Sentech Act, 1996 (Act No. 63 of 1996)6. Shareholding of Company |
| (1) | Notwithstanding section 32 of the Companies Act but subject to subsection (1A). the State shall be the only member and shareholder of the Company. |
[Subsection (1) amended by section 1(a) of Act 44 of 1999]
| (1A) | Notwithstanding any provision of law to the contrary, the Minister may transfer so much of the State's shares in the Company as the Cabinet approves, for the purpose of achieving any applicable object of the Broadcasting Act, 1999 (Act No. 4 of 1999), referred to in section 2 of that Act, to such transferees in such manner and on such terms and conditions as the Cabinet approves. |
[Subsection (1A) inserted by section 1(b) of Act 44 of 1999]
| (1B) | The proceeds of any transfer, in terms of subsection (1A), shall be used wholly or partially for the purpose referred to in that subsection, in such manner and amounts as the Cabinet approves, but all proceeds not so used within the period determined by the Minister shall be paid into the National Revenue Fund. |
[Subsection (1B) inserted by section 1(b) of Act 44 of 1999]
| (2) | The total value and number of the shares of the Company shall be determined by the Minister with the concurrence of the Minister of Finance. |
| (3) | The powers and duties of the State as member and shareholder of the Company shall, subject to subsection (4), be exercised by the Minister. |
| (4) | The rights attached to the shares of the State in the Company shall be exercised by the Minister with the concurrence of the Minister of Finance. |
| (5) | Any dividends received by the State in respect of its shares in the Company shall be paid into the National Revenue Fund. |
| (6) | No amount referred to in section 75(3) of the Companies Act or stamp duty shall be payable in respect of the increase of the share capital or the number of shares of the Company. |