22 OUTSIDE INTERESTS IN MEMBERS AND COMMERCIAL COMPANIES
22.1 No province shall permit any person, club, body corporate, partnership, trust or any
other entity (all of which are hereinafter referred to as an entity) or group of
entities, acting alone or in concert, directly or indirectly, to acquire an interest of
whatever kind in that province without SARU’s prior written consent, which consent
shall not be unreasonably withheld.
22.2 For the purposes of clause 22.1, the concept “interest” is to be widely construed and
will include, without limitation, the holding of any number or class of shares or
debentures, or any other interest, in a commercial company, but shall not include
loans.
22.3 No province shall permit any entity or group of entities, other than a member itself,
acting alone or in concert, directly or indirectly to own or control a commercial
company.
22.4 For the purposes of clause 22.3, the concept “ownership” includes, but is not limited
to, the holding or having of a beneficial interest in a commercial company of fifty
percent (50%) or more.
22.5 For the purposes of clause 22.3, the concept “control” means the ability of an entity,
or group of entities, by whatever means, to procure that the affairs of a commercial
company are or may be conducted or influenced in whole or in part in accordance
with that entity’s, or group of entities', wishes.
22.6 An entity, or group of entities, will be deemed indirectly to own or control a
commercial company if, pursuant to an agreement or understanding, whether formal
or informal, such entity or group of entities, acting alone or in concert, obtain or
secure or are able to obtain or secure ownership or control of a commercial company,
in whole or in part.
22.7 For the purposes of clauses 22.3 to 22.6, the concepts “indirect ownership” and
“control” are to be widely construed in order to give effect to the underlying intention
that no entity, or group of entities, acting alone or in concert, shall control, or be in a
position to control, either directly or indirectly, any commercial company, in whole or
in part.
Approved: AGM: 1 April 2016