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KwaZulu-Natal
South Africa
South Africa
KwaZulu-Natal Ithala Development Finance Corporation Act, 2013
Act 5 of 2013
- Published in KwaZulu-Natal Provincial Gazette 1093 on 13 February 2014
- Assented to on 23 January 2014
- Commenced on 22 September 2016 by KwaZulu-Natal Ithala Development Finance Corporation Act, 2013: Commencement
- [This is the version of this document from 13 February 2014 and includes any amendments published up to 4 April 2024.]
Chapter 1
Definitions
1. Definitions
In this Act, unless the context indicates otherwise-“Banks Act” means the Banks Act, 1990 (Act No. 94 of 1990), and any word or expression to which a meaning has been assigned in the Banks Act or the Regulations relating to Banks, bears the meaning so assigned thereto;“Board” means the Board of the Corporation appointed in terms of section 6;“Chief Executive Officer” means the Chief Executive Officer of the Corporation, appointed in terms of section 17;“Companies Act” means the Companies Act, 2008 (Act No. 71 of 2008);“Company” means the Ithala State-owned Company Limited, a subsidiary of the Ithala Development Finance Corporation Limited, being a state-owned company incorporated in terms of the Companies Act, 2008 (Act No. 71 of 2008);"Constitution" means the Constitution of the Republic of South Africa, 1996 (Act 108 of 1996);“Corporation” means the Ithala Development Finance Corporation Limited referred to in section 2;“Department” means the department in the Provincial Government of KwaZulu-Natal responsible for Economic Development;“deposit” means adeposit as defined in section 1 of the Banks Act;“Executive Council” means the Executive Council of the Province of KwaZulu-Natal contemplated in section 132 of the Constitution;“Gazette” means the official Provincial Gazette of KwaZulu-Natal;“Head of Department” means the person appointed as Head of the Department in terms of section 12 of the Public Service Act, 1994 (Proclamation No. 103 of 1994);“indirect interest” includes, but is not limited to, a personal financial interest as defined in section 1 of the Companies Act, of a related or interrelated person as contemplated in section 2 of the Companies Act;“interest” includes, but is not limited to, a personal financial interest as defined in section 1 of the Companies Act;“liquid asset” means a liquid asset as defined in section 1 of the Banks Act;“member” means a member of the Board of the Corporation appointed in terms of section 6;“Member of the Executive Council for Finance” means the Member of the Executive Council of the Province of KwaZulu-Natal responsible for Finance;“member of the public” includes a juristic person;“National Treasury” means the National Treasury established by section 5 of the Public Finance Management Act, 1999 (Act No. 1 of 1999);“Portfolio Committee” means the Portfolio Committee of the Provincial Legislature responsible for Economic Development;“Premier” means the Premier of the Province of KwaZulu-Natal referred to in section 125(1) of the Constitution:“Province” means the Province of KwaZulu-Natal contemplated in section 103 of the Constitution, and “provincial” has a corresponding meaning;“Provincial Government” means the Provincial Government of the Province of KwaZulu-Natal and, unless the context indicates otherwise, includes every Department in the Provincial Government;“Provincial Legislature” means the Legislature of the Province of KwaZulu-Natal referred to in section 105 of the Constitution and having the legislative authority for the Province as contemplated in section 104(1) of the Constitution;“Public Finance Management Act” means the Public Finance Management Act, 1999 (Act No. 1 of 1999);“Registrar of Banks” means the Registrar of Banks designated under section 4 of the Banks Act;“regulations” means regulations made in terms of section 33;“regulations relating to Banks” means the regulations in terms of section 90 of the Banks Act;“responsible Member of the Executive Council” means the Member of the Executive Council of the Province of KwaZulu-Natal responsible for Economic Development;“shares” means shares in the company contemplated in chapter 7;“share capital” means funds raised by issuing shares in return for cash or other considerations; and“this Act” includes the regulations.Chapter 2
Ithala Development Finance Corporation
2. Ithala Development Finance Corporation
3. Objects and area of operation of Corporation
