| (1) | The Minister, on the recommendation of the Agency, may, from time to time, request the Minister of Trade and Industry to declare any particular provision of the Companies Act not applicable to the Agency. |
(2)
| (a) | The request must be fully motivated, and the necessary particulars about the request and the motivation be made known by the Registrar of Companies by notice in the Gazette. |
| (b) | In that notice the Registrar must— |
| (i) | invite interested persons who may have any objections to such a declaration to submit their objections and representations to a person named in the notice; or |
| (ii) | if sent by post, not later than 21 days after the date of the notice, place that person in possession of their objections and representations. |
| (3) | The Minister of Trade and Industry may, by notice in the Gazette, after having considered the objections and representations received, if satisfied on reasonable grounds that the non-application of that provision to the Agency will— |
| (a) | contribute to the efficiency of the Agency or will reduce its operating costs; |
| (b) | not reduce or limit the accountability of the Agency as a public institution or detract from the requirements of transparency regarding its functioning and operations; and |
| (c) | not be prejudicial to the rights or interests of employees of the Agency or of any other interested party, or to the claims of the creditors of the Agency, |
declare, with effect from the date stated in the notice, the whole or part of a provision of the Companies Act not applicable to the Agency.
