OpenUCT is the open access institutional repository of the University of Cape Town (UCT). It preserves and makes UCT scholarly outputs digitally and freely available, including theses and dissertations, journal articles, book chapters, technical and research reports, as well as open educational resources.
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Open Access
Investing in aircraft: the South African legal landscape and the partnership model of acquisition
(2009) Ord, James; Hare, John
Financial advisors have in the past and continue to suggest that the most prudent course of action to be taken in adopting an investment strategy is to have a diversified portfolio. In other words, as the age old adage states: "Never put all your eggs in one basket". It is this financial strategy that has prompted the growth inter alia in South Africa of the alternative asset class of investments available to natural and juristic persons. The investment class concerned would include investments in private equity funds, mezzanine debt, black economic empowerment (BEE) financing, infrastructure funding, development and environmental assets, entrepreneurial venture funding and non-mainstream movable assets such as transport containers (for marine vessels). Included in this asset class would be investment in aircraft and aviation products. The lack of sophisticated infrastructure in Africa has adversely impacted on the growth and development of Southern Africa, but it has presented a unique opportunity for South African funded aircraft charter operations to satisfy many of the transport dilemmas. The rapid growth in the tourist industry in many African countries, combined with the diminished risk in the political and socio-economic elements in Central and North Africa, have created economic opportunities in private aviation.
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Open Access
Financial assistance: the new approach
(2009) Pinnock, Steven; Jooste, Richard
Several jurisdictions, including South Africa, regulate the granting by a company of financial assistance for the acquisition of its own shares. Some permit financial assistance unconditionally, others regulate financial assistance according to strict conditions and others prohibit it subject to minor exceptions. After statutorily being introduced into company legislation in the early part of the 20th Century, there are still questions as to why this law is still so prominent, and whether such regulation or prohibition is a necessary component of company law in the modern commercial environment, or more specifically the South African commercial environment where the prohibition has been an impediment to Black Economic Empowerment (BEE) deals. The prohibition against financial assistance has been criticised by numerous academics and practitioners, and many jurisdictions have over time amended their laws dealing with financial assistance to make it less burdensome and restrictive. 1 South Africa finally relaxed its financial assistance prohibition contained in section 38 of the Companies Act- in 2007 when the Corporate Laws Amendment Act3 came into operation with the introduction of the US modelled solvency and liquidity test.
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Open Access
The social assistance act has been interpreted to delegate the decisions on the qualifying age limit and income threshold for the child support grant to two executive ministers. is the delegation constitutional?
(2010) Proudlock, Paula; Corder, Hugh
Sections 5(2), 32(1) and (2), of the Social Assistance Act 13 of 2004 have been interpreted by the Ministers of Social Development (SD) and Finance to delegate authority to them to determine the age limit of children and the income threshold of caregivers who qualify for the Child Support Grant (CSG). The Minister of SD, with the concurrence of the Minister of Finance, has promulgated two sets of regulations in terms of s32 of the Act. The first set was promulgated in February 2005 ('the 2005 regulations'). The second set, which repealed the first set, was promulgated in August 20083 ('the 2008 regulations'). In regard to the age limit, the 2005 regulations set the age limit at 14 years and the 2008 regulations set the age limit at 15 years with effect from 1 January 2009. The current age limit is therefore 15 years of age. This means that children qualify until their 15th birthday after which their grant is terminated, and that children who are already 15 years of age or older do not qualify for the CSG.
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Open Access
'Insider trading regulation': to be or not to be?
(2010) Adetoun, Adedurotiivii Omowunmi; Jooste, Richard
Insider trading may be defined as the act of trading in company securities by persons often referred to as insiders who by virtue of their relationship to the company, possess some information, not available to the public, but material to the securities concerned. For instance, insider trading occurs where a director knows that a company is in a bad financial state and sells his shares in it knowing that in a few days, a cut in the dividend payment will be made public. Likewise, the director will be an insider trader if on being informed before it was generally made public that the company has discovered oil on its own land, he buys more shares in the company with the hope of an increase in their market value as soon as the information is made public. There are two schools of thought with strong and divergent views on the effect of insider trading generally and particularly as it affects the stock market and the investing public. The proponents of the first school of thought encourage trading on insider information for its many advantages. According to them, the stock market generally feeds and grows on free flow of information. Disallowing insider trading would mean hampering the flow of trade. Furthermore, they have argued that insider trading is fundamental to capitalism because it pushes prices in the right direction, increases the number of transactions and provides the only real recompense for entrepreneurs. In addition, they are of the opinion that long-term investors stand a chance to benefit immensely from the act.
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Open Access
An investigation into the ergonomics of standing
(1996) Whistance, Rosemary Simpson; Bridger, Robert; Adams, Patrick
This section examines the literature on standing and attempts to build up a comprehensive picture of what happens when a human being stands upright. The review starts by exploring those changes to the skeleton and musculature which have enabled homo sapiens to be erect. This is followed by a look at how humans maintain upright posture through postural control and the role of the 'anti-gravity muscles'. Postural sway is inherent to standing and this is examined in some detail along with the concepts of centre of foot pressure and effective foot base. Attention is drawn to the fact that the subtleties of the upright posture_ are largely determined by culture and background. Foot position largely determines the quality of upright posture and this concept is explored in some detail. There are quantifiable physiological changes which occur when going from a supine position to an upright position and the review covers a comprehensive examination of these. In addition, the phenomenon of postural stress is also discussed. Besides postural sway, people move while standing and various reasons for changing postures are presented. The review also examines asymmetry, an inherent aspect of standing. Finally, research on standing in the wor~place is discussed. It is clear that the area is under-researched. Much work on standing was done earlier in the early part of the century and then again 40 and 50 years ago. Very little of this early research has penetrated ergonomics. By contrast, there is a vast body of accepted research on seating which is applied in ergonomics. This review seeks to present knowledge about standing which may be applied in the context of ergonomics. The preceding review underscores the importance of focusing on the standing worker who must simultaneously contend with multiple variables like gravity, culture, workplace constraints, physiological changes and bodies which have not evolved for many of the postures imposed on them.