Republic of Namibia
5
Annotated Statutes
Posts and Telecommunications Companies Establishment Act 17 of 1992
(b)
shall have the power, subject to the approval of its holding company, to enter into
performance contracts with the Minister for the performance of specified functions
by the company of specified functions by the company and the rendering of
services in connection therewith;
(c)
shall exercise its powers with a view to enhancing corporate profit and shareholder
gain, taking into account the promotion of an economically prosperous and
efficient postal system and telecommunications system, as the case may be,
conducted on sound business principles;
(d)
shall not have the power to perform any of the following acts without the approval
of the Minister, granted with the concurrence of the Minister of Finance, namely (i)
the alienation or encumbrance by the company otherwise than in the normal
course of its business of assets of the company with a market value of more
than 10 per cent of the market value of all the assets of the company;
(ii)
the cessation or alteration of the main object or main business of the
company;
(iii)
the alienation of shares held by the company;
(iv)
the merger of the company with another company.
(10) The articles of association of(a)
the postal company and the telecommunications company shall inter alia provide
that (i)
the company shall have not less than three nor more than five directors;
[Act 20 of 2000 would have amended this subparagraph to require that the company have “not less
than three nor more than five” directors – which is what the original Act already provided.
The relevant portion of the amending Act reads as follows:
"(i)
the company shall have not less than [five] three nor more than [seven] five directors;"
Thus, the amending Act seems to have been in error. In any event, the amending Act was
apparently never brought into force; it states that it “shall come into operation on a date to be
determined by the Minister by notice in the Gazette”,
but no such notice can be located. ]
(b)
(ii)
one of the directors shall be appointed as managing director;
(iii)
the directors, with the exception of the managing director, shall fulfil a nonexecutive function;
(iv)
no person, except the holding company, shall, whether directly or indirectly,
hold any shares in the company;
the holding company shall inter alia provide that (i)
(ii)
[subparagraphs (i) and (ii) deleted by Act 2 of 2006]