The relevance or irrelevance of dividend payments has been the topic of much discussion for the past eight decades. The primary objective of this study was to determine the relationship between dividend policy and agency problems of financial services companies listed on the (JSE). Dividend Policy and the Agency Theory underpinned the study. Secondary data of sampled listed financial companies for the period 2005-2016 was sourced from IRESS database. Data was analysed using EViews version 9. The results revealed that the presence of institutional ownership resolves the asymmetry information problems, and, reduces the need to pay dividends. The results also revealed that 54.69% of JSE listed companies under the financials’ services sector practise dividend decisions. The results further revealed that the dividend payout ratio is positively correlated with ROE and LEV, and negatively correlated INST, DIRS and FOREIGN variables. The results confirmed the existence of agency problems on listed financial services companies. / Ukubaluleka okanye ukungabaluleki kokuhlawula izahlulo bekusoloko kusisihloko sengxoxo kumashumi asibhozo eminyaka edluleyo. Injongo ephambili yesi sifundo yayikukufumanisa ulwalamano phakathi komgaqo nkqubo wezahlulelo neengxaki zobumeli (ubuarhente) beenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho nezidweliswe kwiJohannesburg Securities Exchange (JSE). Izisekelo zesi sifundo nguMgaqo Nkqubo Wezahlulo (Dividend Policy) neNgcingane Yobumeli (Agency Theory). Iqela lesibini ledatha yeenkampani ezidwelisiweyo kwiminyaka ye-2005– 2016 yafunyanwa kwiqula leedatha elaziwa ngokuba yi-IRESS database. Idatha yahlalutywa ngokusebenzisa isixhobo sohlalutyo iEViews version 9. Iziphumo zadiza ukuba ubukho babanini kwiziko loshishino buyazisombulula iingxaki zonxibelelwano olungalingani kakuhle kwaye kuyasicutha isidingo sokuhlawula izahlulo. Kwakhona, iziphumo zadiza ukuba ama-54.69% eenkampani ezidweliswe kwiJSE, phantsi kodidi lweenkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho, enza izigqibo zezahlulo. Iziphumo zaphinda zadiza ukuba intlawulo yezahlulo ihambelana kakuhle neenqobo zeROE neLEV, kanti azihambelani neenqobo zeINST, ezeDIRS kunye nekuthiwa ziFOREIGN. Ezi ziphumo zangqina ukuba kukho iingxaki zobumeli/ubuarhente kwiinkampani ezinikezela ngeenkonzo zemicimbi yoqoqosho / Bonnete le go se be bonnete ga ditefelo tša letseno e bile hlogo ya ditherišano tše dintši mo mo dingwagasome tše seswai tša go feta. Nepo ya motheo ya thuto ye ke go ela kamano gare ga pholisi le mathata a dikhamphani tša ditirelo tša Matlotlo tšeo di lego lenaneong la Johannesburg Securities Exchange (JSE). Pholisi ya Ditseno le Teori ya Etšensi ke motheo wa thuto ye. Datha ya magareng ya dikhamphani tša mašeleng tšeo di lego lenaneong la paka ya 2005–2016 e be e hwetšagala go tšwa go lenaneo la datha la IRESS. Datha e sekasekilwe go šomišwa EViews version 9. Dipoelo di utullotše gore go ba gona ga bong ka gare ga sehlongwa go rarolla mathata a tshedimošo ya go se lekalekane, le go fokotša nyakego ya go lefa mašokotšo. Dipoelo le tšona di tšweleditše go re diperesente tše 54.69 tša dikhamphani tšeo di lego lenaneong la JSE ka fase ga ditirelo tša sekgao sa go phethagatša diphetho tša mašokotšo. Dipoelo di tšwetša pele go utulla go re ditekanyetšo tša ditefelo tša mašokotšo du sepelelana gabotse le ROE le LEV, le go sepelelana gannyane le INST, DIRS le FOREIGN. Dipoelo di netefatša go ba gona ga mathata a Etšensi ao a ngwadilwego lenaneong la dikhamphani tša ditirelo tša mašeleng / Abstracts in English, Zulu, Sepedi / Business Management / M. Com. (Business Management)

The aim of this work was to design the construction of transport equipment under industrial robot, pallet holder or other equipment. This manipulation device can be moved in one axis on a rigid guide. The device is designed for use in a linear manufacturing system for handling workpieces and tools. It is capable of operating two rows of machines when it is placed in the middle. The main function of this device is to extend the workspace to the carried devices. This type of construction can be used in combination with an industrial robot for other technological tasks such as welding or light machining. The main parts of this device include statically mounted beds that can be stacked behind each other to form optionally long conveyor paths and a positioning plate that moves along the path formed by these beds. An industrial robot, pallet holder or other device is attached to this positioning plate. In addition to the design itself, the thesis also includes a thorough research of the issue, further possibilities of solution in the form of concepts, verification of the structure by means of calculations and simulations and implementation of the solution into a specific production cell.

