Financial Services Board Act, 1990
R 385
Special Economic Zones Act, 2014 (Act No. 16 of 2014)Chapter 5 : Designation of Special Economic Zones25. Governance and management of Special Economic Zone |
| (1) | Upon designation of an area as a Special Economic Zone, the licensee must— |
| (a) | establish an entity to manage the Special Economic Zone; and |
| (b) | provide the entity with the resources and means necessary to manage and operate the Special Economic Zone, including the transfer of ownership or control of the land comprising the area designated as a Special Economic Zone. |
| (2) | In the case of a national or provincial government or a public entity licensee, the entity must be established as a national government business enterprise or a provincial government business enterprise contemplated in section 1 of the Public Finance Management Act. |
| (3) | In the case of a municipality or municipal entity licensee, the entity must be established as a municipal entity contemplated in section 1 of the Municipal Systems Act. |
| (4) | In the case of a public-private partnership licensee, the entity must be established as a company. |
| (5) | A licensee must appoint a Special Economic Zone Board which must be responsible for the efficient governance and management of the business affairs of that Special Economic Zone entity. |
| (6) | The Special Economic Zone Board must manage that Special Economic Zone entity— |
| (a) | in accordance with the Public Finance Management Act, if the licensee is national or provincial government or a public entity; |
| (b) | in accordance with the Municipal Systems Act and the Municipal Finance Management Act, if the licensee is a municipality or municipal entity; or |
| (c) | if the licensee is a public-private partnership— |
| (i) | at national or provincial government level, in accordance with regulation 16 of the National Treasury Regulations issued under the Public Finance Management Act and the Companies Act, 2008 (Act No. 71 of 2008); or |
| (ii) | at municipal level, in accordance with the provisions of section 120 of the Municipal Finance Management Act and any relevant regulations issued in terms of that Act. |
| (7) | The Minister must make regulations regarding the governance principles that must be complied with when an entity is established as envisaged in subsections (2), (3) and (4) respectively, including— |
| (a) | the constitution of Special Economic Zone Boards; |
| (b) | the term of Office of Special Economic Zone Board members; |
| (c) | codes of conduct for Special Economic Zone Boards; and |
| (d) | disclosure of interest by Special Economic Zone Board members. |
