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Nuclear Energy Act, 1999 (Act No. 46 of 1999)

Chapter II The South African Nuclear Energy Corporation, Limited

7. Certain provisions of Companies Act may be declared not applicable to Corporation

 

(1) The Minister, after consultation with the Corporation, may from time to time, as and when considered necessary, request the Minister of Trade and Industry to declare any particular provision of the Companies Act, not to be applicable to the Corporation.

 

(2) The request must be fully motivated, and the necessary particulars about the request, together with the motivation therefore, must be made known by the Registrar of Companies by notice in the Gazette. In that notice that Registrar must also invite interested persons who may have any objections to such a declaration, to submit their objections and representations to a person named in the notice, or, if sent by post, to place that person in possession of their objections and representations, not later than 21 days after the date of the notice.

 

(3) After having considered the objections and representations received within the 21 day period, the Minister of Trade and Industry may, by notice in the Gazette, declare the whole or any part of any provision of the Companies Act about which the abovementioned request was made, not to be applicable to the Corporation with effect from a date stated in that notice, if satisfied on reasonable grounds that the non-application of that provision to the Corporation—
(a) will contribute to its efficiency or will reduce the Corporation’s operating costs; and
(b) will not reduce or limit the Corporation’s accountability as a public institution or detract from the requirements of transparency as regards its functioning and operations; and
(c) will not be prejudicial to the rights, interests or claims of the Corporation’s creditors or employees or to the rights or interests of any other interested parties.