PRESIDENT'S
OFFICE
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- No. 718 15 May 1995
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- NO. 9 OF 1995: INDUSTRIAL
DEVELOPMENT AMENDMENT ACT, 1995.
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- It is hereby notified that
the President has assented to the following Act which is hereby
published for general information:
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- GENERAL EXPLANATORY NOTE:
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- ** ** Words between
two asterisks indicate omissions from existing enactments.
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- << >> Words
between pointed brackets indicate insertions in existing
enactments.
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ACT
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- To amend the Industrial
Development Act, 1940, so as to adjust a definition; to repeal
obsolete provisions; and to increase the
maximum number of directors
of the Industrial Development Corporation of South Africa, Limited;
and to provide for matters connected
therewith.
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- (Afrikaans text
signed by the President.) (Assented to 10 May 1995.)
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- BE IT ENACTED by the
Parliament of the Republic of South Africa, as follows..-
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Amendment of
section I of Act 22 of 1940 as amended by section I of Act 67 of
1961, section 1 of Act 52 of
1964, section 1 of Act 53 of 1984 and section 46 of Act 97 of 1986
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- 1. Section 1 of the
Industrial Development Act, 1940 (hereinafter referred to as the
principal Act), is hereby amended by the
substitution for the
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definition of "Minister"
of the following definition:
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" 'Minister' means
the Minister of**Industries, Commerce and Tourism**
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<<Trade and
Industry;>>".
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Repeal
of section 3bis of Act 22 of 1940
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- 2. Section 3bis of the
principal Act is hereby repealed.
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Amendment of
section 4 of Act 22 of 1940 as amended by section 2 of Act 67 of
1961, section 3 of Act 52 of
1964, section 1 of Act 47 of 1975, section 2 of
Act 96 of 1980 and section
2 of Act 53 of 1984
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- 3. Section 4 of the
principal Act is hereby amended by the substitution for paragraph
(i) of the following paragraph:
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- (i) **in any area
designated in terms of section 3bis to establish or acquire and
carry on any business or service undertaking,
and to
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provide capital or other
means and** <<to>> furnish technical and other
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assistance and expert and
specialized advice, information and guidance,".
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Repeal
of section 5quin of Act 22 of 1940
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- 4. Section 5quin of the
principal Act is hereby repealed.
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Amendment
of section 6 of Act 22 of 1940 as amended by section 3 of Act 67 of
1961 and section 46 of Act 97 of 1986 -
5. Section 6 of the principal
Act is hereby amended by the substitution for subsections (2) and
(3) of the following subsections,
respectively:
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- "(2) The board of
directors shall consist of not less than five and not more than
**nine** <<15>> directors:
Provided that if at any time
the number of directors holding office falls below five, the
remaining directors shall manage and
control the affairs of the
corporation.
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- (3) The Minister shall
have the right to appoint not more than
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**five**<<eight>>
directors, and the private shareholders shall have the right to
elect not more than **four** <<seven>>
directors.".
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- Short title
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6. This Act shall be called
the Industrial Development Amendment Act, 1995.
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