New rules in South Africa
CURRENTLY, section 247 of the South African Companies Act of 1973 prohibits the company whether by way of its articles or contract from exempting any director, officer or auditor of the company from any liability which by law would otherwise attach in respect of any negligence, default, breach of duty or breach of trust for which the director may be guilty in relation to the company, reports Donald Dinnie, of Deneys Reitz.