National Empowerment Fund Act

11 December 1998 It is hereby notified following Act which mation:- that the President has assented for general is hereby published to the infor- No. 105 of 1998: National Empowerment Fund Act, 1998. 2 No. 19589 GOVERNMENT GAZEITE, 11 DECEMBER 1998 Act No. 105, 1998 NATIONAL EMPOWERMENT FUND ACT, 1998 (English text signed by the President.) to 19 November 1998.) (Assented ACT to provide to provide and facilitation for the establishment for the powers, appointment To establish a trust for the promotion of ownership of income generating assets by historically disadvantaged persons; to set out the objects of the and mode of operation of the trust; for the trustees; attainment to give to provide in State Owned implementation to provide at a discount Commercial Enterprises to the the for the control of the financial affairs of the trust; to beneficiaries; to provide of an investment holding company by the trust; to provide for the establishment provide for the dissolution of the of regulations; for the promtdgation trust; and to provide entities for the powers of the Minister for the sale of shares trust or by of the objects; directives; for other incidental matters. to provide investment of other to the trust PREAMBLE WHEREAS authorises measures protecting or advancing discrimination; section 9 of the Constitution to be taken designed persons, or categories of persons, disadvantaged to promote of the Republic of South Africa, 1996 of equality by by unfair the achievement the Government AND WHEREAS of the “National Framework Agreement restructuring have sustainable empowerment”; affirmative action “must distribute wealth, boost on the Restructuring of National Unity and Labour have agreed in terms that the sector, and facilitate genuine black economic of State Assets” the small and medium enterprise implication NOW THEREFORE, inequalities brought about by apartheid by facilitating by historically disadvantaged in order to establish persons, structures and mechanisms to redress the the broader economic ownership I T IS THEREFORE ENACTED by the Parliament of the Republic of South Africa, as follows:- Definitions

1. In this Act, unless the context indicates otherwise- “Assets” or “fund” or “trust assets” or “trust fund” mean and include- (i) in State Owned Commercial Enterprises or private business shares enterprises acquired by the trustees; investments, (ii) monies, securities, properties or any other assets which may be acquired by the trustees or which any person may vest or cause to be vested in the trustees as part and for purposes, of the Trust; income of the Trust; (iii) “beneficiaries” mean the State and such historically persons who avail themselves of the benefits under the Trust in terms of this Act, and such other categories of persons who in the discretion in consultation with the Trust having regard to the objects; “Board” means the board of trustees as constituted the Minister, may appropriately from time to time; of the trustees, disadvantaged benefit from W W W 5 10 15 NATIONAL EMPOWERMENT FUND ACT, 1998 Act No. 105, 1998 (4 (4 Cd (h) (0 (ii) W (1) (4 @I a person including disadvantaged dispensation marked by or “member of the family”, owned and controlled by such persons; on the basis of their race and includes living with that person as if they were married in terms of section 17, and has the same meaning ascribed the Chief Executive Officer of the Trust to it in in relation to any person, adopted child, or spouse, to each persons” mean to the new democratic into force of the Constitution those persons or categories of the of the Republic of South by unfair juristic persons or “Chief Executive Officer” means appointed terms of the Reporting by Public Entities Act, 1992 (Act No. 93 of 1992); “family member” means his or her parent, siblings, child, including other; “historically persons, who prior adoption and coming Africa Act, 1996 (Act No. 108 of 1996), were disadvantaged discrimination associations “Minister” means the Minister of Trade and Industry; “Ministers in charge” means Minister of Public Enterprises Ministers, in question; “objects” means “regulation” means any regulation made under this Act; “State Owned Commercial Enterprises” mean commercial or wholly owned or controlled by the State; “this Act” includes “the Trust” means section 2 of this Act and also refers section 4(2); “trustees” mean the trustees of the Trust constituted also refers trustees. the from the aforesaid in charge of the State Owned Commercial Enterprise the regulations; the National Empowerment Fund established to the trustees constituted in terms of section 8 and as in their capacities the objects of the Trust set out in section 3 of this Act; to the individual members of the Board the Minister, and, in terms of in terms of the Minister of Finance, if any or different enterprises partly the Minister Establishment of National Empowerment Fund

