Task group progress and status
Having laid the groundwork for the formation of ABASA - Association of Business Administrators of South Africa and Turnaround Management Association - South Africa Chapter, South Africa Chapter, the Task Group dissolved after its final meeting on 20th September 2004. The status of the two bodies at the time follows below.
ABASA
- Version 4 of the Memorandum, Articles of Association and Rules were completed - see Task group documents).
- A resolution was taken to change ABARP's name to ABASA and to adopt the new Memorandum, Articles of Association and Rules.
- The amended documents were submitted at CIPRO. There is a naming issue in that the Association of Black Accountants of Southern Africa also uses the acronym ABASA. It is envisaged that the outcome will be known by 4th October 2004.
- Introductory letters to DoJ and dti were drafted.
- The first meeting of members is scheduled for 17h00 11 October 2004 - 18th Floor, RMB, 1 Merchant Place (entrance on Fredman Drive), Sandton. During this meeting the Interim Executive will be elected from the ranks of the founding members as per 9.1 of the Articles of Association.
- The Interim Executive will progress contact with government, drafting of a Draft Business Administration Regulatory Bill, and membership recruitment.
For future developments, included updated Memorandum, Articles of Association and Rules please see ABASA.
Turnaround Management Association, South Africa Chapter
Great support were received from TMA in the USA for the formation of a South African chapter. Endeavours, however, were put in abeyance until ABASA has been formed. Next steps include the following:
- Re-establishing contact with TMA in the USA.
- Forming a TMA-SA Formation Steering Group
- Submitting basic required information regarding SA's population, business climate, turnaround firms and legal issues to the TMA (has been prepared).
- Submitting a list of at least 25 prospective members to the TMA to achieve Chapter In Formation status.
- Electing a Board and Executive.
- Forming a section 21 company incorporating the by-laws of the TMA - this task lies on the critical path.
- Provide a written opinion of counsel qualified to practice law in the chapter’s locale who attests there are no laws or regulations that would prohibit the Association or affect its power to grant the proposed charter, or that would impose any burden on the Association relating to such affiliation or granting the charter, including licenses, taxes or reports
Since it is unlikely that the local chapter will be formed prior to year-end, and since new members are likely to only pay membership fees in the new year, a membership recruitment drive will start early 2005.
For future developments, please see Turnaround Management Association - Southern Africa.