The South African National Roads Agency Limited and National Roads Act, 1998 (Act No. 7 of 1998)Chapter 1 : Incorporation, Establishment and Related Matters3. Incorporation of The South African National Roads Agency Limited |
| (1) | The Minister must take all the steps that are necessary for the formation and incorporation of that agency as a public company with a share capital within the meaning of the Companies Act, subject to section 2, this section and section 4. |
| (2) | Despite the provisions of the Companies Act, the State will be the only member and shareholder of that company upon its incorporation and at any time thereafter. |
| (3) | Despite the provisions of the Companies Act— |
| (a) | the Minister, who represents the State, will sign the memorandum of association, articles of association and all other documents necessary in connection with the formation and incorporation of the company; |
| (b) | the Registrar of Companies must register the memorandum of association and articles of association as signed by the Minister, and incorporate the company as a public company under the name ‘‘The South African National Roads Agency Limited’’, with the State as its only member and shareholder, and issue to the company a certificate to commence business with effect from the date of the company’s incorporation. |
| (4) |
| (a) | The State’s rights as member and shareholder of the Agency are to be exercised by the Minister. |
| (b | The relationship between the Agency and the Minister representing the State as the only member and shareholder, will be as defined in an agreement entered into by the Agency and the Minister for that purpose, subject to this Act. |