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TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx THE COMPANIES ACT, 71 OF 2008 (AS AMENDED) MEMORANDUM OF INCORPORATION of AFRICAN PHOENIX INVESTMENTS LIMITED (“the Company”) A PUBLIC COMPANY DULY REGISTERED AND INCORPORATED WITH LIMITED LIABILITY UNDER THE COMPANY LAWS OF THE REPUBLIC OF SOUTH AFRICA REGISTRATION NUMBER: 1946/021193/06 REGISTRATION DATE: 30 March 1946 1 TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx TABLE OF CONTENTS 1. INTERPRETATION ................................................................................................................................... 4 2. JURISTIC PERSONALITY, RESTRICTIONS AND POWERS ........................................................... 8 3. REPRESENTATION ............................................................................................................................... 10 4. COMPANY RULES ................................................................................................................................. 10 5. ISSUE OF SHARES AND VARIATION OF RIGHTS ......................................................................... 10 6. ALTERATION OR MEMORANDUM OF INCORPORATION ............................................................ 13 7. COMMISSION AND NO LIEN ............................................................................................................... 14 8. CERTIFICATED AND UNCERTIFICATED SECURITIES ................................................................. 15 9. BRANCH REGISTER .............................................................................................................................. 17 10. TRANSFER AND TRANSMISSION OF SECURITIES ...................................................................... 17 11. BENEFICIAL INTERESTS IN SECURITIES ....................................................................................... 21 12. RECORD DATE FOR EXERCISE OF SHAREHOLDERS RIGHTS ............................................... 21 13. MEETINGS OF SHAREHOLDERS ...................................................................................................... 21 14. PROCEEDINGS AT MEETINGS OF SHAREHOLDERS .................................................................. 22 15. SHAREHOLDERS' RESOLUTIONS..................................................................................................... 24 16. VOTES OF SHAREHOLDERS .............................................................................................................. 25 17. PROXIES AND REPRESENTATIVES ................................................................................................. 28 18. MANNER OF PROVIDING NOTICES .................................................................................................. 30 19. DIRECTORS ............................................................................................................................................ 32 20. ROTATION OF DIRECTORS ................................................................................................................ 36 21. MANAGING DIRECTORS ...................................................................................................................... 37 22. ALTERNATE DIRECTORS .................................................................................................................... 38 23. PROCEEDINGS OF DIRECTORS ....................................................................................................... 39 24. POWERS OF DIRECTORS ................................................................................................................... 41 25. BORROWING POWERS AND DEBT INSTRUMENTS ..................................................................... 42 26. COMMITTEES OF THE BOARD .......................................................................................................... 43 2 TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 27. APPOINTMENT OF ATTORNEYS ....................................................................................................... 44 28. INDEMNIFICATION OF DIRECTORS ................................................................................................. 44 29. STATUTORY RECORDS ....................................................................................................................... 45 30. ACCOUNTS AND RECORDS ............................................................................................................... 46 31. AUDIT ........................................................................................................................................................ 48 32. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS\ ........................................................... 48 33. LOSS OF DOCUMENTS ........................................................................................................................ 53 34. RESERVE FUND ..................................................................................................................................... 53 35. CAPITALISATION ................................................................................................................................... 54 36. ACQUISITION OF SHARES .................................................................................................................. 55 37. ODD-LOT OFFERS ................................................................................................................................. 56 38. NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE SHARES (“THE PREFERENCE SHARES”) ....................................................................................... 57 39. DEFINITIONS FOR CLAUSE 38 ........................................................................................................... 64 40. USE OF ELECTRONIC MEDIA AND ELECTRONIC COMMUNICATION ..................................... 67 41. WINDING UP ........................................................................................................................................... 68 3 TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 1. INTERPRETATION In this Memorandum of Incorporation, unless the context otherwise requires. 1.1 “Board”means the board of Directors from time to time of theCompany or if there is only one Director, then that Director; 1.2 “Companies Act” means the Companies Act, No. 71 of 2008, asamended, consolidated or re-enacted from time to time, and includes all Schedules to such Act and the Companies Regulations; 1.3 ”Companies Regulation” means the regulations published in terms ofthe Companies Act from time to time; 1.4 “Director” means a member of the Board as contemplated in section66 of the Companies Act, or an alternate director, and includes any person occupying the position of a director or alternate director, by whatever name designated; 1.5 “Electronic Communication” has the meaning set out in theElectronic Communications and Transactions Act; 1.6 “Electronic Communications and Transactions Act” means the Electronic Communications and Transactions Act, No 25 of 2002, as amended, consolidated or re-enacted rom time to time; 1.7 “JSE” means the exchange, licensed under the Securities Services Act, operated by the JSE Limited, registration number 2005/022939/06, a public company duly incorporated in the Republic and includes any successor-in-title thereto; 4
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