Public Service Commission Act, 1997
R 385
Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)Chapter IA : Successor Company5. Shareholding in successor companies |
| (1) | As a consideration for the transfer contemplated in section 4(1) each successor company shall, in addition to the share referred to in section 3(4)(a), issue such shares in those companies to the State as the Minister with the concurrence of the Minister of Finance may determine: Provided that the nominal value plus any premium payable in respect of all the shares so issued by each company, shall be equal to the net asset value of the enterprise concerned. |
| (2) | The shares issued in terms of subsection (1) shall be allotted and issued at the time and on the conditions which the Minister with the concurrence of the Minister of Finance may determine. |
| (3) | Shares issued in terms of this section shall have such nominal value and shall be issued at such premium, if any, as the Minister with the concurrence of the Minister of Finance may determine and shall be issued as fully paid by the transfer to the successor company concerned of assets and liabilities with a net asset value equal to the nominal value of the shares plus any such premium. |
| (4) | Any dividends received by the State in respect of shares in a successor company shall be paid into the State Revenue Fund. |
| (5) | No stamp duty shall be paid by a successor company in respect of the issue of shares to the State in terms of this Act. |
| (6) | No money shall be paid by a successor company in terms of section 63 or 75 of the Companies Act in respect of the creation of, or any increase in, the capital of such a company. |
| (7) | [Subsection (7) deleted by section 84 of Act No. 124 of 1998] |
[Section 5 inserted by section 5 of Act No. 85 of 1991]
