(4) The Company is exempt from the payment of all fees chargeable in terms of the Companies Act which relate to the checking of documents, the reservation and registration of the name of a company or a shortened form thereof, the registration of its memorandum and articles and the issue of a certificate to commence business. (5) Sections 66, 174, 190 and 344(d) of the Companies Act not, while the State is a member of the Company and the total number of members of the Company is less than seven, apply to the Company. (6) The Minister shall, within a period of 28 days after the registration of the memorandum and articles, or any alteration or addition thereto, as the case may be, table such memorandum and articles, or such alteration or addition, as the case may be, in the National Assembly if the National Assembly is then in ordinary session or, if the National Assembly is not then in ordinary session, within a period of 28 days after the commencement of its next ensuing ordinary session. [subsection (6) amended by Act 2 of 2006 to delete the word “Shareholding”] Shareholding in Company 3. (1) The State shall, on the registration of the Company and subject to subsection (5), be the holder of the shares in the Company. (2) The Minister shall, on behalf of the State, exercise the rights attached to the shares of which the State is the holder. [subsection (2) substituted by Act 2 of 2006] (3) [subsection (3) deleted by Act 2 of 2006] (4) [subsection (4) deleted by Act 2 of 2006] (5) With the prior consent of the Cabinet - (a) the Minister may alienate shares held by; [paragraph (a) amended by Act 2 of 2006 to delete the word “Shareholding”] (b) the Company may issue shares in the Company to any person other than, the State. Object of Company 4. (1) Subject to the other provisions of this Act, the object of the Company is to undertake work relating to the construction or maintenance of roads or any other construction works in accordance with sound and generally accepted business principles. [subsection (1) substituted by Act 11 of 2002]
(4) The Company is exempt from the payment of all fees chargeable in terms of the Companies Act which relate to the checking of documents, the reservation and registration of the name of a company or a shortened form thereof, the registration of its memorandum and articles and the issue of a certificate to commence business. (5) Sections 66, 174, 190 and 344(d) of the Companies Act not, while the State is a member of the Company and the total number of members of the Company is less than seven, apply to the Company. (6) The Minister shall, within a period of 28 days after the registration of the memorandum and articles, or any alteration or addition thereto, as the case may be, table such memorandum and articles, or such alteration or addition, as the case may be, in the National Assembly if the National Assembly is then in ordinary session or, if the National Assembly is not then in ordinary session, within a period of 28 days after the commencement of its next ensuing ordinary session. [subsection (6) amended by Act 2 of 2006 to delete the word “Shareholding”] Shareholding in Company 3. (1) The State shall, on the registration of the Company and subject to subsection (5), be the holder of the shares in the Company. (2) The Minister shall, on behalf of the State, exercise the rights attached to the shares of which the State is the holder. [subsection (2) substituted by Act 2 of 2006] (3) [subsection (3) deleted by Act 2 of 2006] (4) [subsection (4) deleted by Act 2 of 2006] (5) With the prior consent of the Cabinet - (a) the Minister may alienate shares held by; [paragraph (a) amended by Act 2 of 2006 to delete the word “Shareholding”] (b) the Company may issue shares in the Company to any person other than, the State. Object of Company 4. (1) Subject to the other provisions of this Act, the object of the Company is to undertake work relating to the construction or maintenance of roads or any other construction works in accordance with sound and generally accepted business principles. [subsection (1) substituted by Act 11 of 2002]
Roads%20Contractor%20Company%20Act%2014%20of%201999.docx