Davidson v Cough N.O. and Others (41962/2021)
Davidson v Cough N.O. and Others (41962/2021) [2022] ZAGPJHC 1007 (20 December 2022)
The court found that the executrix failed to comply with the statutory requirements under s35 of the Close Corporations Act for the transfer or sale of the deceased member's interest. The applicant, as the surviving member, has a pre-emptive right to acquire the deceased's interest, and the interests of the intestate heirs are adequately represented by the executrix. The purported offer by the executrix's daughter and partner did not comply with the Act's requirements. The relationship between the applicant and the second respondent had deteriorated to the point of intolerability, justifying…
Source excerpt
- Close Corporations Act
- Oppressive Conduct
- Member Interest Transfer
- Pre Emptive Rights
- Corporate Governance
- Unfairly Prejudicial Conduct