Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002)
R 385
Local Government: Municipal Systems Act, 2000 (Act No. 32 of 2000)Chapter 8A : Municipal EntitiesPart 7 : General93K. Establishment of and acquisition of interests in corporate bodies disallowed |
| (1) | A municipal entity may not— |
| (a) | establish or participate in the establishment of a company or any other corporate body, including a trust; or |
| (b) | acquire or hold an interest in a company or any other corporate body, including a trust. |
| (2) | Subsection (1) does not apply to— |
| (a) | the acquisition by a municipal entity of securities in a company listed on the Johannesburg Securities Exchange for investment purposes, subject to any applicable provisions of the Municipal Finance Management Act; or |
| (b) | a fund for the benefit of employees of a municipal entity in terms of a law regulating pensions or medical aid schemes. |
[Section 93K inserted by section 26 of Act No. 44 of 2003]
