CRS Business Rescue

In-depth analysis of the business rescue provisions contained in the Companies Regulations

Regulation 131: Meetings of the Board

(1) The Chairperson of the Board—

(a) may determine the date, time and place for meetings of the Board; and

(b) presides at meetings of the Board, if present.

(2) In the absence of the Chairperson, and the deputy chairperson, at a meeting of the Board the members present may choose one of their number to preside at the meeting.

(3) The quorum for a meeting of the Board is a majority of the members.

(4) The member presiding at a meeting of the Board may determine the procedure at the meeting.

(5) The decision of a majority of the members of the Board present at any meeting at which there is a quorum is the decision of the Board.

(6) If there is an equality of votes on any question before a meeting of the Takeover Board—

(a) the member presiding at the meeting may cast a deciding vote, if that presiding member did not initially have or cast a vote; or

(b) the matter being voted on fails, in any other case.

(7) Proceedings of the Board are valid despite any vacancy that existed on the Board at the time, or the absence of any member during any part of those proceedings.

(8) The Board may delegate the exercise of any of its powers or performance of any of its functions to the chairperson, any committee that the Board may establish, or any member of the Board.

Note: These draft business rescue regulations will be replaced by new draft regulations - publication date by government unknown. Amendment 83 of the Companies Amendment Act replaces the Business Rescue Practice Regulatory Board with the Commission.