Armaments Corporation of South Africa, Limited Act, 2003 (Act No. 51 of 2003)Chapter 1 : Armaments Corporation of South Africa, Limited and its Objectives and Functions2. Continued existence of Corporation |
| (1) | The Armaments Corporation of South Africa, Limited established by section 2 of the Armaments Development and Production Act continues to exist under that name despite the repeal of that Act. |
(2)
| (a) | The State remains the sole shareholder of the Corporation. |
| (b) | The Minister exercises ownership control over the Corporation on behalf of the State. |
| (3) | The Corporation is a juristic person capable of suing and being sued in its own name. |
| (4) | Subject to this Act, the Corporation may— |
| (a) | purchase or otherwise acquire, hold or alienate property, movable or immovable; and |
| (b) | perform such acts as are necessary for or incidental to the carrying out of its objectives and the performance of its functions. |
(5)
| (a) | No person may carry on business under a name in which the expression "Armaments Corporation of South Africa" or "Armscor" appears or which so closely resembles any of those names that it may confuse people. |
| (b) | A person who contravenes paragraph (a) is guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding five years or to both a fine and such imprisonment. |