Industrial Development Amendment Act 45 of 1966

Industrial Development Amendment Act,1966 (No. 45 of 1966)

Act

• to alter the sub-division, in terms of section 12 of the Industrial Development Act, 1940, of the shares of the Industrial Development Corporation of South Africa, Limited, and
• to provide for matters incidental thereto.

(English text signed by the State President.)
(Assented to 1 3th October, 1966.)

Be enacted by the State President, the Senate and the House of Assembly of the Republic of South Africa, as follows:-

Amendment of section 12 of Act 22 of 1940, as amended by sections 5 and 7 of Act 52 of 1964.

1. Section 12 of the Industrial Development Act, 1940, is hereby amended by the substitution for subsection (1) of the  followmg subsection:

"(1) Subject to the provisions of this section, the share capital of the corporation shall be ten million rand, which shall be divided into-

(a) one million ordinary shares of one rand each (hereinafter referred to as A shares); and

(b) nine million ordinary shares of one rand each (hereinafter referred to as B shares).".

Issue of replacement shares.

2. As soon as possible after the co=encement of section 1 there shall be issued to every person who i=ediately before the said co=encement was the holder of shares in the corporation referred to in the said Act, a number of shares of the kind and value which corresponds to the kind and value of the shares of which he was so the holder, in substitution for the latter shares.

Short title.

3. This Act shall be called the Industrial Development Amendment Act, 1966.

Commencement

26 October 1966