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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

179. Procedures related to withdrawing exemptions

 

 

(1) An exemption granted by the Minister in terms of section 9 is valid until withdrawn by the Minister in accordance with this section.

 

(2) The Commission—
(a) must monitor any national legislation that forms the basis on which an exemption is granted in terms of section 9 (2); and
(b) may recommend to the Minister that an exemption be withdrawn if the national legislation contemplated in section 9 (2), and on the basis of which the exemption was granted, has subsequently been amended or repealed to the extent that the grounds for the exemption no longer exist.

 

(3) If the Commission is contemplating making a recommendation to the Minister in terms of sub-regulation (2)(b), the Commission must so notify the Minister, the Minister of Public Enterprises, or the Minister responsible for Local Government Affairs, as the case may require, and the company concerned, in writing, of the possible intention to do so, as well as publishing a notice of that intention in the Gazette.

 

(4) The Commission may request further information from a person who submits a representation in response to a notice published in terms of sub-regulation (3).

 

(5) After considering any submissions or other information received in relation to the proposed withdrawal of exemption, the Commission must advise the Minister whether or not to withdraw the exemption.