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South African Postbank Limited Act, 2010 (Act No. 9 of 2010)

Chapter II : Incorporation and Transfer of Enterprise

3. Incorporation


(1) The Minister must take the necessary action for the formation and incorporation of a public company with a share capital and for a certificate to commence business to be issued to the Company in terms of the Companies Act.


(2) Notwithstanding section 32 of the Companies Act and section 37 of the Banks Act, the Post Office shall, upon incorporation of the Company, be the sole member and shareholder of the Company.


(3) The name of the Company is the "South African Postbank Limited" and no person may carry on any business or be registered with that name or with a name that is similar to "Postbank".


(4) The Minister must, on behalf of the Post Office, sign the memorandum and articles of association and all other documents necessary for the formation and incorporation of the Company.


(5) The Registrar of Companies must—
(a) register the memorandum and articles of association as signed in terms of subsection (4);
(b) incorporate the Company as a public company under the name "South African Postbank Limited"; and
(c) with the concurrence of the Minister, issue to the Company a certificate to commence business.


(6) No fee is payable in respect of the incorporation of the Company.