Act No. 4, 1999
BROADCASTING ACT, 1999
company having a share capital and having been incorporated in terms of the
Companies Act as stipulated in subsection (2).
(8) Neither the repeal of the Broadcasting Act, 1976 (Act No. 73 of 1976), nor
the conversion of the old Corporation affects(a) the continued corporate existence of the old Corporation with separate
legal personality as from the date of its first establishment;
(b) any of the rights, assets, liabilities or obligations acquired or incurred by
the old Corporation or on behalf of the old Corporation at any time
before its conversion;
(c) the terms and conditions of service and accrued benefits of its
employees; or
(d) the validity of any act lawfully performed by or on behalf of the old
Corporation prior to the date of conversion.
(9) With effect from the date of conversion(a) any reference to the old Corporation in any contract, statute, licence or
other written instrument -is deemed to be a reference to the Corporation;
(b) (i) any reference to the old Corporation in the patents register, trade
marks register, design register, deeds register or any other register in the
Republic is, with effect from the date of conversion, deemed to be a
reference to the Corporation;
(ii) the relevant registrar must make such entries or endorsements in any
register referred to in paragraph (i) or other documents in the registrar's
office or submitted to the registrar as are necessary to give effect to the
conversion;
(iii) no fees or other levies are payable in respect of such entries or
endorsements.
(10) Any legal proceedings instituted by or against the old Corporation prior to
the date of conversion may, notwithstanding such conversion, be proceeded
with by or against the Corporation subject to the law governing the prescription
of claims.
(11)(a) The Minister of Finance, after consultation with the Minister, must
determine the tax values of the assets owned by the Corporation as at the date
of conversion for the purpose of calculating any wear and tear or capital
allowance or any deduction as contemplated in the Income Tax Act, 1962 (Act
No. 58 of 1962).
(b) The assets contemplated in paragraph (a) are for the purposes of sections
11(e), 12C and 13 of the Income Tax Act, 1962 (Act No. 58 of 1962), deemed
to have been brought into use for the first time at a cost equal to the value
determined in terms of paragraph (a).
(12)(a) The old Corporation must before the date of conversion conduct a legal
and financial due diligence investigation into the state of its affairs for the
purposes of identifying and establishing the status of all its assets, rights,
obligations and liabilities.
(b) The old Corporation must submit to the Minister, by not later than three
months prior to the date of conversion, a legal and a financial due diligence
report containing details of all of such assets, rights, obligations and liabilities
and the implications of the contracts concluded by or on behalf of the old
Corporation in respect of such assets, rights, obligations and liabilities.
(13) The old Corporation must, after submitting the due diligence report to the
Minister and before the date of conversion, submit to the Minister(a) an inventory of all its assets and liabilities;
(b) details of its financial policies relating to the allocation of such assets
and liabilities between the public service division, the commercial
service division and the shared group services of the Corporation; and