Page 19 - Nexia SAB&T Trust Guide 2024

■ Specifying matters that would disqualify a person from being appointed or
continuing to act as a trustee
■ the Amendment Act introduces criteria that would disqualify a person
from being authorised to act as a trustee, as follows:
(a) is an unrehabilitated insolvent;
(b) has been prohibited by a court to be a director of a company, or
declared by a court to be delinquent in terms of section 162 of the
Companies Act, 2008 or section 47 of the Close Corporations Act,
1984 (Act No. 69 of 1984);
(c) is prohibited in terms of any law to be a director of a company;
(d) has been removed from an office of trust, on the grounds of
misconduct involving dishonesty;
(e) has been convicted, in South Africa or elsewhere, and imprisoned
without the option of a fine, or fined more than the prescribed
amount in terms of section 69 of the Companies Act, 2008, for
theft, fraud, forgery, perjury or an offence—
(i) involving fraud, misrepresentation or dishonesty, or money
laundering, terrorist financing or proliferation financing activities
as those terms are defined in section 1(1) of the Financial
Intelligence Centre Act;
(ii) in connection with the promotion, formation or management
of a company, or in connection with any act contemplated in
section 69(2) or (5) of the Companies Act, 2008; or
(iii) under this Act, the Companies Act, 2008, the Insolvency
Act (no. 24 of 1936), the Close Corporations Act, 1984, the
Competition Act (no. 89 of 1998), the Financial Intelligence
Centre Act, 2001, the Financial Markets Act (no.19 of 2012),
Chapter 2 of the Prevention and Combating of Corrupt
Activities Act (no. 12 of 2004), the Protection of Constitutional
Democracy Against Terrorist and Related Activities Act (no. 33
of 2004), or the Tax Administration Act (no. 28 of 2011);
(f ) is subject to a resolution adopted by the Security Council of the
United Nations when acting under Chapter VII of the Charter of the
United Nations, providing for financial sanctions which entail the

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