Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)

Chapter IA : Successor Company

Purchase

[Heading substituted by section 31 of Act No. 22 of 2011]

(1)

On a date or dates preceding the telecommunications transfer date, the Minister shall effect the incorporation in terms of the Companies Act of a public company, namely, a telecommunications company to conduct a telecommunications service, which company shall bear the name approved by the Minister, and the issue to the company of a certificate to commence business.

[Subsection (1) substituted by section 31 of Act No. 22 of 2011]

(2)	[Subsection (2) deleted by section 31 of Act No. 22 of 2011]

(3)	[Subsection (3) deleted by section 31 of Act No. 22 of 2011]

(4)	The telecommunications company—

(a)	shall upon incorporation issue one share with a nominal value of one rand to the State;

(b)	shall in its memorandum of incorporation inter alia provide that the telecommunications company and its subsidiaries—

(i)	shall have as its main object and main business to conduct the telecommunications service;

[Subsection (4) substituted by section 31 of Act No. 22 of 2011]

(5)	[Subsection (5) deleted by section 31 of Act No. 22 of 2011]

(6)	The powers and duties of the State as a member and shareholder of the successor company shall be exercised and performed by the Minister.

[Subsection (6) substituted by section 31 of Act No. 22 of 2011]

(7)	[Subsection (7) deleted by section 31 of Act No. 22 of 2011]

[Section 3 inserted by section 5 of Act No. 85 of 1991]