Conversion of South African Special Risks Insurance Association Act, 1998 (Act No. 134 of 1998)

5. Share capital
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1)Upon the conversion of SASRIA into a public company, the Company has-
a)a share capital of R1, represented by one ordinary share with a nominal value of R1, held by the State; and
b)the State as its only member.

 

2)While the State is the sole or majority shareholder in the Company, sections 66, 190 and 344(d) of the Companies Act do not apply to the Company.