Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997)13. Share capital |
| (1) | Subject to subsections (2A) and (5), the authorised share capital of the Bank shall be the amount of twenty billion and two hundred million rand which shall be divided into two million and twenty thousand ordinary shares. |
[Section 13(1) substituted by section 6(a) of Act No. 41 of 2014]
| (2) | Certificates in respect of the shares referred to in subsection (1) shall be issued as determined in the regulations to the Government of the Republic of South Africa as consideration for paid-up share capital and new certificates shall replace any certificates previously issued. |
[Section (13(2) substituted by section 6(b) of Act No. 41 of 2014]
| (2A) | The Minister may, after consultation with the board and by notice in the Gazette, adjust the amount of the authorised share capital of the Bank and the number of ordinary shares. |
[Section 13(2A) inserted by section 6(b) of Act No. 41 of 2014]
| (3) | The shareholders shall subscribe to any portion of the balance of the authorised share capital if— |
| (a) | requested to do so by the board as provided in the regulations; and |
(b) approved at a meeting of shareholders.
[Section 13(3) substituted by section 6(c) of Act No. 41 of 2014]
| (4) | The issued shares may be transferred by the Government of the Republic to any institutional shareholder. |
| (5) | The board may from time to time, with the approval of the shareholders previously given at a meeting of shareholders, increase the issued share capital of the Bank to such extent as it may deem expedient, by the creation and issue of ordinary or preference shares, or shares of such other class as it may determine, which shares may be issued upon such terms and conditions as the board may determine, including conditions as to the voting rights which may be exercised by the holders thereof, in the case of preference shares, or that the holders thereof shall not be entitled to vote. |
[Section 13(5) substituted by No. 6(d) of Act No. 41 of 2014]
| (6) | An institutional shareholder shall not pledge or encumber any of the Bank’s shares held by it if the aggregate of the shares so pledged or encumbered exceeds five per cent of the Bank’s issued share capital. |
| (7) | An institutional shareholder shall not transfer or assign any of its shares in the Bank to any other person if the aggregate of the shares which are transferred to such other person exceeds five per cent of the Bank’s issued share capital. |