2. A trust called the “National Empowerment Fund” (NEF) is established. Objects of Trust

3. The object of the Trust is to facilitate resulted from the past unfair discrimination by- the redressing of economic against historically disadvantaged inequality which persons (a) (b) Cd (4 (4 ul Cd savings, acquiring indirectly, shares or investments and meaningful that are being restructured or in private business enterprises; persons with the opportunity of, directly in State Owned Commercial interest providing historically disadvantaged or Enterprises encouraging and promoting participation by historically disadvantaged promoting and supporting business ventures pioneered and run by historically disadvantaged promoting cally disadvantaged encouraging inclusive of all persons contributing generally necessary the universal understanding persons; the development such schemes, businesses the objects of this Act. to the creation of employment and effective equities market employing to achieve of equity ownership of a competitive in the Republic; among histori- and enterprises opportunities; economic persons; persons; and as may be The Trust 5 10 15 20 25 30 35 40 45 50 is constituted 4. (1) The Trust and subject to the provisions of this Act, will be capable in law, in its own name, of suing and being sued, of acquiring, holding and alienating movable and immovable property, and of performing such acts as a body corporate may by law perform. as a body corporate with perpetual succession, (2) The Trust shall consist of not less than 7 but not more than 11 trustees appointed 55 in terms of section 8. 4 No. 19589 GOVERNMENT GAZETTE, I 1 DECEMBER 1998 Act No. 105,1998 NATIONAL EMPOWERMENT FUND ACT, 1998 Duty of care by trustees

5. A trustee must in the performance and execution of his or her duties and the exercise of his or her powers act with such care, diligence and skill as may reasonably be expected of a person who manages the affairs of another person. Personal requirements in respect of trustees 6. (1) The trustees must be persons who- (a) to- transparency are committed fairness, (i) with public office; the objects and principles of this Act; and accountability (ii) (b) when viewed collectively- on the part of those entrusted (9 (ii) (iii) (iv) a broad represent persons of the Republic; predominantly disadvantaged possess expertise and experience economics, business practice, development finance; are reasonably disadvantaged are fairly representative reflective of the gender composition persons; and cross-section of the historically in the fields of, amongst others, law, practice, capital markets and of the various provinces of the Republic. of the historically Disqualification of trustees 7. (1) A person may not be appointed or continue as a trustee if such person- resident insolvent; in the Republic; (4 04 (4 (4 is not a citizen of the Republic; is not permanently is an unrehabilitated is of unsound mind, or is subject such person to be mentally has at any time been convicted, whether in the Republic or elsewhere, of theft, fraud, forgery and uttering, perjury, an offence in terms of the Corruption Act, 1992 (Act No. 94 of 1992), or any other offence involving dishonesty; or has at any misconduct. (2) A person who is subject from an office of trust on account of to an order of a competent ill or mentally disordered; to a disqualification court declaring time been removed cf) (4 (c) may be nominated of such appointment he or she is no longer subject for appointment contemplated (l)(b) or and may be appointed as a trustee if at the time to that disqualification. in subsection Appointment of trustees 8. (1) The President must on the advice of the Minister appoint not more than seven but not less than five trustees. (2) For purposes of the appointment of the trustees referred to in subsection Minister must through persons as candidates the media and by notice for such appointment, in the Gazette invite nominations not less than 10 days after publication. (l), the of (3) (a) The Minister must after the expiry of the period referred to in subsection (2) for and having due regard to the provisions of section 6, recommend candidates nomination, to the President for appointment as trustees. so recommended, must not exceed the number of (b) The number of candidates trustees referred to in subsection (c) If the President determines (1) by more than three. that circumstances such candidates unacceptable, stances. he or she must exist which render any or some of the Minister of those circum- inform (d) After receiving information (i) (ii) (iii) invite further nominations recommend other candidates advise the President necessary. (e) The President must referred to in paragraph in accordance with subsection (c), the Minister may- (2); in accordance with subparagraph (i); or of other candidates is not that the recommendation mended by the Minister, and appoint one of the candidates Board. as the chairperson of the 55 thereafter make appointments from the candidates recom- 5 10 15 20 25 30 35 40 45 50 GOVERNMENT GAZETTE, I 1 DECEMBER 1998 No. 19589 5 NATIONAL EMPOWERMENT FUND ACT, I998 Act No. 105,1998 cf, The administrative performed by officers within (4) (a) The additional work necessary for compliance with section 2 must be the Department of the Minister. trustees must be appointed by the Minister on the recommendation of the trustees. (6) The procedure for the appointment (i) The trustees appointed after taking office recommend appointment having regard to the provisions of section 6. the additional as additional (ii) The Minister must appoint of additional in terms of subsection to the Minister, trustees must be as follows: (1) must as soon as practicable from the management team, for trustees such other persons as they may nominate trustees from the names so 10 submitted: (iii) The trustees so appointed will be the executive members of the Trust. referred in the office of the Trust occurs (5) Where a vacancy the procedure to in subsections (3) and (4) must, with the necessary changes, apply. Term of office of trustees 9. (1) The chairperson must hold office for three years. (2) (n) Subject (c) and (d), the trustees, appointed to paragraphs in terms of section S(1) must hold office for three years. (b) Four of the trustees appointed two years. in terms of section 8(l), must vacate office every (c)The remaining trustees appointed in terms of section S(1) must vacate office two years later. (d) The term of office of additional trustees will run concurrently with their term of employment, which term of office will be prescribed by regulations. (3) A trustee may at any time, resign from office after giving at least three months’ to an acting of the Board, or in his or her absence, to the Chairperson written notice Chairperson. (4) Despite subsection (1) and (2)(a), the trustees may remain in office after expiry of of the term of office of their successors but their term of .office until the commencement such increased term of office must not exceed 45 days. (5) The Chairperson or a trustee may at the expiry of his or her term of office be eligible for reappointment (6) The trustees appointed basis and the trustees appointed basis for the daily management for not more than one additional term of office. in terms of section 8(l) are engaged on a non-executive in terms of section 8(4) are engaged on an executive of the office of the Trust. 15 20 25 30 35 Remuneration and allowances of trustees 10. (1) (a) The Minister may at the end of each calender remuneration in the service of the Trust. and allowances of the trustees taking into account year determine the the time spent by them (b) A determination made by the Minister is subject to the approval and concurrence 40 of the Minister of Finance. (2) The salaries and allowances so approved by the Minister in terms of subsection lO( 1) may be paid to the trustees from the trust funds. Removal from office

