A sale agreement had been signed on behalf of a trust, as purchaser, by a single trustee whose conduct was thereafter ratified by the remaining trustees.
The court held that the agreement of sale was not valid and enforceable and it could not be ratified after the fact. In terms of section 2(1) of the
A resolution in favour of one of three trustees by which he was ‘authorised to sign the necessary documentation’ could not be construed as a general authority to enter into contracts. In the context it was held that this resolution only authorised the purchase of a farm and the authorised signatory was not entitled to
The overriding question when a court is asked to remove a trustee is whether or not the conduct of the trustee imperils the trust property or its proper administration. The decisive consideration is the welfare of the beneficiaries and the proper administration of the trust and the trust property. Mere friction or enmity between a
Ideally, when you contract with a trust, the agreement should be in the name of the trustee or trustees acting on behalf of the named trust. But where the trust is named as a party to the contract that does not render the contract invalid. This is the welcomed finding by the Supreme Court of