The design of cultural centre is situated in part Kozia Hôrka( well-known city swimming pool), in its advantage takes natural scenery and calm atmosphere of place. Into action of performance brings a message in form of body of reservoir, function of centre is divided into small parts placed in area Kozia Hôrka. Orientation of objects comes mainly from local natural ispirations. Complex is multifunctional in concept, counts with several sorts of culture - sports events. Whereby the main function of swimming pool is preserved and added for higher comfort of inhabitants. Architecture of objects comes from idea of floating leaf on water level and body of reservoir. Objects stylizely illustrate this idea. The design takes the game of solids of organic and strictly ortogonal shapes. Two mutual opposites, in interaction. Objects smoothy and with respect encroach the environment, which is enough marked by human. Simplicity in used materials ( glass, steel, wood ) give transparency and purity to whole solution.

Over the past decade, the regulation of mining in South Africa has undergone a fundamental transformation in order to promote equitable access to the nation’s mineral and petroleum resources. The Mineral and Petroleum Resources Development Act 28 of 2002, drastically changed the regulation of mining by placing the nation’s mineral and petroleum resources under the custodianship of the state. The transformative objectives of resource reform, as envisaged in the Constitution of the Republic of South Africa, 1996, could however not be achieved without a measure of sacrifice -- most notably, that which had to be shouldered by the owners of the land in which the minerals are contained. Under common law, minerals vested in the owners of land and no one could compel them to extract or consent to the extraction of these minerals. Landowners were able to safeguard their land from mining activities by refusing to consent to mining. The Mineral and Petroleum Resources Development Act, 2002, changed this by providing that landowners could no longer prevent the state from granting qualifying applicants authorisation to mine. The transformative objectives of resource reform, have inevitably made great inroads into a landowner’s rights to use and enjoy his property optimally. The main focus of this study revolves around the limiting impact of South Africa’s current mineral-law dispensation on township development, and conversely, how township development impairs or limits the mining of coal. For a better understanding of the limitations which the current legislative provisions create in respect of the rights of landowners and holders of mining rights, a brief evaluation of the historical development of the right to mine coal is provided. The entitlements and reciprocal obligations of holders of mining rights and owners of the affected land are considered, and the parties’ legal remedies to resist interference in their respective rights are explored. In the process of considering possible remedies to resolve the conflict which inevitably arises, I explain why English-law principles governing lateral support (support owed by two adjacent properties [neighbour law]), and subjacent support (where the landowner may not be deprived of the vertical support his property derives from the sub-surface minerals) were incorrectly transplanted into our law. In Anglo Operations Ltd v Sandhurst Estates (Pty) Ltd, the South African Supreme Court of Appeal rejected the previously-held view that the right to subjacent support -- like the right to lateral support -- is a natural property right incidental to the ownership of the land. It was further held that conflict between holders of rights to minerals and owners of land should be resolved, not in accordance with English-law principles of neighbour law, but in terms of the law developed for rights relating to the use of servitudes. In summary, the court found that where the parties have not specifically contracted against the specific action (such as opencast or planned-subsidence mining), and provided that it was reasonably necessary for the mining right holder to use this invasive method, he may do so, so long as he does so in the manner least injurious to the entitlements of the