National Ports Act, 2005 (Act No. 12 of 2005)Chapter 2 : Establishment and Incorporation of Authority7. Certain provisions of Companies Act may be declared inapplicable to Authority |
(1)
| (a) | The Shareholding Minister may request the Minister of Trade and Industry to declare any provision of the Companies Act to be inapplicable to the Authority. |
| (b) | The request must be fully motivated by the Authority. |
(2)
| (a) | The Registrar of Companies must publish particulars about the request and the motivation contemplated in subsection (1), by notice in the Gazette. |
| (b) | In such notice, the Registrar must invite interested persons to submit representations to a person named in the notice within the period stipulated in that notice. |
(3)
| (a) | After having considered the representations contemplated in subsection (2), if any, the Minister of Trade and Industry may, by notice in the Gazette, declare the whole or any part of the provision concerned to be inapplicable to the Authority with effect from the date stipulated in that notice. |
| (b) | The Minister of Trade and Industry may only issue the declaration if satisfied on reasonable grounds that the inapplicability of that provision to the Authority— |
| (i) | will contribute to the Authority’s efficiency; |
| (ii) | will not reduce or limit the Authority’s accountability as a public institution or reduce the transparency of its functioning and operations; and |
| (iii) | will not be prejudicial to the rights, interests or claims of the Authority’s creditors or employees or to the rights or interests of any other person. |