11. A trustee may be removed from office by the Minister on account of- 45 to perform from three consecutive meetings the duties of his or her office effectively; misconduct; inability absence except on good cause shown; permission of the chairperson, in terms of section 14(2) or attendance to disclose an interest failure in, proceedings participation of contemplated in section 14(l); or any other ground which in terms of the laws and principles governing constitutes the basis for his or her removal as a trustee. the Board while having of the Board without an the prior at, or 50 as interest trusts 6 No. 19589 GOVERNMENT GAZETTE, 11 DECEMBER 1998 Act No. 105,1998 NATIONAL EMPOWERMENT FUND AC-J-, 1998 Vacancies on Board 12. (1) There will be a vacancy on the Board if a trustee- (a) becomes subject tenders his or her resignation (b) (c) is removed (d) dies or becomes incapacitated. to a disqualification referred as contemplated to in section 7; in section 9(3); from office in terms of section 11; or (2) A vacancy on the Board must be filled by the appointment of another trustee by the President or the Minister, as the case may be, in terms of section 8 as soon as may be so reasonably term of appointed must hold office for the unexpired period of his or her predecessor’s office. of such vacancy, the occurrence practicable and any trustee after 5 IO Meetings of Board 13. (1) Meetings of the Board must be held at such times and places as may be determined by the Board but the first meeting must be held at such time and place as the chairperson may determine. 15 (2) In the absence of the chairperson their number elect an acting chairperson. at a meeting the remaining trustees must from (3) (a) The chairperson may, at any time within reasonable notice, convene a special meeting of the Board, which must be held at such time and place as the chairperson may determine. 20 (6) Two trustees may in writing request the Chairperson (c) The trustees must convene a special meeting to convene a special meeting. if the chairperson fails to convene a special meeting within seven days after receiving a request. (4) (a) The quorum for any meeting of the Board, at any time must either be a minimum of five trustees or 50 per cent of the trustees number is the greater; in office at that time, whichever 25 (b) If 50 per cent of the trustees is a fraction, the number required shall be the nearest higher whole number. (5) (a) A decision of the Board must be taken by resolution agreed to by the majority of trustees present at a meeting of the Board subject to subsection (4). 30 (b) The Chairperson must have a deliberative vote, and in the event of an equality of votes, a casting vote. (6) The seat of the Trust must be determined by the trustees in consultation with the Minister. Disclosure of conflicting interests 14. (1) A trustee must not participate at any meeting of the Board trustee or if he or she or his or her family member or business partner business partner of, or has an interest to any matter before the Board which may preclude him or her from performing his or her other functions as a trustee in a fair, unbiased and proper manner. in question, or in relation in the proceedings in the business is a director, (2) If at any stage during the proceedings of the Board there is reason to believe that 35 40 a trustee has an interest, that trustee must- (a) disclose fully the nature of his or her interest; and (6) leave the meeting or hearing in question. (3) The remaining trustees must discuss the matter and determine whether that trustee 45 is to be precluded from participating (4) The disclosure and the decision in such proceedings. taken by the trustees regarding such determination must be recorded in the minutes of such proceedings. Proceedings of Board not invalid in certain circumstances

