Section 182 - Residence of directors in the country

(1) At least one director of the company shall at all times be resident in the Republic.

(2) In the event of a wilful breach of subsection (1), the company and every director of the company that is in default is liable to pay to the Registrar, an administrative penalty of twenty-five penalty units for each day during which the default continues.

(3) The rights of the company concerned under or arising out of a contract made during the time that a director of the company is not resident in the Republic are not enforceable by action or any other legal proceedings.

(4) For the purposes of subsection (3)

(a) the company may apply to the Court for relief against the disability imposed by subsection (3) and the Court, on being satisfied that it is just and equitable to grant relief, may grant the relief generally or as regards a particular contract and on the conditions that the Court may impose;

(b) the rights of any other party as against the company, or any other person in respect of the contract are not limited; and

(c) if an action or a proceeding is commenced by any other party against the company to enforce the rights of that party in respect of the contract, subsection (3) does not preclude the company from enforcing in that action or proceeding by way of counterclaim, set off or otherwise, the rights that the company may have against that party in respect of that contract.