Amoils and Others v Amoils and Others (127/86)
Amoils and Others v Amoils and Others (127/86) [1987] ZASCA 77 (27 August 1987)
The court held that the rights under clause 4.2.2 of the agreement were not personal to Louis Amoils but attached to the shares and were intended to be transmissible to his successors in title. The agreement's purpose was to equalise the brothers' interests in the company, and nothing in the agreement effectively detracted from this conclusion. The recurring nature of the obligations under clause 4.2.2 meant that each biennial right to nominate a director constituted a separate cause of action, and thus, prescription did not bar future claims. Regarding director's fees, the court found that t…
Source excerpt
- Company Directorship
- Shareholder Agreements
- Transmissibility Of Contractual Rights
- Prescription Act
- Director Remuneration