The Companies Act No. 17 of 2015Section 510 of The Companies Act No. 17 of 2015: Interpretation: Part XIX
(1) For the purposes of this Part, an offer to the public includes an offer to any section of the public, however selected.
(2) An offer is not regarded as an offer to the public if it can properly be regarded as—
(a) not being likely to result, directly or indirectly, in securities of the company becoming available to persons other than those receiving the offer; or
(b) otherwise being a private concern of the person receiving it and the person making it.
(3) An offer is to be regarded, unless the contrary is proved, as being a private concern of the person receiving it and the person making it if—
(a) it is made to a person already connected with the company and, if it is made on terms allowing that person to renounce the person's rights, the rights may be renounced only in favour of another person already connected with the company; or
(b) it is an offer to subscribe for securities to be held under the share scheme of an employee and, if it is made on terms allowing that person to renounce the person's rights, the rights may be renounced only in favour of—
(i) another person entitled to hold securities under the scheme; or (ii) a person already connected with the company.
(4) For the purposes of this section, "person already connected with the company" means—
(a) an existing member or employee of the company;
(b) a member of the family of a person who is or was a member or employee of the company;
(c) the widow or widower of a person who was a member or employee of the company;
(d) an existing debenture holder of the company; or
(e) a trustee of a trust of which the principal beneficiary is a person referred to in paragraphs (a) to (d).
(5) For the purposes of subsection (4)(b), a person is a member of the family of another person if the person is the other person's spouse, child or step-child or a descendant of any of any such child or step-child.
Check the current authoritative text and amendment history before relying on this provision.
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(1) If a member or creditor of a company, or the Attorney-General, alleges that a company is contravening, or has contravened, section 511, the member, creditor or Attorney General may apply to the Co…
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(1) Within one month after shares held by a company as treasury shares are cancelled, the company shall lodge with the Registrar for registration a return that specifies in relation to shares of each…
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