Eskom Subordinated Loan Special Appropriation Amendment Act (2008/09-2010/11 Financial Years)

Link to law: http://www.gov.za/documents/eskom-subordinated-loan-special-appropriation-amendment-act-200809-201011-financial-years
Published: 2015-07-06

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Eskom Subordinated Loan Special Appropriation Amendment Act (2008/09-2010/11 Financial Years)
Please note that most Acts are published in English and another South African official language. Currently we only have capacity to publish the English versions.
This means that this document will only contain even numbered pages as the other language is printed on uneven numbered pages.


Government Gazette

REPUBLIC OF SOUTH AFRICA
Vol. 601 Cape Town 6 July 2015 No. 38973
THE PRESIDENCY
No. 589 6 July 2015
It is hereby notified that the President has assented to the following Act, which is hereby published for general information:–
Act No. 6 of 2015: Eskom Subordinated Loan Special Appropriation Amendment Act (2008/09-2010/11 Financial Years), 2015


2 No. 38973 GOVERNMENT GAZETTE, 6 July 2015 Act No. 6 of 2015 Eskom Subordinated Loan Special Appropriation
Amendment Act (2008/09-2010/11 Financial Years), 2015
GENERAL EXPLANATORY NOTE:
[ ] Words in bold type in square brackets indicate omissions from existing enactments.
Words underlined with a solid line indicate insertions in existing enactments.
ACT To amend the Eskom Subordinated Loan Special Appropriation Act (2008/09- 2010/11 Financial Years), 2008, so as to convert the subordinated loan to Eskom Holdings SOC Limited to shares for the State; and to provide for matters connected therewith.
BE IT ENACTED by the Parliament of the Republic of South Africa,as follows:— Amendment of section 1 of Act 41 of 2008
1. (1) Section 1 of the Eskom Subordinated Loan Special Appropriation Act (2008/09-2010/11 Financial Years), 2008 (hereinafter referred to as the principalAct), is hereby amended—
(a) by the substitution for subsection (2) of the following subsection: ‘‘(2) The money contemplated in subsection (1) must be transferred to
Eskom Holdings SOC Limited (hereinafter referred to as Eskom), in each financial year in support of its investment in enhanced electricity generation capacity and security of supply, subject to [a loan agreement being entered into between the Minister of Finance and Eskom] the issue of ordinary shares by Eskom to the State to the value of R60 billion.’’; and
(b) by the deletion of subsection (3). (2) The loan agreement entered into between the Minister of Finance and Eskom in
terms of section 1(2) of the principal Act, before its amendment by this Act, will lapse and have no force with effect from the date of the issue of shares referred to in section 1(2) of the principal Act, as amended by this Act.
Amendment of section 2 of Act 41 of 2008
2. The following section is hereby substituted for section 2 of the principal Act:
‘‘Short title
2. This Act is called the Eskom [Subordinated Loan] Special Appropriation Act (2008/09-2010/11 Financial Years), 2008.’’.
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(English text signed by the President) (Assented to 3 July 2015)
4 No. 38973 GOVERNMENT GAZETTE, 6 July 2015 Act No. 6 of 2015 Eskom Subordinated Loan Special Appropriation
Amendment Act (2008/09-2010/11 Financial Years), 2015
Short title
3. This Act is called the Eskom Subordinated Loan Special Appropriation Amendment Act (2008/09-2010/11 Financial Years), 2015.
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