The objects of the Corporation are to promote, support and facilitate social and economic development in the Province by-4. Powers, duties and functions of Corporation
In attaining the objects contemplated in section 3 and subject to sections 54(2), 66 and 68 of the Public Finance Management Act, 1999, the Corporation may-5. Shares, share capital and shareholding
Chapter 3
Board of Corporation
6. Composition of Board
7. Disqualification from being appointed to Board
8. Declaration of financial or other interests of members of Board
9. Term of office and reappointment of member of Board
The persons appointed to the Board hold office for a term of three years, or such shorter period as the responsible Member of the Executive Council may determine, and are, subject to section 6, eligible for re-appointment at the expiry of such term: Provided that no person may be re-appointed after having served on the Board for three consecutive terms.10. Vacancies, removal and resignation from office of members of Board
11. Temporary suspension of member of Board
The responsible Member of the Executive Council may suspend a member of the Board whilst the responsible Member of the Executive Council is investigating allegations which, if found to be correct, could result in the appointment of the member being terminated in terms of section 10(2).12. Meetings and procedures at meetings of Board
13. Recusal of member from meetings and proceedings of Board
14. Remuneration of members of Board
15. Establishment of committees to assist Board
16. Co-opting of persons to Board or committees of Board
Chapter 4
Chief Executive Officer and staff of Corporation
17. Chief Executive Officer of Corporation
18. Functions of Chief Executive Officer
19. Resignation and removal from office of Chief Executive Officer
20. Staff of Corporation
21. Secondment or transfer of staff to Corporation
The Corporation may utilise the services of persons seconded or transferred from the public service in accordance with the provisions of the Public Service Act, 1994 (Proclamation No. 103 of 1994).Chapter 5
Policy directives and corporate plan
22. Policy directives to Board
23. Corporate plan of Corporation
The Board must ensure that a corporate plan is developed and implemented in accordance with the provisions of the Public Finance Management Act.24. Prohibitions and restrictions on distribution of Corporation’s profits
The Member of the Executive Council may, by notice in the Gazette, impose such prohibitions and restrictions on-Chapter 6
Funding and financial management of Corporation
25. Funds of Corporation
26. Financial management
27. Audit and annual report
28. Establishment and administration of special funds
Chapter 7
Ithala State-owned Company Limited
29. Ithala State-owned Company Limited
At the commencement of this Act, the Corporation is the sole shareholder of the Company.30. Powers of Company
31. Compliance with requirements of Banks Act
For as long as the Company accepts deposits from the public, it must comply with any requirement or condition imposed by the Minister of Finance or the Registrar of Banks in terms of the Banks Act.32. Winding-up of Company
Chapter 8
General provisions
33. Security of confidential information held by Corporation
34. Dissolution of Corporation
The Corporation may not be wound-up except in terms of an Act of the Provincial Legislature.35. Use of name of Corporation
36. Delegations
37. Regulations
38. General offences
39. Penalties
Any person convicted of an offence in terms of this Act is liable to a fine or to imprisonment for a period not exceeding five years or to both such fine and imprisonment.40. Repeal of law
The KwaZulu-Natal Ithala Development Corporation Act, 1999 (Act No. 2 of 1999), is hereby repealed.41. Transitional arrangements and savings
Any act purported to have been done or performed in terms of a law repealed by this Act by the responsible Member of the Executive Council, the Corporation, a member or any employee of the Corporation before the commencement of this Act, and which may be done or performed in terms of this Act, must be regarded as having been done or performed in accordance with this Act.42. Short title
This Act is called the KwaZulu-Natal Ithala Development Finance Corporation Act, 2013, and comes into operation on a date to be determined by the responsible Member of the Executive Council by notice in the Gazette.History of this document
22 September 2016
13 February 2014 this version
23 January 2014
Assented to