surface owner. This decision, however, did not take into account the changes brought about by the comprehensive statutory framework of the Mineral and Petroleum Resources Development Act 28 of 2002 which I argue has replaced the earlier servitude construction. In this dissertation I consider whether possible solutions to resolve the conflict can be found in the principles relating to neighbour law, and whether the principles governing the use of servitudes remain relevant in resolving conflicts between landowners and holders of mining rights. I evaluate possible legal remedies and place special emphasis on the constitutionality of the curtailment of a landowner’s use and enjoyment of his property resulting from mining activities on or under his land. I further consider whether the exercise of a mining right, granted by the state, which results in a serious infringement of a landowner’s ownership, could in certain circumstances amount to a deprivation or possibly an expropriation in terms of section 25 of the Constitution. I discuss the position where the state’s regulatory interference is so severe that it deprives a landowner of the ability to exercise any, or a substantial portion of his ownership entitlements. I evaluate the possibility that such interference may constitute de facto expropriation for which compensation may be claimed. In the penultimate chapter I briefly mention how the relationship between landowners and holders of mining rights is managed and conflict is defused in other jurisdictions such as China, Australia, the United States of America, India, Germany and Swaziland. I conclude this dissertation with suggestions on possible ways in which the conflict may be resolved or at least minimised in future. / Die regulering van mynbou in Suid-Afrika het die afgelope dekade ‘n fundamentele verandering ondergaan ten einde breër toegang tot die nasie se minerale en petroleum hulpbronne te bevorder. Die Mineral and Petroleum Resources Development Act,6 Wet 28 van 2002, het ‘n radikale ommekeer in die mynbou industrie meegebring deurdat die regulering van mynbou aktiwiteite onder die toesig en beheer van die nasionale regering geplaas is. Die transformatiewe oogmerk van hulpbron hervorming ingevolge die Grondwet van die Republiek van Suid-Afrika kon egter nie geskied sonder ‘n mate van opoffering nie. Die grootste aanslag van die nuwe mineraalreg bedeling word sonder twyfel gevoel deur die eienaars van grond ten opsigte waarvan mynregte deur die regering aan ‘n ander party toegeken word. Ingevolge die gemenereg was die eienaar van grond voorheen ook die eienaar van die minerale wat in die grond voorgekom het. Gevolglik was dit onder die uitsluitlike beheer van die eienaar om te bepaal of enigiemand anders die reg kon verkry om minerale op of in die betrokke grond te ontgin. Na aanvang van die inwerkingtreding van die Mineral and Petroleum Resources Development Act is hierdie posisie egter omvêrgewerp aangesien die regering voortaan die bevoegdheid het om te bepaal wie en op watter voorwaardes iemand die reg verkry om minerale te ontgin. Die toekenning van die reg om minerale te ontgin op ‘n ander se eiendom sonder die eienaar se toestemming, maak dus ernstige inbreuk op sy regte. Grondeienaars se bevoegdhede wat uit hul eiendomsreg voortvloei word in talle gevalle ernstig ingeperk ten einde die oogmerke van hulpbron transformasie te bereik. Die ondersoek wat hierna volg, is daarop toegespits om die beperkende aanslag van die regulering van steenkoolmynbou-aktiwiteite op die ontwikkeling van dorpsgebiede asook dié van die ontwikkeling van dorpsgebiedie op steenkoolmynbou beter te verstaan. Ten einde hierdie invloed beter te verstaan, word die geskiedkundige ontwikkeling van die reg om minerale in Suid-Afrika te ontgin kortliks oorweeg. Die regte en verpligtinge van die houers van mynregte en die eienaars van die grond wat deur die uitoefening daarvan geraak word, asook die remedies waaroor die onderskye partye beskik ten einde hul regte teen inbreukmaking deur die ander party te beskerm, word daarna oorweeg. In genoemde ondersoek toon ek aan waarom die Engelsregtelike burereg- beginsels van laterale steun en onderstut nie toepassing in ons reg behoort te vind nie en waarom die botsing wat