Disestablishment of South African Housing Trust Limited Act

1. In this Act, unless the context indicates otherwise— “Company” means the South African Housing Trust Limited; “Companies Act” means the Companies Act, 1973 (Act No. 61 of 1973): “effective date” means 1 September 2002; “financial year” means the period from 1 April in any year to 31 March in the following year; “Government” means the Government of the Republic of South Africa; “Minister” means the Minister of Housing. 5 10 4 No. 24146 Act No. 26,2002 GOVERNMENT GAZETTE, 5 DECEMBER 2002 DISESTABLISHMENT OF SOUTH AFRICAN HOUSING TRUST LIMITED ACT, 2002 Disestablishment of South African Housing Trust Limited 2. (1) As from the effective date the Company ceases to exist as a company in terms of the Companies Act and must for the purposes of that Act be regarded as having been wound up. (2) The Registrar of Companies must reregister the Company as a company in terms 5 of the Companies Act with effect from the effective date. Consequences of disestablishment

3. As from the effective date— ((7) (6) (c’) all rights and assets of the Company, including the administrative, financial and other records of the Company, vest in the National Housing Finance 10 Corporation referred to in section 3(6)(b) of the Housing Act, 1997 (Act No. 107 of 1997); all obligations and liabilities of the Company vest in the Government as part of the national debt, and the Government must meet these obligations and liabilities on the dates stipulated for compliance; and the directors of the Company retire as directors of the Company in terms of an agreement between the directors and the Government. 15 Effects on National Revenue Fund 4. (1) Any payment made by the Government after the effective date but during the financial year starting on 1 April 2002 to meet an obligation or a liability contemplated 20 in section 3(b) must be a direct charge against the National Revenue Fund to the extent that such payment cannot be defrayed from funds appropriated under the Housing Vote in the relevant Appropriation Act. (2) Payment of interest on and repayment of any obligations and liabilities in subsequent financial years are a direct charge against the National Revenue Fund as if 25 they were payments in connection with loans as contemplated in section 73 of the Public Finance Management Act, 1999 (Act No. 1 of 1999). Short title

5. This Act is called the Disestablishment of South African Housing Trust Limited Act, 2002. 30