Protection of Businesses Act, 1978
R 385
Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 196110. Restriction on Export of Capital |
| (1) | No person shall, except with permission granted by the Treasury and in accordance with such conditions as the Treasury may impose— |
| (a) | export from the Republic during any period of twelve months a total quantity of goods which exceeds in value twenty rand or such greater amount as the Treasury may determine, if— |
| (i) | no payment for such goods has been or is to be received in the Republic from a person outside the Republic; or |
| (ii) | such goods are exported at a price which is less than the value thereof; or |
| (iii) | the period within which payment for such goods is to be made exceeds six months from the date of shipment from the Republic or such shorter period as an authorised dealer may determine in respect of such goods; |
| (b) | take out of the Republic goods, including personal apparel, household effects, and jewellery which have a value in excess of six hundred rand or of such greater amount as the Treasury may determine; |
| (c) | enter into any transaction whereby capital or any right to capital is directly or indirectly exported from the Republic. |
| (2) | The provisions of subregulation (3), (4) and (5) of Regulation 3 shall apply mutatis mutandis to goods referred to in subregulation (1)(b) of this regulation. |
| (3) | For the purposes of this regulation "value" shall mean the value for customs purposes as defined in section one hundred and eight of the Customs Act, 1955 (No. 55 of 1955). |
| (4) | For the purposes of subregulation (1)(c)— |
| (a) | "capital" shall include, without derogating from the generality of that term, any intellectual property right, whether registered or unregistered; and |
| (b) | "exported from the Republic" shall include, without derogating from the generality of that term, the cession of, the creation of a hypothetic or other form of security over, or the assignment or transfer of any intellectual property right, to or in favour of a person who is not resident in the Republic. |
