Act No. 26, 2008
TECHNOLOGY INNOVATION AGENCY ACT. 2008
(2) Subject to this section, all income and property and all the p r o c e e d s of the A g e n c y
must be applied exclusively to the promotion of the object of the A g e n c y .
(3) T h e A g e n c y may, in the prescribed manner, establish and maintain reserve funds,
the a g g r e g a t e of which m a y not exceed an a m o u n t a p p r o v e d by the Minister in
consultation with the M i n i s t e r of F i n a n c e .
L i q u i d a t i o n of A g e n c y
15. T h e A g e n c y m a y not be w o u n d up except by or under the authority of an Act of
Parliament.
Regulations
16. T h e Minister m a y m a k e regulations with regard t o —
(a) the establishment and m a i n t e n a n c e of r e s e r v e funds of the A g e n c y as
c o n t e m p l a t e d in section 14(3);
(b) the I n v e s t m e n t F r a m e w o r k Policy c o n t e m p l a t e d in section 5 ( 3 ) ;
(c) any matter that m a y or m u s t be prescribed in t e r m s of this A c t ;
(d) any ancillary or incidental administrative or procedural matter that is
necessary to prescribe for the proper implementation or administration of this
Act.
Repeal of law
17. T h e Inventions D e v e l o p m e n t Act, 1962 (Act N o . 31 of 1962), is hereby repealed.
Transitional p r o v i s i o n s a n d s a v i n g s
18. (1) T h e South African Inventions D e v e l o p m e n t C o r p o r a t i o n (herein after referred
to as the C o r p o r a t i o n ) established by section 2 of the Inventions D e v e l o p m e n t Act, 1962
(Act N o . 31 of 1962), is hereby disestablished.
(2) T h e A c c o u n t i n g Officer of the Department must deregister the South African
Inventions D e v e l o p m e n t Corporation in terms of the C o m p a n i e s Act, 1973 (Act N o . 61
of 1973).
(3) T h e board of directors of the Corporation c o n t e m p l a t e d in section 6 of the
Inventions D e v e l o p m e n t Act, 1962 (Act N o . 31 of 1962), (herein after referred to as the
Inventions D e v e l o p m e n t A c t ) , is hereby dissolved.
(4) At the c o m m e n c e m e n t of this A c t —
(a) all the rights, assets, obligations and liabilities of the C o r p o r a t i o n vest in the
Council for Scientific and Industrial Research, (herein after referred to as the
CSIR):
(b) the personnel of the Corporation c o n t e m p l a t e d in section 5 of the Inventions
D e v e l o p m e n t Act must be transferred to the C S I R in a c c o r d a n c e with section
197 of the L a b o u r Relations Act, 1995 (Act N o . 6 6 of 1995); and
(c) a n y t h i n g d o n e in terms of the Inventions D e v e l o p m e n t Act prior to such
c o m m e n c e m e n t and w h i c h may be d o n e in terms of this Act, must be d e e m e d
as having been d o n e in terms of this Act.
S h o r t title a n d c o m m e n c e m e n t
19. T h i s Act is called the T e c h n o l o g y Innovation A g e n c y Act, 2 0 0 8 , and c o m e s into
operation on a date d e t e r m i n e d by the President by proclamation in the Gazette.