Post and Telecommunication-related Matters Act, 1958 (Act No. 44 of 1958)

Chapter IA : Successor Company

3. Incorporation of successor company

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[Heading substituted by section 31 of Act No. 22 of 2011]

 

 

(1)On a date or dates preceding the telecommunications transfer date, the Minister shall effect the incorporation in terms of the Companies Act of a public company, namely, a telecommunications company to conduct a telecommunications service, which company shall bear the name approved by the Minister, and the issue to the  company of a certificate to commence business.

[Subsection (1) substituted by section 31 of Act No. 22 of 2011]

 

(2)[Subsection (2) deleted by section 31 of Act No. 22 of 2011]

 

(3)[Subsection (3) deleted by section 31 of Act No. 22 of 2011]

 

(4)The telecommunications company—
(a)shall upon incorporation issue one share with a nominal value of one rand to the State;
(b)shall in its memorandum of incorporation inter alia provide that the telecommunications company and its subsidiaries—
(i)shall have as its main object and main business  to conduct the telecommunications service;

[Subsection (4) substituted by section 31 of Act No. 22 of 2011]

 

(5)[Subsection (5) deleted by section 31 of Act No. 22 of 2011]

 

(6)The powers and duties of the State as a member and shareholder of the successor company shall be exercised and performed by the Minister.

[Subsection (6) substituted by section 31 of Act No. 22 of 2011]

 

(7)[Subsection (7) deleted by section 31 of Act No. 22 of 2011]

 

[Section 3 inserted by section 5 of Act No. 85 of 1991]