National Empowerment Fund Act, 1998 (Act No. 105 of 1998)

23. Transfer of State Assets

Purchase

(1)

(a)

The Trust may purchase or acquire shares in State Owned Commercial Enterprises, as such shares may be offered to the Trust by the State, on such terms and conditions as may be determined by the Minister in consultation with the Ministers in charge having regard to the recommendations of the trustees.

(b)	The Minister is authorised to determine or agree to a price for the shares which price may be less than the market related price of the shares.

(2) The terms and conditions of sale of shares to the Trust referred to in subsection 1, may include—

(a)	deferred payment of the purchase price payable by the Trust;

(b)	the minimum or maximum price at which the Trust may sell the shares to the historically disadvantaged persons, or business entities referred to in section 21;

(c)	such other terms and conditions as the Minister may determine with the concurrence of the Minister of Finance and the trustees.

(3)	The Trust is entitled to, either partly or wholly sell, transfer, or in any way deal with the said assets or shares for the purpose of meeting the objects of the Trust, subject to the provisions of any agreement applicable to the shares in question.