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

Companies Regulations, 2011

Chapter 8 : Regulatory Agencies and Administration

Part C : Exercise of Commission Exemption Functions

178. Procedures relating to requests for exemption in terms of Section 9

 

 

(1) In this Part, 'requester' means a person who has requested the Minister to grant an exemption in terms of section 9 (2).

 

(2) Upon receiving a request for advise respecting a proposed exemption, referred by the Minister in terms of section 9 (3), the Commission, by issuing Form CoR 178 to the requester, may require the requester to provide the necessary particulars before the request will be considered, if the application does not specify sufficient particulars of—
(a) the specific company or categories of state owned companies for whom the exemption is sought;
(b) the specific provisions of the Act from which exemption is sought; or
(c) the specific relevant alternative legislation contemplated in section 9 (2).

 

(3) If the requester—
(a) does not respond to the Commission within 40 business days after receiving Form CoR 178, the request will be deemed to have been abandoned; or
(b) responds to the Commission, but does not, to the satisfaction of the Commission, meet the requirements set out in Form CoR 178 as issued, the Commission, by issuing a new Form CoR 178 to the requester, may again stipulate any further information, or clarification, required before the application will be considered, and the provisions of this sub-regulation (3) apply afresh to any such new Form CoR 178.

 

(4) If a request is deemed to have been abandoned in terms of sub-regulation (3), the Commission may close its file on that application by giving notice of that fact to the Minister, but without providing any further advice to the Minister as contemplated in section 9 (3).

 

(5) After receiving adequate information to begin consideration of a request, the Commission—
(a) must publish in the Gazette the notice of the request; and
(b) may request further information from any person who submits a representation in response to a notice published in terms of paragraph (a).