AMENDMENT PROPOSED CLOSE CORPORATIONS AMENDMENT BILL [B 6-2005]
Amendment of section 29 of Act 69 of 1984, as amended by section 3 of Act 64 of 1988 and section 1 of Act 17 of 1990
"(1) Subject to [the provisions of] subsection (1A) or (2)(b) and (c), only natural persons may be members of a corporation and no juristic person or trustee of a inter vivos in that capacity shall directly or indirectly (whether through the instrumentality of a nominee or otherwise) hold a member’s interest in a corporation.
(1A) [The provisions of subsections (1) shall not apply to the membership of a corporation of a ] A natural or juristic person [ who hold the membership for the benefit] in the capacity of a trustee of a trust inter vivos [ if immediately before 13 April 1987 a natural person held membership of the ] may be a member of a corporation [ for the benefit of that trust: Provided that –
1. On page 3, in line 21, to omit "accounting functions" and to substitute "duties in terms of section 62".