ontstaan vanweë die uitoefening van die grondeienaar en die houer van ‘n mynreg se regte liefs versoen moet word deur die Suid-Afrikaanse serwituutreg beginsels toe te pas soos aangetoon in die beslissing van Anglo Operations Ltd v Sandhurst Estates. Hiedie beslissing het egter nie die veranderinge wat meegebring is deur die nuwe bedeling van die Mineral and Petroleum Resources Development Act in ag geneem nie en daar word gevolglik aangevoer dat die serwituut beginsels vervang is deur ‘n breedvoerige wetgewende stelsel. Die grondwetlikheid van die beperking op die bevoegdhede van ‘n grondeienaar om sy eiendom te gebruik en te geniet, word ondersoek, asook of daar enige gronde vir ‘n eis om skadevergoeding mag wees. In besonder word daar oorweeg of die leerstuk van konstruktiewe onteiening moontlik toepassing kan vind in gevalle waar die staat se regulering ‘n uitermatige beperkende effek het op die bevoegdhede van ‘n grondeienaar om sy eiendomsreg uit te oefen. In die voorlaaste hoofstuk ontleed ek baie kortliks hoe die verhouding tussen eienaars van grond in mynbougebiede en houers van regte om minerale te ontgin in Sjina, Australië, die Verenigde State van Amerika, Indië, Duitsland en Swaziland gereguleer word. Ter afsluiting word aandag gegee aan moontlike maniere om die belangebotsing tussen die betrokke partye uit die weg te ruim of te beperk. / Private Law / LL.M.

Over the past decade, the regulation of mining in South Africa has undergone a fundamental transformation in order to promote equitable access to the nation’s mineral and petroleum resources. The Mineral and Petroleum Resources Development Act 28 of 2002, drastically changed the regulation of mining by placing the nation’s mineral and petroleum resources under the custodianship of the state. The transformative objectives of resource reform, as envisaged in the Constitution of the Republic of South Africa, 1996, could however not be achieved without a measure of sacrifice -- most notably, that which had to be shouldered by the owners of the land in which the minerals are contained. Under common law, minerals vested in the owners of land and no one could compel them to extract or consent to the extraction of these minerals. Landowners were able to safeguard their land from mining activities by refusing to consent to mining. The Mineral and Petroleum Resources Development Act, 2002, changed this by providing that landowners could no longer prevent the state from granting qualifying applicants authorisation to mine. The transformative objectives of resource reform, have inevitably made great inroads into a landowner’s rights to use and enjoy his property optimally. The main focus of this study revolves around the limiting impact of South Africa’s current mineral-law dispensation on township development, and conversely, how township development impairs or limits the mining of coal. For a better understanding of the limitations which the current legislative provisions create in respect of the rights of landowners and holders of mining rights, a brief evaluation of the historical development of the right to mine coal is provided. The entitlements and reciprocal obligations of holders of mining rights and owners of the affected land are considered, and the parties’ legal remedies to resist interference in their respective rights are explored. In the process of considering possible remedies to resolve the conflict which inevitably arises, I explain why English-law principles governing lateral support (support owed by two adjacent properties [neighbour law]), and subjacent support (where the landowner may not be deprived of the vertical support his property derives from the sub-surface minerals) were incorrectly transplanted into our law. In Anglo Operations Ltd v Sandhurst Estates (Pty) Ltd, the South African Supreme Court of Appeal rejected the previously-held view that the right to subjacent support -- like the right to lateral support -- is a natural property right incidental to the ownership of the land. It was further held that conflict between holders of rights to minerals and owners of land should be resolved, not in accordance with English-law principles of neighbour law, but in terms of the law developed for rights relating to the use of