Airports Company Act, 1993 (Act No. 44 of 1993)

3. Shares of the company held by the State
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[Section 3 heading substituted by section 3(a) of Act No. 2 of 1998]

 

(1)[Section 3(1) deleted by section 3(b) of Act No. 2 of 1998]

 

(2)[Section 3(2) deleted by section 3(b) of Act No. 2 of 1998]

 

(3)As long as the State holds shares in the company the President shall designate a Minister as the Shareholding Minister.

[Section 3(3) substituted by section 3(c) of Act No. 2 of 1998]

 

(4)The rights attached to the shares in the company, of which the State is the holder, shall be exercised by the Shareholding Minister on behalf of the State.

[Section 3(4) substituted by section 3(c) of Act No. 2 of 1998]

 

(5)Notwithstanding any prevision of law to the contrary, the Minister may in terms of one or more transactions transfer shares in the company of which the State is the holder to such transferees in such manner and on such terms and conditions as the Cabinet, on the recommendation of the Minister, approves.

[Section 3(5) inserted by section 3(d) of Act No. 2 of 1998]

 

(6)The proceeds of any transfer under subsection (5) shall be used for such purpose as the Cabinet, on the recommendation of the Minister, approves.

[Section 3(6) inserted by section 3(d) of Act No. 2 of 1998]