REVISED MEMORANDUM OF INCORPORATION (MOI) AND SHAREHOLDER’S AGREEMENT  Further to the Newsflash below dated 22 November 2012, we would like remind you that the due date for submission of a revised Memorandum of Incorporation (MOI) and Shareholders Agreement in compliance with the Companies Act 71 of 2008 is approaching (30 April 2013). As is explained [...]

With the enactment of the new Companies Act (the Act) there is an obligation on all existing companies to ensure that their governing documents are compliant with the Act. Under the 1973 Act a company’s governing documents were the Memorandum and Articles of Association and in most cases a shareholders’ agreement which ultimately prevailed over the Memorandum and Articles of Association.

The diesel refund system is primarily regulated by the provisions of the Customs & Excise Act No.91 of 1964 and in particular Schedule 6 , Part 3, note 6 thereof. Note 6 (ij) sets out specific provisions relating to Commercial Fishing.

The SARS letters set out proposed adjustments to diesel refunds previously granted. The adjustments are generally based on the SARS contention that the claimant does not engage in qualifying activities. The alleged ground for this contention is that the claimant “is not the holder of any fishing permits” and that this is a requirement in terms of the said Schedule 6 ,Part 3.

The Department is under extreme time constraints to bring about proposed amendments to the MLRA as well as completing future rights allocation processes.

Click here to open the Dawson Edwards “2012 Year End Review”