15. A decision taken by the Board or an act performed under the authority of such a 50 decision must not be invalid by reason of- in the appointment an irregularity (a) of a trustee; GOVERNMENT GAZETTE, 11 DECEMBER 1998 . NATIONAL EMPOWERMENT FUND ACT. 1998 No. 19589 7 Act No. 105, 1998 (6) (c) (d) a vacancy on the Board; the fact that a trustee removal from office; or the fact that any person who is disqualified removed decision was taken, from that o5ce is guilty of an act or omission justifying his or her from being a trustee or who was sat as such on the Board at the time when such 5 if such decision was taken by a majority of the trustees said trustees at the time constituted a quorum. lawfully entitled to vote and the Powers of Trustees 16. (1) The trustees must acquire, administer and control the assets of the Trust in 10 accordance with its objects subject to the provisions of this Act. (2) The trustees must have all such powers as may be necessary to enable them to administer (4 the trust and may- (9 (ii) W (i) (ii) 63 (9 15 registered to dispose of all or any of the shares to such persons and on such terms and conditions procure the incorporation of a company or companies in terms of the Companies Act for the purpose of holding all or any of the trust assets; and require such company or companies in any such company as the trustees may from time to time determine; invest in such manner as they may think fit, subject this Act, the capital amount and such income not be immediately realise, vary and property as they may determine; purchase, sell, exchange, movable or immovable property or any right therein; and improve and develop any property or assets of the trust; required; and any transpose from the trust which may investments securities, assets, and lease, hire or otherwise acquire or dispose of 25 to the provisions of 20 35 30 to the incurred including travelling alteration, of the trust; improvement, association or trust funds pertaining in connection with the administration to any immovable payment property on maintenance, insurance taxes, of rates, repayment or otherwise as the trustees may decide subject to the prior approval of the Minister with the concurrence (ii) expend construction, premiums and other charges; advance and lend money to any person, company, corporation, institution, either with or without security and upon such terms and conditions regarding prior approval of the Minister with the concurrence of the Minister of Finance; borrow money and in order to provide security for such borrowing, mortgage the manner of repayment of such loans or pledge trust assets and arrange subject of the Minister of Finance; pay all expenses employ any person to manage or assist in the management of the assets of the 40 trust and to remunerate necessarily be incurred by such employee for any specific purpose, appoint agents accountants, advocates specific purpose; take action in a court of law for the recovery of any amounts due to the trust any or compel proceedings enter into an agreement or arrangement payment of money due to the Trust and the abandonment Trust, subject Minister of Finance; accept grants and transfers from the State or donations in favour of the Trust, subject to the terms and conditions as may be imposed by the State or other persons, but such inconsistent with the terms of the Trust; purchase or otherwise acquire any equipment purpose of meeting open and control any bank account or building accept or give promissory instruments; and other expenses which may from funds or income of the trust; to appoint the power for any of obligations the fulfillment that may be instituted against society account and draw, and other negotiable to the approval of the Minister with the concurrence that may be necessary of the Trust; terms and conditions must not be 55 the terms and conditions of of any claims by the 50 notes, bills of exchange and other professional from other persons the administrative requirements and defend its favour attorneys, the trust; regarding including persons for the of the and 60 45 in K; (4 cf) (0 (i) w (1) Cm) (4 8 No. 19589 GOVERNMENT GAZE-l-I-E, I1 DECEMBER 1998 Act No. 105,1998 NATIONAL EMPOWERMENT FUND ACT, 1998 (0) finance, undertake taged persons economic and investment in economic and promote the education of the historically disadvan- and investment issues and their participation in activities. (3) The Minister must from time to time, determine by notice in the Gazette the value in the State Owned Commercial the trustees may not dispose of, of the or alienate without his or her prior consent with the concurrence assets or shares or interest or private business enterprises which of movable and immovable Enterprises encumber Minister of Finance. (4) The Trustees may in consultation with the Minister make an application for the referred to in section 16(2)(a) on a stock listing of shares in any company or companies exchange in the Republic of South Africa. Chief Executive Officer 5 IO 17. (1) The Board must with the approval of the Minister, appoint a Chief Executive contract which Officer of the Trust, subject to the terms and conditions and employment he or she may conclude with Trust. 15 (2) The personal to the trustees as to in sections 6 and 7, respectively, must, with the necessary changes, apply to and the disqualifications requirements applicable referred the Chief Executive Officer. (3) The Chief Executive Officer is by virtue of his or her office a member of the Board with full powers accorded to any other trustee of the Trust. 20 (4) The Chief Executive Officer is the executive officer of the Trust and shall be responsible for the management of the activities of the Trust. (5) (a) The Board may delegate to the Chief Executive Officer such powers as may be necessary in managing the activities of the Trust. (b) The Chief Executive Officer may delegate such powers to the staff, committees, 25 other trustees or other structures of the Trust. (6) The Board may, if the Chief Executive Officer is unable duties for a period longer than six weeks, appoint, acting Chief Executive Officer for the duration of his or her inability. to perform his or her in consultation with the Minister, an Financing of Trust 30 18. (1) The operating and capital expenses of the Trust will be financed by grants, for that income generated by the Trust or money appropriated by Parliament loans, purpose. (2) The Trust must utilise any money referred to in subsection referred to in subsection the statement of estimated expenditure (1) in accordance with (3). 35 (3) The Trust- (a) must in each financial year, at a time determined by the Minister, submit to him or her for his or her approval granted with the concurrence of the Minister of Finance, a statement of estimated for the next financial year; income and expenditure, (b) may in any financial year submit adjusted statements of estimated income and the granted with expenditure concurrence of the Minister of Finance; and to the Minister for his or her approval, (c) must comply with the provisions of the Reporting by Public Entities Act, 1992 (Act No. 93 of 1992). Banking account

