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South African Airways Unallocatable Debt Act, 2000 (No. 7 of 2000)
(English text signed by the President.)
(Assented to 16 March 2000.)
Act
- to authorise the Minister of Finance to borrow a certain amount of money during the financial year ending on 31 March 2000, for the purposes of discharging a portion of the debt of the Transnet Group of Companies attributable to South African Airways at its incorporation; and
- to provide for matters in connection therewith.
BE IT ENAC~D by the Parliament of the Republic of South Africa, as
follows:—
Definitions
1. In this Act, unless the context indicates otherwise—
(i) “burden-shining amangement” means the arrangement between the Government and Transnet whereby the Government assumes a portion of the unallocatable debt at incorporation of South African Airways; (iii)
(ii) “Minister” means the Minister of Finance; (i)
(iii) “Transnet” means the company referred to in section 2 of the Legal Succession to the South African Transport Services Act, 1989 (Act No. 9 of 1989); (iv) and
(iv) “unallocatable debt” means the portion of the total debt attributable to South African Airways which had not been allocated to South African Airways’ balance sheet as at 1 April 1999. (ii)
Authorisation of Minister to borrow certain amount of money
2.(1) Despite the provisions of any other law, the Minister may borrow an amount of R1 333 000 000 plus such amount as may be necessary to cover the costs of servicing the debt, during the financial year ending on 31 March 2000, for the purposes of discharging the Government’s assumed liability in terms of the burden-sharing arrangement.
(2) (a) From the money so borrowed, the Minister must transfer to Transnet a sum of money—
(i) sufficient to discharge the portion of the unallocatable debt which was assumed by the Government; and
(ii) equal to the total costs of servicing the debt mentioned in subparagraph (i) as incurred by Transnet, which costs must be calculated with effect from 1 April
1999.
(b) A transfer in terms of paragraph (a) must be made on such terms and conditions as the Minister may determine.
(3) The money so transfemed must be used for the purposes referred to in subsection (2)(a)(i) and (ii) and for no other purpose.
Short title
3. This Act is called the South African Airways Unallocatable Debt Act, 2000.
Commencement
17 March 2000
