In terms of Section 228 of the Companies Act, recently amended, whereas before, an ordinary resolution of the shareholders would suffice, it is now compulsory to obtain a special resolution of shareholders. A special resolution must be taken at a meeting with minimum quorums and majorities. Also, the resolution must be registered with the Registrar of Companies, before signature of the Power of Attorney otherwise the transaction is invalid.
Annette Laing Property Consultants