19. The Trust must open and maintain an account in the name of the Trust, with a bank registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990). Reports (4 W the Minister with information 20. (1) The Trust musti furnish writing require annually, within six months Minister with a consolidated activities and financial position of the Trust during provide a statement purposes of this Act in that financial year. report with regard of the progress achieved and particulars in connection with the activities of the Trust; and from the end of each financial year, furnish the affairs, to the functions, that financial year and 55 towards realization of the as he or she may in 40 45 50 GOVERNMENT GAZETTE. 1 I DECEMBER 1998 No. 19589 9 NATIONAL EMPOWERMENT FUND ACT, 1998 Act No. 105, 1998 (2) The annual report referred to in subsection (1) may include such other information as the Minister may determine. (3) The Minister must, within 14 days after he or she has received a copy of the annual is of its next ordinary report, table it in Parliament not then in ordinary session, within 14 days after the commencement session. is then in ordinary session or, if Parliament if Parliament Promotion and establishment of investment entities

21. The trustees may, having regard to- (u) (6) (c) directives the implementation the policies adopted by the government, economic empowerment the objects of the Trust as defined in section 3, issued by the Minister from time to time, regarding in terms of section 22; the of historically disadvantaged persons; and 5 10 establish, promote or facilitate management activities or schemes designed persons. companies, or other suitable business entities for purposes of engaging the establishment of companies, trusts, unit trusts, in to economically empower historically disadvantaged 15 Implementation directives by Minister 22. (1) The Minister may with the consent of other Ministers in charge, issue to the trustees implementation directives (a) economic empowerment (b) the investment entities in regard to- policies; to be established or promoted and the terms on which (c) for their promotion or establishment: the State may provide assistance the value and the shares terms on which Enterprises or private business enterprises held by the Trust may be sold to the historically disadvantaged (2) The trustees must have due regard to the empowerment to the- to, and be guided by, the policies of the persons, of the historically disadvantaged government in particular, but not limited in State Owned Commercial to in section 21. persons referred applicable . (n) White Paper on the Reconstruction (0) Growth Employment (c) National Framework Agreement on the Restructuring and Redistribution Strategy; and Development Programme; of State Assets. Transfer of State Assets 23. (1) (n) The Trust may purchase or acquire shares in State Owned Commercial Enterprises, as such shares may be offered to the Trust by the State, on such terms and conditions in charge. having regard to the recommendations as may be determined by the Minister in consultation with the Ministers of the trustees. (b) The Minister is authorised to determine or agree to a price for the shares which price may be less than the market related price of the shares. (2) The terms and conditions of sale of shares to the Trust referred to in subsection 1, may include- (u) deferred payment of the purchase price payable by the Trust; (b) the minimum or maximum price at which the Trust may sell the shares to the historically disadvantaged to in section 21; such other concurrence of the Minister of Finance and the trustees. as the Minister may determine with the persons, or business entities terms and conditions referred (c) (3) The Trust is entitled with the said assets or shares for the purpose of meeting to the provisions of any agreement applicable to the shares in question. to, either partly or wholly. sell, transfer, or in any way deal the objects of the Trust, sub_ject Establishment of Investment Holding Company 24. ( I ) The Trust is authorised to establish an investment holding company known as the National Empowerment Fund Corporation. 