Special Investigating Units and Special Tribunals Act, 1996
R 385
National Empowerment Fund Act, 1998 (Act No. 105 of 1998)24. Establishment of Investment Holding Company |
| (1 ) | The Trust is authorised to establish an investment holding company known as the National Empowerment Fund Corporation. |
| (2) | The object of the Corporation is to hold investments of the Trust in a commercially sound manner and carry out such investment activities as its directors may determine. |
| (3) | The Trust may transfer into the Corporation any of its assets in exchange for the shares issued to the trust. |
| (4) | The Trust may, in consultation with the Minister, invite any strategic equity partner to acquire shares in the Corporation, but the Trust will not hold less than 70 per cent of the shares in the Corporation. |
| (5) | The Corporation must be registered in terms of, and be governed by, the provisions of the Companies Act, 1973 (Act No. 61 of 1973). |
