National Empowerment Fund Act 105 of 1998

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105 of 1998

The National Empowerment Fund Act 105 of 1998 intends:

  • to establish a trust for the promotion and facilitation of ownership of income generating assets by historically disadvantaged persons;
  • to set out the objects of the trust;
  • to provide for the powers, appointment and mode of operation of the trustees;
  • to provide for the establishment of other investment entities for the attainment of the objects;
  • to provide for the powers of the Minister to give implementation directives;
  • to provide for the sale of shares in State Owned Commercial Enterprises at a discount to the trust or by the trust to the beneficiaries;
  • to provide for the control of the financial affairs of the trust;
  • to provide for the establishment of an investment holding company by the trust;
  • to provide for the promtdgation of regulations;
  • to provide for the dissolution of the trust; and
  • to provide for other incidental matters.

Commencement

29 October 1999 (Gazette 20576 of 29 October 1999)

Amendments

The Southern African Legal Information Institute provides a complete amended Act at https://www.saflii.org/za/legis/consol_act/nefa1998276/ [Updated to 27 April 2004]

Amended by Prevention and Combating of Corrupt Activities Act 12 of 2004

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