South African Post Office SOC Ltd Act, 2011 (Act No. 22 of 2011)3. Continued existence of Post Office |
| (1) | The South African Post Office SOC Ltd, the postal company contemplated in section 3 of the Post Office Act, continues to exist as a public company, notwithstanding the repeal by this Act of provisions in the Post Office Act relating to the postal company. |
| (2) | The repeal referred to in subsection (1) does not affect— |
| (a) | the shareholding of the State in the Post Office; |
| (b) | any rights, assets, liabilities or obligations acquired or incurred by the Post Office before the commencement of this Act; |
| (c) | the continued existence of the Board of the Post Office that managed the affairs of the Post Office immediately prior to the commencement of this Act; |
| (d) | the terms and conditions of service and accrued benefits of Post Office employees; |
| (e) | the validity of any act lawfully performed by or on behalf of the Post Office prior to the repeal referred to in subsection (1); or |
| (f) | the continued existence of any subsidiary of the Post Office. |
| (3) | The powers and duties of the State as a member and shareholder of the Post Office must be exercised and performed by the Minister. |
(4)
| (a) | Notwithstanding the Companies Act, the Minister exercises the power to add to or alter the memorandum of incorporation of the Post Office. |
| (b) | Any such addition or alteration— |
| (i) | may not be in conflict with this Act; and |
| (ii) | must be aimed at giving effect to the main object of the Post Office, namely to provide a postal service; |
| (iii) | must take into account the— |
| (aa) | developmental role of the Post Office; and |
| (bb) | promotion of universal access to, and the provision of, an affordable postal service, taking into account the cost of postal services, financial sustainability and the competitiveness of the Post Office. |
| (5) | The memorandum of incorporation of the Post Office must inter alia provide that the Post Office— |
| (a) | shall have as its main object and main business to conduct the postal services; |
| (b) | shall not have the power to perform the following acts without the approval of the Minister granted after consultation with the Minister of Finance: |
| (i) | The alienation or encumbrance by the Post Office, otherwise than in the normal course of its business, of assets of the Post Office with a market value of more than 10 per cent of the market value of all the assets of the Post Office; |
| (ii) | the cessation or alteration of the main object or main business of the Post Office; |
| (iii) | the alienation of shares held by the Post Office in any subsidiary thereof so that the Post Office retains 50 per cent or less of the voting shares of the subsidiary; |
| (iv) | the merger of the Post Office with another company or the entering into of a partnership or joint venture by the Post Office; and |
| (c) | shall not issue any shares except as approved by the Minister after consultation with the Minister of Finance. |