Common use of SECTION 112 OF THE COMPANIES ACT Clause in Contracts

SECTION 112 OF THE COMPANIES ACT. 22.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Property. 22.2 If Section 112 is applicable to the sale of the Property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Property, then within 45 (forty five) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution ratifying the sale of the Property.

SECTION 112 OF THE COMPANIES ACT. 22.1 17.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property Sale Object constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the PropertySale Object. 22.2 17.2 If Section 112 is applicable to the sale of the Property Sale Object and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the PropertySale Object, then within 45 7 (forty fiveseven) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution resolution, on short notice as regulated by Section 62(2A)(b) of the Companies Act 71 of 2008 (as amended), ratifying the sale of the PropertySale Object.

SECTION 112 OF THE COMPANIES ACT. 22.1 20.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Propertyproperty. 22.2 20.2 If Section 112 is applicable to the sale of the Property property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Propertyproperty, then within 45 21 (forty fivetwenty one) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution ratifying the sale of the Propertyproperty.

SECTION 112 OF THE COMPANIES ACT. 22.1 19.1. It is recorded that the Seller SELLER and the Purchaser PURCHASER are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller SELLER is a company and if the Property PROPERTY constitutes either all or the greater part of the assets or the undertaking of the SellerSELLER, then the directors of the Seller SELLER shall not have the power, save by a special resolution of the shareholders of the SellerSELLER, to dispose of the PropertyPROPERTY. 22.2 19.2. If Section 112 is applicable to the sale of the Property and if the directors of the Seller SELLER have not already been granted the necessary authority in terms of Section 112 to dispose of the Property112, then within 45 30 (forty fivethirty) days of the acceptance date the Seller SELLER shall procure that its shareholders pass a special resolution ratifying the sale of with the PropertyPURCHASER’s offer to the SELLER’s attorney.

SECTION 112 OF THE COMPANIES ACT. 22.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Property. 22.2 If Section 112 is applicable to the sale of the Property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Property, then within 45 (forty forty-five) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution ratifying the sale of the Property.

SECTION 112 OF THE COMPANIES ACT. 22.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Property. 22.2 If Section 112 is applicable to the sale of the Property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Property, then within 45 7 (forty fiveseven) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution resolution, on short notice as regulated by Section 62(2A)(b) of the Companies Act 71 of 2008 (as amended), ratifying the sale of the business/Property.

SECTION 112 OF THE COMPANIES ACT. 22.1 20.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Property. 22.2 20.2 If Section 112 is applicable to the sale of the Property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Property, then within 45 (forty five) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution ratifying the sale of the Property.

SECTION 112 OF THE COMPANIES ACT. 22.1 21.1 It is recorded that the Seller and the Purchaser are aware of the provisions of Section 112 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the Seller is a company and if the Property constitutes either all or the greater part of the assets or the undertaking of the Seller, then the directors of the Seller shall not have the power, save by a special resolution of the shareholders of the Seller, to dispose of the Property. 22.2 21.2 If Section 112 is applicable to the sale of the Property and if the directors of the Seller have not already been granted the necessary authority in terms of Section 112 to dispose of the Property, then within 45 (forty forty-five) days of the acceptance date the Seller shall procure that its shareholders pass a special resolution ratifying the sale of the Property.