Court : South Africa Supreme Court of Appeal
..... for the budget year by revenue source, broken down per month, accompanying the budget, must be amended to reflect the amended rates (s 17(3)(b) and (c) of the finance act); (4) the mayor must provide a statement explaining the necessity for amending the rates and demonstrating the effect the amendment of the rates will have on the budget and ..... approved by the start of the financial year, as from such later date, when the municipalitys annual budget, including a resolution levying rates, is approved by the provincial executive in terms of s 26 of the finance act;36 (11) a rate is levied by a resolution passed by the municipal council with a supporting vote of a majority of its members after which the resolution must be promulgated in the provincial gazette and made known ..... end of the financial year for which it was levied;34 (9) the levying of rates must form part of the municipalitys annual budget process as set out in chapter 4 of the finance act and a municipality must, annually, at the time of its budget process review the amount in the rand of its current rates in line with its annual budget for the next financial ..... indicating what aspects of the budget require comment (s 21(1)(a) of the finance act); (5) immediately after the budget and accompanying documents have been amended and the mayors statement provided, the accounting officer of the municipality must, in accordance with ss 21, .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... compliance with s 10g(7) generally general purport [23] one of the attacks on the process followed by the municipality in all the years in question (but as i have held, only relevant until the procedural requirements of the finance act were introduced) was that it did not publish a notice setting out the general purport of the rating resolution adopted by its council. ..... then followed the local government: municipal systems act 32 of 2000 (the systems act), the local government: municipal finance management act 56 of 2003 (the finance act) (which came into operation on 1 july 2004) and lastly the local government: municipal property rates act 6 of 2004 (the rates act) (which came into operation on 2 july 2005). ..... [43] the farm owners argued that the provisions of the finance act dealt not with the levying of rates and the procedures to be followed after the resolution had been adopted, but with the run-up to the adoption of the budget. ..... on 5 may 2005 the municipality published a notice in terms of s 22 of the finance act stating that the draft budget, as well as the draft reviewed integrated development plan, were open for inspection. ..... in my view, the transitional provisions of both the finance act and the rates act clearly kept the empowering provisions of s 10g alive until the period referred to in s 89(3) had expired. .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... (e) section 112(1) of the local government: municipal finance and management act 56 of 2003 (the municipal finance act), requires a municipal supply chain management policy to also comply with a regulatory framework that covers as ..... municipal supply chain regulations were promulgated under s 168 of the municipal finance act. ..... citing as respondents the municipality itself, the chairpersons of its tender evaluation and adjudication committees and its acting municipal manager (the four appellants), it sought an order reviewing and setting aside the award of the contract to eldocrete as invalid and unenforceable, as well as interim relief suspending the execution ..... for present purposes it suffices to mention the following: (a) the preferential procurement policy framework act 5 of 2000 (the procurement act) requires a municipality to implement a procurement policy by following a preference point system in respect of any acceptable tender, defined as being any tender which, in all respects, complies with the specifications and ..... submitted by the first respondent was not an acceptable tender as envisaged by the procurement act and did not pass the so-called threshold requirement to allow it to be considered ..... to decide what should be a prerequisite for a valid tender, and a failure to comply with prescribed conditions will result in a tender being disqualified as an acceptable tender under by the procurement act unless those conditions are immaterial, unreasonable or unconstitutional. .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... but i think that must be implied, not only by regulation 38.1 itself, but also to be consistent with the wto agreement.54 [78] mr cockrell submitted that itacs final recommendation is published, in effect, when the minister of finance or the minister of trade and industry, introduces or continues an anti-dumping duty by their respective notices in the gazette.55if that is so the periods in both regulations coincide precisely, which is what one might expect. ..... they mean the duties cease to exist.41the language in regulation 53.1 is that the duties lapse, which means the same thing.42in dawood v abdoola43selke j took the word to have a more limited meaning in s 75(1) of the insolvency act 24 of 1936 he took it to be the equivalent of fall into abeyance but as pointed out by thirion j in minister of law and order v zondi:44 this conclusion selke j reached however as a result of the peculiar way in which ..... even where a statute or regulation is couched in imperative terms prescribing that something must or shall be done, it does not follow that non-compliance renders an act done without complying with the specified condition invalid and ineffective to give rise to legal consequences.97whether the act will be invalid depends upon the proper interpretation of the provision in question and in interpreting it an important consideration is whether greater inconveniences and impropriety would result ..... the minister of finance acts in accordance with a request by the minister ..... act 51 of 1977 .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... he is much concerned at the effect of applying the judgment in oneanate in accordance with its terms and expresses the view that mezzanine finance lenders must be incentivised to commence proceedings quickly in order to recover debts owed to them so as to avoid prejudice to their debtors. ..... i appreciate that in the definition of credit provider in s 1 the term is only defined in relation to a credit agreement to which this act applies and that is a strong indication that the credit providers that are obliged to register do not include those that confine their activities to the conclusion of excluded agreements,[1]but prefer not to express ..... [21]typically, the lender borrows money from the banks to provide bridging finance to the property developer at very high rates of interest for a period that is envisaged ..... in the appeal the issues are (a) whether, on a correct interpretation of s 40, read with s 4, of the national credit act 34 of 2005 (the nca), slip knot should have been a registered credit provider in terms of the nca and (b) if slip knot was not so registered, the suite of agreements in question, including the deeds of ..... [5]then it was argued that this court in african dawn property finance 2 (pty) ltd v dreams travel and tours cc and others,[6]sanctioned the charging of interest exceeding the ..... section 2(1)(a) of the usury act provided for the regulation of the annual finance charge rate (largely coextensive with interest) by a money lender under the direction of the minister by .