Industrial Development Amendment Act

This section amends the definition of “Minister” and states that it means the Minister of Trade and Industry.

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Jurisdiction: South Africa
Instrument: Act or statute
Citation: Act 9 of 1995
Version: Undated source snapshot
Language: en
Updated: 15 May 1995
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board composition director appointment government administration legislative change shareholder rights statutory repeal

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This section amends the definition of “Minister” and states that it means the Minister of Trade and Industry. Section 3bis of the principal Act is repealed. This provision amends paragraph (i) of section 4 and replaces the text with wording about furnishing technical and other assistance, expert and specialized advice, information, and guidance. This section repeals Section Squin of the principal Act. The board must have at least five and no more than 15 directors. If the number falls below five, the remaining directors manage the corporation. The Minister may appoint up to eight directors, and private shareholders may elect up to seven.

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Provisions of Industrial Development Amendment Act

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1
Section 1 of the Industrial Development Act, 1940 (hereinafter referred to as
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AI-assisted research summary: This section amends the definition of “Minister” and states that it means the Minister of Trade and Industry.

1. Section 1 of the Industrial Development Act, 1940 (hereinafter referred to as the principal Act), is hereby amended by the substitution for the definition of "Minister" of the following definition: " 'Minister' means the Minister of [Industries, Commerce and Tourism] Trade and Industry;". 10 Repeal of section 3bis of Act 22 of 1940
2
Section 3bis of the principal Act is hereby repealed.
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AI-assisted research summary: Section 3bis of the principal Act is repealed.

2. Section 3bis of the principal Act is hereby repealed. 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 15
3
Section 4 of the principal Act is hereby amended by the substitution for
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AI-assisted research summary: This provision amends paragraph (i) of section 4 and replaces the text with wording about furnishing technical and other assistance, expert and specialized advice, information, and guidance.

3. Section 4 of the principal Act is hereby amended by the substitution for paragraph (i) of the following paragraph: "(i) [in any area designated in terms of section 3bis to establish or acquire and carry on any business or service undertaking, and to provide capital or other means and] to furnish technical and other assistance and expert 2() and specialized advice. information and guidance.". Repeal of section 5quin of Act 22 of 1940
4
Section Squin of the principal Act is hereby repealed.
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AI-assisted research summary: This section repeals Section Squin of the principal Act.

4. Section Squin of the principal Act is hereby repealed. 4 No. 16423 GOVERNMENT GAZETTE, 15 MAY 1995 Act No. 9, 1995 INDUSTRIAL DEVELOPMENT AMENDMENT ACT, 1995 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
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AI-assisted research summary: The board must have at least five and no more than 15 directors. If the number falls below five, the remaining directors manage the corporation. The Minister may appoint up to eight directors, and private shareholders may elect up to seven.

5. Section 6 of the principal Act is hereby amended by the substitution for subsections (2) and (3) of the following subsections, respectively: "(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. 5 (3) The Minister shall have the right to appoint not more than [five) eight directors, and the private shareholders shall have the right to elect not more 10 than [four) seven directors.". Short title
6
This Act shall be called the Industrial Development Amendment Act, 1995.
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AI-assisted research summary: This section says the Act is called the Industrial Development Amendment Act, 1995.

6. This Act shall be called the Industrial Development Amendment Act, 1995.

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Industrial Development Amendment Act

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