Intellectual Property Rights from Publicly Financed Research and
R 385
Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)Part IV : Risk Management and other Operational Matters36. Subsidiaries |
| (1) | The Bank may, subject to the Public Finance Management Act, 1999, and with the written approval of the Board, form a wholly owned subsidiary if necessary for its effective operation and the carrying out of its objectives. |
| (2) | The majority of the directors of a subsidiary company established by the Bank must be members of the Board. |
| (3) | The memorandum and articles of association of a subsidiary established by the Bank must be approved by the Board prior to its adoption and registration by the Registrar of Companies. |
