Minister of Justice v Firstrand Bank Ltd. and Others (534/2002)
Minister of Justice v Firstrand Bank Ltd. and Others (534/2002) [2003] ZASCA 93; [2004] 1 All SA 268 (SCA); 2003 (6) SA 636 (SCA) (25 September 2003)
Section 371(3) of the Companies Act 61 of 1973 does not apply to the appointment of provisional liquidators. The statutory context and nomination procedures set out in the Act make it clear that the Minister's powers under section 371(3) are limited to appointments of final liquidators following a formal nomination process. The Act distinguishes between provisional and final liquidators, with the former appointed by the Master prior to any nominations. The Minister's directive to appoint Mr Motala as a provisional liquidator was therefore ultra vires and invalid, as it did not comply with the…
Source excerpt
- Companies Act 1973
- Provisional Liquidator Appointment
- Ministerial Directive
- Statutory Interpretation