Conversion of South African Special Risks Insurance Association Act, 1998 (Act No. 134 of 1998)

4. Effect of conversion
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1)The provisions of section 29 of the Companies Act, excluding those provisions requiring the payment of fees, apply to the conversion of SASRIA into a public company, having a share capital, in accordance with section 3 of this Act.

 

2)No stamp duty is payable in terms of the Stamp Duties Act, 1968 (Act No. 77 of 1968). in respect of the issue of the ordinary share as contemplated in section 5(1)(a) of this Act.

 

3)The conversion of SASRIA into a public company, having a share capital, does not affect any obligation in terms of the Income Tax Act, 1962 (Act No. 58 of 1962).