Air Traffic and Navigation Services Company Act, 1993 (Act No. 45 of 1993)2. Establishment of public company |
| (1) | On a date to be fixed by the Minister by notice in the Gazette there shall be established a public company to be known as the Air Traffic and Navigation Services Company Limited. |
| (2) | Notwithstanding the provisions of the Companies Act, 1973 (Act No. 61 of 1973), the Shareholding Minister shall on behalf of the State sign the memorandum of association and the articles of association of the proposed company. |
| (3) | If the memorandum of association and the articles of association have been so signed they shall, as far as the signing thereof is concerned, be deemed to comply with the requirements of the Companies Act, 1973, for the registration in terms of the said Act, of any such memorandum or articles. |
| (4) | On receipt of the memorandum-and articles so signed the registrar of companies shall register the said memorandum and articles as contemplated in section 63 of the Companies Act, 1973, and endorse thereon a certificate that the company is incorporated. |
| (5) | No fees shall be payable in terms of the Companies Act, 1973, in respect of the checking of documents, the reservation of the name, the registration of the said memorandum and articles and the issue of a certificate to commence business. |
| (6) | The provisions of sections 66 and 344(d) of the Companies Act, 1973, shall not apply to the company as long as the State is the sole member and shareholder of the company. |
(7)
| (a) | The directors shall be non-executive and executive directors. |
| (b) | The majority of the directors shall be non-executive directors. |
| (c) | The majority of the non-executive directors shall be persons who are not officers or employees as defined in section 1 of the Public Service Act, 1984 (Act No. 111 of 1984). |
| (d) | The Shareholding Minister shall, in appointing the non-executive directors contemplated in paragraph (c), consult with appropriate interested parties. |