Files
| Attachment | Size |
|---|---|
| a2-98.pdf | 127.02 KB |
2 of 1998
The Airports Company Amendment Act 2 of 1998 intends:
- to amend the Airports Company Act, 1993, so as
- to amend certain definitions;
- to provide for the company to change its name;
- to exempt the company further from certain provisions of the Companies Act, 1973;
- to substitute or delete certain obsolete references;
- to provide that the SharehoIding Minister’s right to receive the annual report is based on the State’s shareholding;
- to provide for an unlimited number of shareholders;
- to provide for the transfer of the State’s shares in the company in order to introduce a strategic equity partner to the company and certain empowerment initiatives;
- to provide for the use of the proceeds of the sale of the State’s shares in the company;
- to provide that the objects of the company are as set out in its memorandum of association;
- to make it cIear that the company has the powers of a company registered in terms of the Companies Act, 1973, subject to limitations in the Airports Company Act, 1993;
- to limit the level of financial risk posed to the core aeronautical activities of the company by its other activities;
- to ensure that relevant activities are performed;
- to make it clear that the company may raise or receive income from sources other than airport charges;
- to delete certain obsolete transitional and other provisions;
- to delete the requirement to submit a business plan to the Shareholding Minister;
- to delete the restriction on the sale of expropriated land and to further regulate expropriation in accordance with the Expropriation Act, 1975;
- to refine the provisions regarding certain orders by the Minister and to decriminalise the breach of such order;
- to adjust the provisions regarding the economic regulation of the company, the sale or closure of certain airports and the curtailment of relevant activities by the company;
- to further regulate the acquisition or construction of an airport by the company;
- to enhance the provisions relating to the company’s failure to comply with the Act;
- to expand the Minister’s specific regulation-making powers;
- to limit the Minister’s general regulation-making powers; and
- to amend the long title; and
- to provide for matters connected therewith.
Commencement
17 March 1998
