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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 1 : Interpretation, Purpose and Application

Part B : Purpose and application

9. Modified application with respect to state-owned companies

 

 

1) Subject to section 5(4) and (5), any provision of this Act that applies to a public company applies also to a state-owned company, except to the extent that the Minister has granted an exemption in terms of subsection (3).

 

2) The member of the Cabinet responsible for—
a) state-owned companies may request the Minister to grant a total, partial or conditional exemption from one or more provisions of this Act, applicable to all state-owned companies, any class of state-owned companies, or to one or more particular state-owned company; or
b) local government matters may request the Minister to grant a total, partial or conditional exemption from one or more provisions of this Act, applicable to all state-owned companies owned by a municipality, any class of such enterprises, or to one or more particular such enterprises,

on the grounds that those provisions overlap or duplicate an applicable regulatory scheme established in terms of any other national legislation.

 

3) The Minister, by notice in the Gazette after receiving the advice of the Commission, may grant an exemption contemplated in subsection (2)—
a) only to the extent that the relevant alternative regulatory scheme ensures the achievement of the purposes of this Act at least as well as the provisions of this Act; and
b) subject to any limits or conditions necessary to ensure the achievement of the purposes of this Act.