Housing Development Agency Act, 2008
R 385
Nuclear Energy Act, 1999 (Act No. 46 of 1999)Chapter II The South African Nuclear Energy Corporation, Limited4. Incorporation of South African Nuclear Energy Corporation, Limited |
| (1) | The Minister must take all the steps that are necessary for the formation and incorporation of that corporation as a public company with a share capital within the meaning of the Companies Act, subject to section 3, this section and section 5. |
| (2) | Despite the provisions of the Companies Act, the State will be the only member and shareholder of that company upon its incorporation. |
| (3) | Despite the provisions of the Companies Act— |
| (a) | the Minister, who represents the State, will sign the memorandum of association, articles of association and all other documents necessary in connection with the formation and incorporation of the company; |
| (b) | the Registrar of Companies must register the memorandum of association and articles of association as signed by the Minister, and incorporate the company as a public company under the name "The South African Nuclear Energy Corporation Limited", with the State as its only member and shareholder, and issue to the company a certificate to commence business with effect from the date of the company’s incorporation. |
(4)
| (a) | The State’s rights as member and shareholder of the Corporation are to be exercised by the Minister. |
| (b) | The relationship between the Corporation and the Minister representing the State as the only member and shareholder, may be closer defined in an agreement entered into by the Corporation and the Minister for that purpose, subject to this Act. |
