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

SECTION 112 OF THE COMPANIES ACT. 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 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. 17.2 Accordingly, the SELLER warrants that the provisions of Section 112 are / are not (delete as appropriate) applicable to the sale of the PROPERTY. 17.3 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. 17.1 23.1. 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. 17.2 23.2. Accordingly, the SELLER warrants that the provisions of Section 112 are / are not (delete as appropriate) applicable to the sale of the PROPERTY. 17.3 23.3. 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. 17.1 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 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. 17.2 17.2. Accordingly, the SELLER warrants that the provisions of Section 112 are / are not (delete as appropriate) applicable to the sale of the PROPERTY.the 17.3 17.3. 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.