Charalambos Commercial Properties CC v Transkei Furnishers (Pty) Ltd and Others (2521/2022)
Charalambos Commercial Properties CC v Transkei Furnishers (Pty) Ltd and Others (2521/2022) [2025] ZAECMKHC 46 (29 April 2025)
The court found that the applicant validly exercised its option to purchase the property under the notarial lease. The retrospective reinstatement of the first respondent validated the resolution authorising Mrs Vakalisa to conclude the lease. Mrs Vakalisa, as representative of the sole shareholder and director, had authority to bind the company, and the principle of unanimous consent applied. The disposal of the sole asset was properly approved. The applicant acted in good faith and was entitled to rely on the Turquand rule and section 20(7) of the Companies Act. Allegations of manipulation,…
Source excerpt
- Company Director Authority
- Option To Purchase
- Unanimous Shareholder Consent
- Turquand Rule
- Public Policy Contracts
- Mortgage Of Leasehold