South African Airways Unallocatable Debt Act

1. In this Act, unless the context indicates otherwise— (i) (ii) (iii) (iv) “burden-shining amangement” means the arrangement between the Govern- 5 ment and Transnet whereby the Government assumes a portion of the unallocatable debt at incorporation of South African Airways; (iii) “Minister” means the Minister of Finance; (i) “Transnet” means the company referred to in section 2 of the Legal Succession to the South African Transport Services Act, 1989 (Act No. 9 of 10 1989); (iv) and “unallocatable debt” means the portion of the total debt attributable to South African Airways which had not been allocated to South African Airways’ balance sheet as at 1 April 1999. (ii) Authorisation of Minister to borrow certain amount of money 2.( 1) Despite the provisions of any other law, the Minister may borrow an amount of R1 333000000 plus such amount as may be necessary to cover the costs of servicing the debt, during the financial year ending on 31 March 2000, for the purposes of discharging the Government’s assumed liability in terms of the burden-sharing arrangement. (2) (a) From the money so borrowed, the Minister must transfer to Transnet a sum of money— 15 20 (i) sufficient to discharge the portion of the unallocatable debt which was assumed by the Government; and (ii) equal to the total costs of servicing the debt mentioned in subparagraph (i) as 25 incurred by Transnet, which costs must be calculated with effect from 1 April 1999. (b) A transfer in terms of paragraph (a) must be made on such terms and conditions as the Minister may determine. (3) The money so transfemed must be used for the purposes referred to in subsection 30 (2)(a)(i) and (ii) and for no other purpose. Short title

3. This Act is called the South African Airways Unallocatable Debt Act, 2000.