South African Express Act, 2007 (Act No. 34 of 2007) 1. Definitions

 

 

In this Act, unless the context indicates otherwise—

 

"Companies Act"

means the Companies Act, 1973 (Act No. 61 of 1973);

 

"conversion date"

means the date on which the conversion of South African Express (Propriety) Limited into a public company is registered in terms of section 6(1);

 

"Legal Succession Act"

means the Legal Succession to the South African Transport Services Act, 1989 (Act No. 9 of 1989);

 

"Minister"

means the Minister responsible for Public Enterprises;

 

"SAX"

means South African Express (Proprietary) Limited and, with effect from the conversion date, South African Express Limited;

 

"SAX claims"

means all amounts owing by SAX to Transnet as at midnight on the day immediately before the transfer date;

 

"SAX interests"

means those SAX claims and assets, liabilities, rights or obligations determined in terms of section 3(1)(a) or section 3(2), as the case may be, to constitute SAX interests;

 

"SAX shares"

means all the shares in the capital of SAX of which Transnet is, immediately before the transfer date, the registered and beneficial owner;

 

"South African Express Limited"

means South African Express Limited, a public company duly incorporated in terms of the Companies Act;

 

"South African Express (Proprietary) Limited"

means South African Express (Proprietary) Limited, a private company duly incorporated in terms of the Companies Act;

 

"State"

means the Government of the Republic of South Africa acting through the Minister;

 

"this Act"

includes any regulation in terms of section 8;

 

"transfer date"

means the date on which the transfer of shares and claims is finalised under an agreement between Transnet and the State;

 

"Transnet"

means Transnet Limited, a company duly incorporated in terms of section 2 of the Legal Succession Act.