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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
National Empowerment Fund
Act,
No. 105 of 1998
Long title
To establish a trust for the promotion and facilitation of ownership of income generating assets by historically disadvantaged persons; to set out the objects of the trust; to provide for the powers, appointment and mode of operation of the trustees; to provide for the establishment of other investment entities for the attainment of the objects; to provide for the powers of the Minister to give implementation directives; to provide for the sale of shares in State Owned Commercial Enterprises at a discount to the trust or by the trust to the beneficiaries; to provide for the control of the financial affairs of the trust; to provide for the establishment of an investment holding company by the trust; to provide for the promulgation of regulations; to provide for the dissolution of the trust; and to provide for other incidental matters.
Table of contents
Legislation Text Access Point
Long title
To establish a trust for the promotion and facilitation of ownership of income generating assets by historically disadvantaged persons; to set out the objects of the trust; to provide for the powers, appointment and mode of operation of the trustees; to provide for the establishment of other investment entities for the attainment of the objects; to provide for the powers of the Minister to give implementation directives; to provide for the sale of shares in State Owned Commercial Enterprises at a discount to the trust or by the trust to the beneficiaries; to provide for the control of the financial affairs of the trust; to provide for the establishment of an investment holding company by the trust; to provide for the promulgation of regulations; to provide for the dissolution of the trust; and to provide for other incidental matters.
Table of contents
| SECTION | TITLE |
| PREAMBLE | |
| 1. | Definitions |
| 2. | Establishment of National Empowerment Fund |
| 3. | Objects of Trust |
| 4. | The Trust |
| 5. | Duty of care by trustees |
| 6. | Personal requirements in respect of trustees |
| 7. | Disqualification of trustees |
| 8. | Appointment of trustees |
| 9. | Term of office of trustees |
| 10. | Remuneration and allowances of trustees |
| 11. | Removal from office |
| 12. | Vacancies on Board |
| 13. | Meetings of Board |
| 14. | Disclosure of conflicting interests |
| 15. | Proceedings of Board not invalid in certain circumstances |
| 16. | Powers of Trustees |
| 17. | Chief Executive Officer |
| 18. | Financing of Trust |
| 19. | Banking account |
| 20. | Reports |
| 21. | Promotion and establishment of investment entities |
| 22. | Implementation directives by Minister |
| 23. | Transfer of State Assets |
| 24. | Establishment of Investment Holding Company |
| 25. | Funds of Trust |
| 26. | Certain Exemptions regarding the National Revenue Fund |
| 27. | Regulations |
| 28. | Dissolution of Trust and Distribution |
| 29. | Application of Trust laws and principles |
| 30. | Short title and commencement |
Legislation Text Access Point
| Versions [To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.] |
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| As unamended Act 1998_105_000_19981211 | EXT.LINK | REQ.INFO | LINK |
| As amended by Act 2004_012_000_20040428 | N/A | REQ.INFO | LINK |
| As amended by ... | N/A | REQ.INFO | LINK |
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