servitudes. In summary, the court found that where the parties have not specifically contracted against the specific action (such as opencast or planned-subsidence mining), and provided that it was reasonably necessary for the mining right holder to use this invasive method, he may do so, so long as he does so in the manner least injurious to the entitlements of the surface owner. This decision, however, did not take into account the changes brought about by the comprehensive statutory framework of the Mineral and Petroleum Resources Development Act 28 of 2002 which I argue has replaced the earlier servitude construction. In this dissertation I consider whether possible solutions to resolve the conflict can be found in the principles relating to neighbour law, and whether the principles governing the use of servitudes remain relevant in resolving conflicts between landowners and holders of mining rights. I evaluate possible legal remedies and place special emphasis on the constitutionality of the curtailment of a landowner’s use and enjoyment of his property resulting from mining activities on or under his land. I further consider whether the exercise of a mining right, granted by the state, which results in a serious infringement of a landowner’s ownership, could in certain circumstances amount to a deprivation or possibly an expropriation in terms of section 25 of the Constitution. I discuss the position where the state’s regulatory interference is so severe that it deprives a landowner of the ability to exercise any, or a substantial portion of his ownership entitlements. I evaluate the possibility that such interference may constitute de facto expropriation for which compensation may be claimed. In the penultimate chapter I briefly mention how the relationship between landowners and holders of mining rights is managed and conflict is defused in other jurisdictions such as China, Australia, the United States of America, India, Germany and Swaziland. I conclude this dissertation with suggestions on possible ways in which the conflict may be resolved or at least minimised in future. / Die regulering van mynbou in Suid-Afrika het die afgelope dekade ‘n fundamentele verandering ondergaan ten einde breër toegang tot die nasie se minerale en petroleum hulpbronne te bevorder. Die Mineral and Petroleum Resources Development Act,6 Wet 28 van 2002, het ‘n radikale ommekeer in die mynbou industrie meegebring deurdat die regulering van mynbou aktiwiteite onder die toesig en beheer van die nasionale regering geplaas is. Die transformatiewe oogmerk van hulpbron hervorming ingevolge die Grondwet van die Republiek van Suid-Afrika kon egter nie geskied sonder ‘n mate van opoffering nie. Die grootste aanslag van die nuwe mineraalreg bedeling word sonder twyfel gevoel deur die eienaars van grond ten opsigte waarvan mynregte deur die regering aan ‘n ander party toegeken word. Ingevolge die gemenereg was die eienaar van grond voorheen ook die eienaar van die minerale wat in die grond voorgekom het. Gevolglik was dit onder die uitsluitlike beheer van die eienaar om te bepaal of enigiemand anders die reg kon verkry om minerale op of in die betrokke grond te ontgin. Na aanvang van die inwerkingtreding van die Mineral and Petroleum Resources Development Act is hierdie posisie egter omvêrgewerp aangesien die regering voortaan die bevoegdheid het om te bepaal wie en op watter voorwaardes iemand die reg verkry om minerale te ontgin. Die toekenning van die reg om minerale te ontgin op ‘n ander se eiendom sonder die eienaar se toestemming, maak dus ernstige inbreuk op sy regte. Grondeienaars se bevoegdhede wat uit hul eiendomsreg voortvloei word in talle gevalle ernstig ingeperk ten einde die oogmerke van hulpbron transformasie te bereik. Die ondersoek wat hierna volg, is daarop toegespits om die beperkende aanslag van die regulering van steenkoolmynbou-aktiwiteite op die ontwikkeling van dorpsgebiede asook dié van die ontwikkeling van dorpsgebiedie op steenkoolmynbou beter te verstaan. Ten einde hierdie invloed beter te verstaan, word die geskiedkundige ontwikkeling van die reg om minerale in Suid-Afrika te ontgin kortliks oorweeg. Die regte en verpligtinge van die houers van mynregte en die eienaars van die grond wat deur die