National Small Business Act, 1996 (Act No. 102 of 1996)Chapter 3: Small Enterprise Development Agency17C. Transitional Provisions in respect of assets, liabilities and funds |
| 1) |
| a) | On the date of commencement of this Act- |
| i) | all assets, liabilities, rights and obligations of Ntsika, including the unexpended balance of appropriations, authorisations, allocations and other funds employed, held or used in connection with the furtherance of its objectives and functions, pass to the Agency; |
| ii) | anything done by or on behalf of Ntsika is deemed to have been done by the Agency, subject to this Act. |
| b) | The Director-General must, in writing, as soon as practical after the coming into operation of this Act, notify the Board of Ntsika and the Registrar of Deeds of the provisions of this section. |
| c) | On receipt of the notification contemplated in paragraph (b)- |
| i) | the Board of Ntsika must take all steps necessary to liquidate Ntsika; and |
| ii) | the Registrar of Deeds must make the necessary entries and endorsements on any register or document in the registration office, or documents submitted to that Registrar. |
| 2) | Transfer duties, stamp duties, fees or taxes need not be paid for the purposes of subsection (1). |
| 3) |
| a) | As soon as practical after the coming into operation of this Act, the Minister must enter into an agreement with the Trustees of the Trust to ensure that all assets, liabilities, rights and obligations of the Trust, including the unexpended balance of appropriations, authorisations, allocations and other funds employed, held or used in connection with the furtherance of its objectives and functions, pass to the Agency. |
| b) | Anything done after the conclusion of the agreement contemplated in paragraph (a) by or on behalf of the Trust is deemed to have been done by the Agency, subject to this Act. |
| c) | As soon as practical after the conclusion of the agreement contemplated in paragraph (a)- |
| i) | the Trustees of the Trust must terminate the Trust; |
| ii) | the Master of the High Court must deregister the Trust; and |
| iii) | the Registrar of Deeds must make the necessary entries and endorsements on any register or document in the registration office, or documents submitted to that Registrar. |
| 4) | Transfer duties, stamp duties, fees or taxes need not be paid for the purposes of subsection (3). |
| 5) | Any litigation resulting from any cause of action in relation to the assets, rights, obligations or liabilities transferred to the Agency in terms of subsection (1) or (3) which arose- |
| a) | before the transfer date must be conducted by or against the incorporated institution in question; and |
| b) | on or after the transfer date must be conducted by or against the; and Agency. |