Statistics Act, 1999
R 385
National Student Financial Aid Scheme Act, 1999 (Act No. 56 of 1999)Chapter 5 : General29. Transitional arrangements |
| 1) | Despite section 28, the Tertiary Education Fund of South Africa, a company recognised in terms of section 2 of the Provision of Special Funds for Tertiary Education and Training Act, 1993 (Act No. 121 of 1993), hereinafter referred to as "TEFSA", continues to perform the functions which it performed prior to the commencement of this Act, until a date determined by the Minister by notice in the Gazette. |
| 2) | Despite section 2(2)(h) of the Provision of Special Funds for Tertiary Education and Training Act, 1993 (Act No. 121 of 1993), all assets which vested in TEFSA immediately prior to the date referred to in subsection (1), vest in the NSFAS on that date. |
| 3) | Existing agreements of employment between TEFSA and the executive officer of TEFSA and between TEFSA and the employees of TEFSA must on the date referred to in subsection (1), be deemed to be agreements entered into between those employees and the NSFAS and must continue to exist subject to applicable labour laws, and those employees must be deemed to have served continuously under the same employer without interruption. |
| 4) | On or before the date referred to in subsection (1), TEFSA must deregister as a company in terms of the Companies Act, 1973 (Act No. 61 of 1973). |
