Airports Company Act, 1993 (Act No. 44 of 1993)

2. Establishment and classification of company

Purchase

[Section 2 heading substituted by section 2(a) of the Airports Company Amendment Act, 2020 (No. 17 of 2020), GG44225, dated 4 March 2021]

(1)	On a date to be fixed by the Minister by notice in the Gazette there shall be established a public company to be known as the Airports Company Limited.

(1A)	The company may change its name to such other name as the Registrar of Companies approves.

[Section 2(1A) inserted by section 2(a) of Act No. 2 of 1998]

(2)	Notwithstanding the provisions of the Companies Act, 1973 (Act No. 61 of 1973), the Shareholding Minister shall on behalf of the State sign the memorandum of association and the articles of association of the proposed company.

(3)	If the memorandum of association and the articles of association have been so signed they shall, as far as the signing thereof is concerned, be deemed to comply with the requirements of the Companies Act, 1973, for the registration in terms of the said Act, of any such memorandum or articles.

(4)	On receipt of the memorandum and articles so signed the registrar of companies shall register the said memorandum and articles as contemplated in section 63 of the Companies Act, 1973, and endorse thereon a certificate that the company is incorporated.

(5)	No fees shall be payable in terms of the Companies Act, 1973, in respect of the checking of documents, the reservation of the name, the registration of the said memorandum and articles and the issue of a certificate to commence business.

(6)	[Section 2(6) deleted by section 2(b) of the Airports Company Amendment Act, 2020 (No. 17 of 2020), GG44225, dated 4 March 2021]

(7)

(a)	The directors shall be non-executive and executive directors.

(b)	The majority of the directors shall be non-executive directors.

(c)	The majority of the non-executive directors must not be employees in terms of the Public Service Act, 1994 (Proclamation No. 103 of 1994);

[Section 1(7)(c) substituted by section 2(c) of the Airports Company Amendment Act, 2020 (No. 17 of 2020), GG44225, dated 4 March 2021]

(d)	[Section 2(7)(d) deleted by section 2(d) of Act No. 2 of 1998]

(8)	As from the date of commencement of the Companies Act, the company is classified as a state-owned company listed under Schedule 2 of the Public Finance Management Act.

[Section 1(8) inserted by section 2(d) of the Airports Company Amendment Act, 2020 (No. 17 of 2020), GG44225, dated 4 March 2021]