Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are
essentially paper-based. The physical handling of the share certificate plays an important
role in this regard. Foreign trends to reduce the movement of paper involve in broad terms
the alternatives of dematerialisation and immobilisation of the share certificate. These
developments cannot slavishly be followed without examining the legal nature of the South
African share and share certificate. The process of immobilisation in a collective securities
depository system involves no change in the nature of the shares. However, the use of a
nominee where shares are held in safe custody forms a barrier between the shareholder
and the issuer company which could dilute the shareholders' rights. This is even more
applicable where shares are immobilised in a central depository. Further, although central
depositories are based upon book-entries, they are still limited by the retention of the
physical certificates. The development of electronic systems which dematerialise the share
certificate must take into account the reasonable expectations of the public and should not
be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far
as possible, in the same position as if he had received a certificate. This requires legislation
to amend present enactments and to define the rights of the shareholder. It is submitted
that dematerialisation should gradually be phased in, starting with a voluntary
dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met
aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die
aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die
beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en
immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg
word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te
ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir
effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes
waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die
uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik
waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel
sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die
behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die
aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die
publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n
'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy
'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en
die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat
dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie
in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:unisa/oai:uir.unisa.ac.za:10500/17806 |
| Date | 06 1900 |
| Creators | Vermaas, Maria Rosina |
| Contributors | Pretorius, J. T. |
| Source Sets | South African National ETD Portal |
| Language | Afrikaans |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 1 online resource (iv, [10], 497 pages) |
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