Oilwell (Pty) Ltd v Protec International Ltd and Others (295/10)
Oilwell (Pty) Ltd v Protec International Ltd and Others (295/10) [2011] ZASCA 29; 2011 (4) SA 394 (SCA); 2011 BIP 400 (SCA) (18 March 2011)
The Supreme Court of Appeal held that trade marks are not 'capital' within the meaning of regulation 10(1)(c) of the Exchange Control Regulations. The term 'capital' is used in a financial sense and does not include all assets with monetary value. Trade marks, like other intellectual property rights, are territorial and akin to immovables, and cannot be exported. The assignment of the trade mark to a foreign company did not constitute the export of capital. Furthermore, even if Treasury consent was required, the absence of such consent does not render the assignment agreement void. The Regula…
Source excerpt
- Exchange Control Regulations
- Assignment Of Trade Marks
- Rectification Of Register
- Statutory Interpretation
- Voidness Of Contracts
- Territoriality Of Ip Rights