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South Africa
NATIONAL LEGISLATION OVERVIEWS
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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

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

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