| (1) | Notwithstanding any other provision of this Act or in any association agreement or any other agreement to the contrary, the following persons shall be disqualified from taking part in the management of a corporation: |
| (a) | Any person under legal disability, except— |
| (i) | [Section 47(1)(a)(i) deleted by the Close Corporations Amendment Act, No. 22 of 2001] |
| (ii) | a minor who has attained at least the age of 18 years and whose guardian has lodged with the corporation a written consent to the minor's participation in the management of the business of the corporation; |
| (b) | save under authority of a Court— |
| (i) | an unrehabilitated insolvent; |
| (ii) | [Section 47(1)(b)(ii) repealed by section 224, item 5(2)(a) of Schedule 3(A), of Notice No. 421 dated 9 April 2009] |
| (iii) | [Section 47(1)(b)(iii) repealed by section 224, item 5(2)(a) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]; and |
| (c) | any person who is disqualified from being a director of a company in terms of section 69(8) to (11) of the Companies Act, subject to subsection (1B). |
[Section 47(1)(c) substituted by section 224, item 5(2)(b) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (1A) | A person who has been placed under probation by a court in terms of section 162 of the Companies Act or subsection (1C), must not participate in the management of the business of a corporation, except to the extent permitted in the order of probation. |
[Section 47(1A) inserted by section 224, item 5(2)(c) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (1B) | Despite being disqualified in terms of section 69(8)(b) of the Companies Act, read with subsection (1)(c), a person may participate in the management of a corporation if 100% of the members’ interest in the corporation is held by— |
| (b) | that person and other persons, all of whom are related to that disqualified person, and each such person has consented in writing to that disqualified person participating in the management of the corporation. |
[Section 47(1B) inserted by section 224, item 5(2)(c) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (1C) | Section 162 of the Companies Act, read with the changes required by the context, applies to a corporation, but a reference in that section to— |
| (a) | a company must be regarded as referring to a company or a corporation; or |
| (b) | a director, must be regarded as referring to a director of a company, or a member participating in the management of a corporation. |
[Section 47(1C) inserted by section 224, item 5(2)(c) of Schedule 3(A), of Notice No. 421 dated 9 April 2009]
| (2) | [Section 47(2) repealed by section 224, item 8(5) of Schedule 3(A), of Notice No. 421 dated 9 April 2009] |
