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Broad Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Industry Charters

Agri-BEE Charter

5. Elements of Empowerment

5.1 Ownership

5.1.3 Note:

 

Given the current engagement on the Land Reform Green Paper, the issue of land ownership is an issue to be further discussed and finalised immediately when a clear legislative framework has been established. Different scenarios could emanate when the Green Paper process is finalised. However, within the current framework on land reform the AgriBEE Charter propose the following:

 

i) Resolution: Where government buys land on the open market, the seller would not be able to claim any points.

 

ii) Resolution: In the event a voluntary seller donates land without requiring any compensation, points will be scored under land ownership only.

 

iii) Resolution: In the event a BEE beneficiary buys land using own equity or through debt, the general principles included under Sale of Assets in the Codes of Good Practice would apply.

 

iv) Resolution: The principles of Statement 102 of the generic Codes of Good Practice on Recognition of Sale of Assets will apply to a scenario where a seller sells a portion of his/her land and not entire farmland, as well as for any aspect on this matter not covered in the AgriBEE Sector Code.