Public Investment Corporation Act, 2004 (Act No. 23 of 2004)

1. Definitions and interpretation

Purchase

In this Act, unless the context indicates otherwise—

“board”

means the board of directors of the corporation;

“commissioners”

means the Public Investment Commissioners referred to in section 2 of the Public Investment Commissioners Act;

“Companies Act”

means the Companies Act, 1973 (Act No. 61 of 1973);

“corporation”

means the corporation established by section 2(1);

“department”

means the National Treasury established in terms of section 5 of the Public Finance Management Act, 1999 (Act No. 1 of 1999);

“deposit”

means an amount of money other than that forming part of the National Revenue Fund as contemplated in the Public Finance Management Act, 1999 (Act No. 1 of 1999)—

(a)	which is received or held by, for or on behalf of—

(i)	the Government of the Republic, including the provinces; or

(ii)	any body, council, fund or account established by or under law which may, or is required to, pay, in terms of that law, such amount of money to the corporation for investment in terms of this Act; and

(b)	which is not required for immediate use or as a reasonable working balance; and

(c)	which is not invested or otherwise utilised, in terms of any law, otherwise than in terms of this Act; and

(d)	which is not invested with the corporation referred to in section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984),

and, except for the purposes of section 11(1), includes an amount of money received or held by, for or on behalf of a person or body referred to in that subsection;

“depositor”

means any person or body who pays a deposit to the corporation for investment on behalf of the person or body, and is for the purposes of the FAIS Act deemed to be a “client” as defined in section 1(1) of the FAIS Act;

“FAIS Act”

means the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002);

“financial year”

means, in relation to the corporation, a year ending on the last day of March;

“Minister”

means the Minister of Finance;

“Public Investment Commissioners Act”

means the Public Investment Commissioners Act, 1984 (Act No. 45 of 1984);

“Registrar”

means the registrar or deputy registrar of financial services providers referred to in section 2 of the FAIS Act;

“State”

means the National Government of the Republic.

(2)

(a)	Subject to paragraph (b), any reference in any law to the commissioners must be construed as a reference to the corporation.

(b)	Any provision in any law requiring or authorising the investment of an amount of money not required for immediate use or as a reasonable working balance, with the commissioners, must be construed—

(i)	if such amount of money is a deposit, as a reference to a provision requiring or authorising, as the case may be, the payment of such amount of money to the corporation for investment in terms of this Act;

(ii)

if such amount of money may or is required to be invested in such a manner that it is required to be repaid on demand, as a reference to a provision requiring or authorising, as the case may be, the investment of such amount of money with the corporation referred to in section 3 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984).

(3)

(a)	Subject to paragraph (b), the provisions of the Companies Act which are not in conflict with this Act apply to the corporation.

(b)	A provision of the Companies Act does not apply to the corporation in circumstances where—

(i)	such a provision is clearly inappropriate or incapable of being applied because of a special or contrary arrangement by this Act; and

(ii)	the Minister declared a particular provision not to be applicable to the corporation.