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Signatures on Company Cheques in Terms of the Companies Act of 2008

The continued use of cheques is indicative of the fact that regulation of this method of payment remains relevant and important. However, in South African company law there has been an unexplained dereliction of legal protection where a company uses a cheque as a payment method when dealing with a third party. The purpose of this article is to establish the rationale behind the absence of adequate regulation of signatures on company cheques under the 2008 Companies Act and the implications this can have on innocent third parties dealing with the company. The article takes the view that the regulation of the use of cheques as a means of payment by a company dealing with a third party remains necessary in order to guarantee a safe and reliable environment for doing business.