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).|
|1)||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.|
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