20 25 30 35 40 45 50 10 No. 19589 GOVERNMENT GAZJ3l-E, 11 DECEMBER 1998 Act No. 105,1998 NATIONAL EMPOWERMENT FUND ACT, 1998 (2) The object of the Corporation sound manner and carry out such investment is to hold investments of the Trust in a commercially activities as its directors may determine. any of its assets in exchange for the into the Corporation (3) The Trust may transfer shares issued to the trust. (4) The Trust may, in consultation with invite any strategic equity to acquire shares in the Corporation, but the Trust will not hold less than 70 per the Minister, partner cent of the shares in the Corporation. (5) The Corporation must be registered in terms of, and be governed by, the provisions of the Companies Act, 1973 (Act No. 61 of 1973). Funds of Trust 25. (1) The Chief Executive Officer of the Trust is charged with the responsibility of accounting discharges or loans made by the Trust. for all assets, shares or money received by the Trust, and payments, (2) The trust assets or funds must not form part of the assets of the trustees. (3) The funds of the Trust consist of- 5 10 15 (u) money appropriated by Parliament; (b) interest or income derived from investments (c) grants, donations and bequests made to the Trust; (d) money lawfully obtained by the Trust from any other source. of the Trust; and (4) The financial year of the Trust is the period extending from 1 April in any year to 20 3 1 March in the succeeding year. (5) The Board must- (a) keep proper records of all the financial transactions, assets and liabilities of the Trust; (b) prepare financial statements, as soon as possible but not later than six months after the end of the financial year or such other period as the Minister may by notice in the Gazette determine. (6) (a) The financial statements of the Trust must be audited by an auditor or firm of and Auditors Act, in terms of section 20 of the Public Accountants auditors registered 199 1 (Act No. 80 of 199 l), appointed by the Board. The audit must be completed within six months from the end of the financial year of the Trust. (7) The chairperson of the Board must furnish the Minister with such information as 25 30 the Minister may require relating to the activities of the Trust. Certain Exemptions regarding the National Revenue Fund 26. (1) The Minister may for the purposes of the Trust exempt any money from the provisions of section 213 of the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996). 35 (2) The above exemption shall apply only in so far as it is necessary to meet the objects. Regulations 40 27. (1) The Minister, after consultation with the trustees, may make regulations regarding- (u) any matter which in terms of this Act is required or permitted and to be prescribed; (b) generally, any other matter which may be necessary or expedient to prescribe 45 in order to achieve the objects of this Act. (2) The Minister, after consultation with the trustees, may make a code of ethics for trustees. Dissolution of Trust and Distribution 28. (1) The Trust may be dissolved on a date determined by an Act of Parliament. (2) The assets or the proceeds of those assets must, after the payment of all the to an Act of to the State or any (1). liabilities of the Trust or the assumption Parliament, upon dissolution of the Trust, be ceded and transferred as may be appointed by the Act of Parliament beneficiary thereof by the State pursuant referred to in subsection 50 GOVERNMENT GAZEITE, 11 DECEMBER 1998 No. 19589 1 I NATIONAL EMPOWERMENT FUND ACT, 1998 Act No. 105,1998 Application of Bust laws and principles

29. The Trust is governed by all laws applicable to trusts. Short title and commencement

30. This Act is called the National Empowerment Fund Act, 1998, and comes into operation on a date fixed by the President by proclamation in the Gazette. 5