Railway and Harbour Purchase Amendment Act 97 of 1977

Railway and Harbour Purchase Amendment Act, 1977 (No. 97 of 1977)

Act

To amend section 2 of the Railway and Harbour. Purchase Act, 1977 [repealed in 2010], so as to amend the method of payment of the costs involved in the purchase and equipment of the railway and harbour. 

(English text signed by the State President.)
(Assented to 22 June 1977. )

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

Substitution of section 2 of Act 47 of 1977.

1. The following section is hereby substituted for section 2 of the Railway and Harbour Purchase Act, 1977: 

"Payment of costs.

2. The South African Railways and Harbours Administration is hereby empowered to- 

(i) raise money by way of loans in terms of section 16 of the Railways and Harbours Finances and Accounts Act, 1977; 

(ii) take over the rights and obligations in respect of all the loans "(hich have been raised by the South African Iron and Steel Industrial Corporation, Limited, for the building of the line of railway, the construction of the harbour, together with the acquisition of all the equipment relating thereto;

(iii) accept liability for the repayment of moneys financed by the South African Iron and Steel Industrial Corporation; Limited, from its own sources for the purposes mentioned in paragraph (ii); and

(iv) have other moneys appropriated by Parliament to defray the costs referred to in section 1.

Short title and date of commencement.

2. This Act shall be called the Railway and Harbour Purchase Amendment Act, 1977, and shall be deemed to have come into operation on 1 July 1976.

Commencement

1 July 1976