(1) Subject to subsection (2), a complainant may, for the purpose of prosecuting, defending or discontinuing an action on behalf of a company, apply to the court for leave to bring an action in the name and on behalf of the company or any of its subsidiaries, or intervene in an action to which such company or any of its subsidiaries is a party.
(2) An action shall not be brought, and an intervention in an action shall not be made, under subsection (1) unless the court is satisfied—
(a) that the complainant has given reasonable notice to the directors of the company or its subsidiary of his or her or her intention to apply to the court under subsection (1) if the directors of the company or its subsidiary do not bring, diligently prosecute or defend, or discontinue, the action;
(b) that the complainant is acting in good faith; and
(c) that it appears to be in the interests of the company or its subsidiary that the action be brought, prosecuted, defended or discontinued.
(Substituted by Act 10 of 1997)