The most important document governing the Randpark Ridge Village association (RRVA) is our Memorandum of Incorporation (MOI). The MOI is a public document that is registered with CIPC. In the MOI, the RRVA (a Non-Profit Company in accordance with Schedule 1 of the Companies Act No. 71 of 2008 (“the Act”) can regulate its directors’ rights and duties, and alter the alterable provisions of the Act. Every company must have a MOI, which MOI must also comply with the Act. A MOI can also set out the relevant provisions of the Act, to ensure that the directors can look to one place when compliance issues arise.
A board charter is a policy document that clearly defines the respective roles, responsibilities and authorities of the board of directors (both individually and collectively) and management in setting the direction, the management and the control of the organisation.