Section 144: Exercise of powers in relation to employees

144. Exercise of powers in relation to employees (1) Section 143 shall not limit the power of a director to make provision for the benefit of employees of the company in connection with— (a) the company ceasing to carry on the whole or part of its business; or (b) the setting up of an employees’ share scheme. (1A) For the purposes of subsection (1) (b), an employees’ share scheme shall be set up in such manner as may be prescribed. (1B) A copy of the employees’ share scheme shall be filed with the Registrar within 28 days of its approval by the board of directors. (2) In subsection (1)— “company” includes a subsidiary of a company; “employees” includes former employees and the dependants of employees or former employees but does not include an employee or former employee who is or was a director of the company. [S. 144 amended by s. 3 (b) of Act 28 of 2004 w.e.f. 26 August 2004.]