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... the respondent, masifundisane training and development college (masifundisane), successfully instituted application proceedings before the kwazulu-natal high court, pietermaritzburg (norman aj) against the appellant, the member of the executive council for finance and economic development kwazulu-natal (the mec), for payment of the sum of r3 877 119.16 together with interest on this and certain other capital sums. 2. ..... the agreement was correctly classified as a public private partnership (ppp) agreement as defined in regulation 16.1 of the treasury regulations for departments, trading entities, constitutional institutions and public entities1(the regulations) issued in terms of the public finance management act 1 of 1999. ..... masifundisane was to assist the department in developing primary, secondary and tertiary co-operatives registered in terms of s 7 of the co-operatives act 14 of 2005, over a period of three years for a total consideration of r99,30 million. 3. .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... whose functions is to ensure that the advocate does not claim or be paid unreasonable fees.55where the attorney is ignorant of what constitutes a reasonable fee, or is unable or has no incentive to act as a check on counsel, which was probably the situation here because all concerned anticipated that the fees were to come out of the fund, the advocates advantage is magnified as the check built ..... pay the following amounts to the fund: pillay r 268 800 botha r1 768 000 de klerk r 310 800 leopeng r1 323 000 mogagabe r1 916 800 bezuidenhout r5 992 400 [50] section 7(1)(d) of the admissions of advocates act 74 of 1964 allows a court to suspend any person from practise as an advocate or to order that his or her name be struck off the roll of advocates if the court is satisfied that he [or she] is ..... in assessing whether the advocate lacks the honesty and integrity to remain in practice as an advocate.45 [128] hefer ja set out the proper approach to an application under s 7(1)(d) of the act in kekana,46where he said: in terms of s 7(1) of the admission of advocates act 74 of 1964, as amended, the court may suspend any person from practice, or order that the name of any person be struck off the roll, if it is satisfied that he is ..... act 51 of 1977 ..... that principle was established in this court in minister of finance and another v law society, transvaal,66where goldstone ja said: the moneys now in question are in nowise paid to the ..... minister of finance and another v law society, transvaal [1991] .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... on the contrary, taking into account that interest is the life-blood of finance it is in the public interest that creditors be compensated when debtors fail to make payment of agreed interest on ..... cause that despite the repeal thereof the provisions of the land bank act 13 of 1944 regulated the relationship between the parties. ..... [20] section 1(1) of the prescribed rate of interest act 55 of 1975 provides as follows: if a debt bears interest and the rate at which the interest is to be calculated is not governed by any other law or by an agreement or a trade custom or in any other manner, such interest shall be ..... 1912 act was repealed by the land bank act 13 of 1944, which in turn was repealed by the land and agricultural development bank act 15 ..... in terms of s 12(3) of the expropriation act, the respondent was obliged to pay interest, at a statutorily determined rate from the date of taking possession of the properties, on any outstanding portion of the compensation ..... of the earlier acts, the appellant continues to exist in terms of s 2(1) of the land and agricultural development act 15 of 2002 ..... the court acts on the assumption that, had due payment been made, the capital sum would have been productively employed by the creditor during the period of mora and the interest consequently ..... pty) ltd and others v community development board6the appellants were the owners of certain properties that were expropriated by the respondent under the provisions of the expropriation act 63 of 1975. .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... [52] the apportionment by the commissioner of the expenses claimed for overseas travel on a 50:50 basis, so that 50 per cent was deemed to be of a capital nature and not deductible in terms of s 11(a) of the act in the amount of r412 339, was fair and reasonable in all the circumstances. ..... together with mr ricky gardner he decided to exploit his concept, but in order to do so a source of chrome tailings, as well as finance to construct a plant to process the tailings had to be found. ..... the base cost of the asset in terms of paragraph 20(1)(a) of the eighth schedule to the act is the expenditure actually incurred in respect of the cost of acquisition of the asset. ..... [19] the commissioner assessed gb mining for additional tax in terms of s 76(1) of the act in respect of the tax assessed under each of the disputed items. ..... [29] in terms of regulation a2 of the regulations issued under s 107 of the act (government notice r105 in government gazette extraordinary no 1011 of 22 january 1965) any return must be accompanied by all such balance sheets, trading accounts, profit and loss accounts and other accounts of whatever nature, as are necessary to ..... the minister of finance had not been joined in these proceedings and had a direct interest in the challenge raised by gb mining. ..... as regards finance, capital was to be raised from the public via otr mining ltd (otr) a company which was listed on the johannesburg stock exchange (jse), of which gardner had previously been the managing director. .....
Tag this Judgment!Court : South Africa Supreme Court of Appeal
..... to meet the essentials of estoppel: a representation by words or conduct, made by absa as the principal that mistry had the authority to conclude the unlawful agreements, that their belief in the representation was reasonable and that they acted on that belief to their prejudice.10a party which knows that a transaction is unlawful or is part of an unlawful scheme and is aware or should reasonably be aware that the principal of the agent with whom it is ..... instead they threatened, through their attorneys, to liquidate absa and lay criminal charges against its directors and chief executive officer for breach of the provisions of the financial intelligence centre act 38 of 2001 (fica).1 [6] absa denied any liability to the respondents who then turned to the high court and launched application proceedings for payment of their respective claims as described above.2the respondents ..... as is required), with the full awareness of the bernert decision, to raise this issue as they did and to persist with their allegations of bias even after their correspondence with the acting president of this court which pointed out that the bernert judgment to which they referred did not support mahomeds apprehension of bias. ..... continued: the reported case from the constitutional court bernert v absa bank 2011 (3) sa (cc) revealed that: i) prior to malan jas appointment to the bench he was employed by the institute of banking and finance law at rand afrikaans university (now the university of johannesburg). .....
Tag this Judgment!