3.7 PRESCRIBED OFFICERS!
During consultation with clients, the question often arises as to which individuals in a company would be considered to be a Prescribed Officer in terms of the Companies Act 71 of 2008 (“the Act”), and what does this mean for such an individual? Is it merely a selection based on random function, or is there a logic and motivation driving who such individuals will be? You would have seen they have the same obligations as directors.
This article will set out to address the abovementioned questions in the light of the provisions of the Act, as well as relevant case law addressing this issue.