Statistics Act, 1999
R 385
Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part I : Fundamental Principles and Interpretation2. Continued existence and legal personality of Bank |
| (1) | The Bank established under section 3 of the Land Bank Act, 1912 (Act No. 18 of 1912), and which continued to exist in terms of section 3 of the Land Bank Act, 1911 (Act No. 13 of 1944), continues to exist under the name of the Land and Agricultural Development Bank of South Africa despite the repeal of those Acts. |
| (2) | The Bank is a legal person and is, in its corporate capacity, capable of suing and being sued and is, subject to the provisions of this Act, capable of purchasing or otherwise acquiring, holding or alienating property, movable or immovable, and of performing such acts as legal persons may generally by law perform. |
| (3) | The Bank must be administered and managed as provided for in this Act. |
| (4) | The Bank is exempt from the provisions of any other law specially governing banks or other financial institutions unless such other law expressly provides for its application to the Bank. |
| (5) | The Minister, the Board and employees of the Bank must, where it is so provided and unless exempted by the Minister of Finance, comply with the applicable provisions of the Public Finance Management Act, 1999 (Act No. 1 of 1999), in the management and conduct of the business and operations of the Bank. |
| (6) | The State is the sole shareholder of the Bank. |
