National Empowerment Fund Act, 1998 (Act No. 105 of 1998)

1. Definitions

Purchase

In this Act, unless the context indicates otherwise—

“Assets” or “fund” or “trust assets” or “trust fund”

mean and include—

(i)	shares in State Owned Commercial Enterprises or private business enterprises acquired by the trustees;

(ii)	monies, securities, investments, properties or any other assets which may be acquired by the trustees or which any person may vest or cause to be vested in the trustees as part and for purposes, of the Trust;

(iii)

income of the Trust;

“beneficiaries”

mean the State and such historically disadvantaged persons who avail themselves of the benefits under the Trust in terms of this Act, and such other categories of persons who in the discretion of the trustees, in consultation with the Minister, may appropriately benefit from the Trust having regard to the objects;

“Board”

means the board of trustees as constituted from time to time;

“Chief Executive Officer”

means the Chief Executive Officer of the Trust appointed in terms of section 17, and has the same meaning ascribed to it in terms of the Reporting by Public Entities Act, 1992 (Act No. 93 of 1992);

“family member” or “member of the family”

in relation to any person, means his or her parent, siblings, child, including adopted child, or spouse, including a person living with that person as if they were married to each other;

“historically disadvantaged persons”

mean those persons or categories of persons, who prior to the new democratic dispensation marked by the adoption and coming into force of the Constitution of the Republic of South Africa Act, 1996 (Act No. 108 of 1996), were disadvantaged by unfair discrimination on the basis of their race and includes juristic persons or associations owned and controlled by such persons;

“Minister”

means the Minister of Trade and Industry;

“Ministers in charge”

means the Minister, the Minister of Finance, the Minister of Public Enterprises and, if any or different from the aforesaid Ministers, the Minister in charge of the State Owned Commercial Enterprise in question;

“objects”

means the objects of the Trust set out in section 3 of this Act;

“regulation”

means any regulation made under this Act;

“State Owned Commercial Enterprises”

mean commercial enterprises partly or wholly owned or controlled by the State;

“this Act”

includes the regulations;

“the Trust”

means the National Empowerment Fund established in terms of section 2 of this Act and also refers to the trustees constituted in terms of section 4(2);

“trustees”

mean the trustees of the Trust constituted in terms of section 8 and also refers to the individual members of the Board in their capacities as trustees.