Nuclear Energy Act, 1999 (Act No. 46 of 1999)

Chapter II The South African Nuclear Energy Corporation, Limited

10. State's financial interest in Corporation
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(1)In exchange for the nett value of the assets passing to and vesting in the Corporation in terms of section 8, the State, by virtue of having been the sole shareholder in the Atomic Energy Corporation, will hold fully paid-up shares in the Corporation—
(a)for an amount equal to the nett value of the assets so invested in the Corporation; or
(b)for an amount equal to a percentage, specified in the agreement, of the nett value of the assets so invested, subject to subsection (2).

 

(2)
(a)If the amount for which shares in the Corporation are to be held by the State in terms of subsection (1), is less than the nett value of the assets so passing to and vesting in the Corporation, the Corporation will be indebted to the State for an amount equal to the difference between the nett value of those assets and the value of the shares to be so held. The amount of that difference will be regarded and treated as a loan granted to the Corporation by the State.
(b)The terms and conditions of that loan must be set out in the agreement mentioned in subsection (1). In that agreement provision may be made that the Corporation issues the State with debentures for the whole or any part of the amount of the loan.

 

(3)For the purposes of this section, any reference to the nett value of the assets invested in the Corporation, however expressed, must be understood to mean all the money mentioned in subsection (1) of section 8 plus the value of all the movable, immovable and other property passing to the Corporation in terms of subsection (2)(a), (b) and (c) of that section, an amount representing the sum of all the liabilities passing to the Corporation in terms of subsection (2)(d) of that section.

 

(4)Where the value of any assets consisting of immovable property is to be determined for the purposes of this section, regard must be had to the criteria mentioned in sections 12(1) and (5)(b), (c), (d), (e), (f) and (h) of the Expropriation Act, 1975 (Act No. 63 of 1975).