Local Authorities Loans Fund Acts Repeal Act

17 Desember 1997 It is hereby notified that the President has assented to the following Act which is hereby published for general in forrnation:— Hierby w o r d b e k e n d gemaak dat die President sy goedkeuring geheg het aan die onderstaande Wet wat hierby ter algemene inligting gepubliseer word:— No. 98 of 1997: Local Authorities Loans Fund Acts Repeal Act, 1997. No. 98 van 1997: Wet op die Herroeping van Wette op die Leningsfonds vu Plaaslike Besture, 1997. 2 No. 1S513 GOVERNMENT GAZETTE, 17 DECEMBER 1997 Act No. 9& 1997 LOCAL AUTHORITIES LOANS FUND ACTS REPEAL ACT, 1997 . . ! ACT TCI repeal the I-meal Authorities Loans Fund Act, 1984; to provide that the assets, Iirtbilities, rights and obligations of the Local Authorities Loans Fund Board, .- -including the proceeds of the Local Authorities Loans Fund, are vested in the ‘ - Development Bank of Southern Africa; and to provide for matters connected ., --- ”.” . ‘. .: . ..- ,.. . --- therewith. .. . . . .. ~ - ,. (Afrikaans text signed by the President.) (Assented to 26 November 1997.) -‘? E IT ENACTED by the Parlianient” of the Republic of South Africa, as b follows:— . . . . . . . . ,/. . . . ,. Definitions

1. In this Act, unless the context indicates otherwise— (i) “Board” means the Local Authorities Loans Fund Board established by 5 section 4 of the Local Authorities Loans Fund ACL 1984 (Act No. 67 of 1984); (iii) “Development Bank” means the Development Bank of Southern Africa Llrnited, referred to in section 2 of the Development Bank of Southern Africa Act, 1997 (Act No. 13 of 1997); (ii) 10 (ii) (iii) “Fund” means the Local Authorities Loans Fund established by section 2 of the Local Authorities Loans Fund Act, 1984. (iii) Repeal of laws

2. Subject to section 3— (u) the Local Authorities Loans Fund Act, 1984 (Act No. 67 of 1984); (b) the Local Authorities Loans Fund Amendment Act, 1993 (Act No. 41 of 1993); and (c) the Local Authorities Loans Fund Amendment Act, 1995 (Act No. 25 of 1995), are hereby repealed. Savings 15 20

3. Notwithstanding section 2, sections 11(3) and (4), 13 and 14 of the Local Authorities Loans Fund Act, 1984, remain in force until all the loans granted by the Board to local authorities from the Fund have been repaid: Provided that the Development Bank, with the approval of the Minister of Finance, exercises the powers 25 granted by those sections to the Board. Assets, liabilities, rights and obligations of Board 4. (1) At the commencement of this Act al] assets, liabilities, rights and obligations which vested in the Board in terms of the Local Authorities Loans Fund Act, 1984, including the proceeds of the Fund, vest in the Development Bank. 30 (2) NO tax. levy, duty or other statutory fee is payable for the vesting of assets, liabilities, rights and obligations in the Development B~k in terms of subsection (1 ). 4 No. 18513 GOVERNMENT GAZETTE, 17 DECEMBER 1997 Act No. 98.1997 LOCAL AUTHORITIES LOANS FUND ACTS REPEAL ACT, 1997 Financial and administrative records of Board

5. The Minister of Finance must ensure that all agreements, acknowledgements of debt, certificates, accounts, financial statements and all other financial and administra- tive records of the Board concerning the assets, liabilities, rights and obligations referred to in section 4 are transferred to the Development Bank as soon as possible after the 5 commencement of this Act. Audit

6. The assets and liabilities vested in the Development Bank in terms of section 4 must be verified by statements audited by the Auditor-General as soon as possible after the commencement of this Act. 10 Short title and commencement

7. Tlis Act is called the Local Authorities Loans Fund Acts Repeal Act, 1997, and comes into operation on a date determined by the President by proclamation in the Gazetre.