"nominee company"
means a company, controlled by a financial institution, which-
| a) | is incorporated under the provisions of the Companies Act; |
| b) | has as a special condition contemplated in section 15(2) of the Companies Act the requirement to act as nominee for, or representative of, any person in the holding of any property in trust for such person or persons; |
| c) | is precluded as a special condition in its Memorandum of Incorporation from incurring any liabilities other than to the persons on whose behalf it holds assets, to the extent of their respective rights to, and interest in, such assets; and |
| d) | has entered into an irrevocable written agreement with a financial institution which controls the company, and in terms of which such financial institution has undertaken to pay all the expenses of, and incidental to, its formation, operations and liquidation; |
[Definition amended by section 156(e) of Act No. 45 of 2013]