uitoefening daarvan geraak word, asook die remedies waaroor die onderskye partye beskik ten einde hul regte teen inbreukmaking deur die ander party te beskerm, word daarna oorweeg. In genoemde ondersoek toon ek aan waarom die Engelsregtelike burereg- beginsels van laterale steun en onderstut nie toepassing in ons reg behoort te vind nie en waarom die botsing wat ontstaan vanweë die uitoefening van die grondeienaar en die houer van ‘n mynreg se regte liefs versoen moet word deur die Suid-Afrikaanse serwituutreg beginsels toe te pas soos aangetoon in die beslissing van Anglo Operations Ltd v Sandhurst Estates. Hiedie beslissing het egter nie die veranderinge wat meegebring is deur die nuwe bedeling van die Mineral and Petroleum Resources Development Act in ag geneem nie en daar word gevolglik aangevoer dat die serwituut beginsels vervang is deur ‘n breedvoerige wetgewende stelsel. Die grondwetlikheid van die beperking op die bevoegdhede van ‘n grondeienaar om sy eiendom te gebruik en te geniet, word ondersoek, asook of daar enige gronde vir ‘n eis om skadevergoeding mag wees. In besonder word daar oorweeg of die leerstuk van konstruktiewe onteiening moontlik toepassing kan vind in gevalle waar die staat se regulering ‘n uitermatige beperkende effek het op die bevoegdhede van ‘n grondeienaar om sy eiendomsreg uit te oefen. In die voorlaaste hoofstuk ontleed ek baie kortliks hoe die verhouding tussen eienaars van grond in mynbougebiede en houers van regte om minerale te ontgin in Sjina, Australië, die Verenigde State van Amerika, Indië, Duitsland en Swaziland gereguleer word. Ter afsluiting word aandag gegee aan moontlike maniere om die belangebotsing tussen die betrokke partye uit die weg te ruim of te beperk. / Private Law / LL. M.

Syftet med uppsatsen är att undersöka nyttjande- och överlåtelserätten av utsläppsrätter samt om dessa kan inskränkas under åberopande av Parisavtalet. Parisavtalet är ett internationellt klimatavtal som trädde i kraft år 2016. Avtalet innebär huvudsakligen att ingående parter ska uppnå målet att begränsa den globala temperaturökningen till 1,5 grader Celsius, genom att minska utsläpp av växthusgaser. Avtalets målsättningar innebär inga skyldigheter för parterna, men trots det lades avtalet till grund för en nederländsk dom mot energikoncernen Shell år 2021. Domen innebär för Shell att minska utsläppen med 45 % fram till år 2030 i syfte att uppfylla Parisavtalet, vilket inskränker Shells utsläppsrättigheter. I artikel 3 utsläppshandelsdirektivet uttrycks att innehavaren av en utsläppsrätt har en rätt att släppa ut ett ton koldioxidekvivalenter. I artikel 12 utsläppshandelsdirektivet uttrycks att innehavaren har en rätt att överlåta utsläppsrätter till fysiska och juridiska personer inom unionen. När domen mot Shell inskränker nämnda artiklar, väcks intresset för dels hur exklusivt utsläppsrätter ägs, dels hur rätten att överlåta kan inskränkas. I Sverige regleras utsläppsrätter i lag (2020:1173) om vissa utsläpp av växthusgaser. Sverige har under lång tid framstått som en förebild i att visa resten av världen att man kan föra en offensiv klimat- och miljöpolitik och att fortsätta vara ett välfärdsland. Trots det, kommer Sverige under år 2022 inte lyckas uppfylla sin del av Parisavtalet om inte kraftigare minskningar genomförs, varför rättigheter om utsläpp kan komma att inskränkas även här. Kortfattat framgår följande av uppsatsen. Endast innehavandet av en utsläppsrätt innebär inte en juridisk rätt att släppa ut. För det erfordras tillstånd. Tillståndet är villkorat och utsläppsrätten måste nyttjas inom den tilldelade handelsperioden, vilket innebär att ett exklusivt ägande inte kan anses föreligga. Således uppfyller inte en utsläppsrätt Elgebrants villkor för begreppet egendom. Överlåtelserätten, som innebär en oinskränkt rätt att överlåta utsläppsrätter, faller emellertid under ett undantag vid tillämpning av Parisavtalet. Vidare har överlåtelserätten betydelse för statliga intäkter och företags överlevnad. En successiv minskning av växthusgaser är nödvändig för ett hållbart samhälle. Parisavtalet visar sig kunna inskränka nyttjande- och överlåtelserätten i Sverige under vissa förutsättningar. Försiktighetsprincipen, i 2 kap. 3 § miljöbalken, får även betydelse i frågan.