Protection of Businesses Act, 1978
R 385
South African Express Act, 2007 (Act No. 34 of 2007)3. Transfer of SAX shares and SAX interests |
| (1) | The Minister and Transnet, with the concurrence of the Minister of Finance, must determine by agreement— |
| (a) | which SAX claims and which assets, liabilities, rights or obligations of Transnet in connection with SAX constitute SAX interests; and |
| (b) | the consideration payable for the transfer of SAX shares and SAX interests to the State. |
| (2) | If the Minister and Transnet cannot agree on any matter referred to in subsection (1), that matter must be finally determined by the Minister, with the concurrence of the Minister of Finance. |
| (3) | With effect from the transfer date— |
| (a) | the State becomes the sole shareholder and member of SAX; and |
| (b) | the Minister exercises all the rights attaching to SAX shares and SAX interests on behalf of the State, including the rights as shareholder and member of SAX. |
