Agricultural Research Act, 1990 (Act No. 86 of 1990)

27. Transfer of assets and funds to ARC
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(1)The Minister may, with the concurrence of the Minister of Finance, transfer any movable or immovable property belonging to the State to the ARC to enable it to perform its functions or to achieve any of its objects.

 

(2)No immovable property transferred to the ARC in terms of subsection (1), may without the approval of the Minister, granted with the concurrence of the Minister of Finance, be alienated, mortgaged or disposed of in any other manner.

 

(3)

(a)All amounts or unspent portions of amounts and the interest thereon, being in the Agricultural Research Account established under section 2 of the Agricultural Research Account Act, 1964 (Act No. 37 of 1964), and the Tobacco Research Account and the Wine Research Account established under section 2 of the Tobacco and Wine Research Accounts Act, 1960 (Act No. 60 of 1960), on a date determined by the Minister by notice in the Gazette, shall with effect from such date be transferred to the ARC.
(b)Any condition attached to any amount in the research accounts referred to in paragraph (a), remains in force and shall be honoured by the ARC, and a reserve fund contemplated in section 20(5)(b), shall be established in respect of each such amount.
(c)In respect of the amounts in the Agricultural Research Account referred to in paragraph (a) to which no condition is attached as referred to in paragraph (b), one reserve fund as contemplated in section 20(5)(b) shall be established.

 

(4)A registrar as defined in section 102 of the Deeds Registries Act, 1937 (Act No. 47 of 1937), shall, upon submission to him of a certificate by the Minister that a real right in respect of immovable property described in such certificate has been acquired by the ARC, make such entries or endorsements as he may deem necessary in or on any relevant register or other document in his office or laid before him, in order to register such right in the name of the ARC, and no stamp duty, office or other fee shall be payable in respect of the registration.