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Airports Company Amendment Act (No. 2 of 1998)

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To amend the Airports Company Act, 1993, so as to amend certain definitions; to provide for the company to change its name; to exempt the company further from certain provisions of the Companies Act, 1973; to substitute or delete certain obsolete references; to provide that the Shareholding Minister’s right to receive the annual report is based on the State’s shareholding; to provide for an unlimited number of shareholders; to provide for the transfer of the State’s shares in the company in order to introduce a strategic equity partner to the company and certain empowerment initiatives; to provide for the use of the proceeds of the sale of the State’s shares in the company; to provide that the objects of the company are as set out in its memorandum of association; to make it clear that the company has the powers of a company registered in terms of the Companies Act, 1973, subject to limitations in the Airports Company Act, 1993; to limit the level of financial risk posed to the core aeronautical activities of the company by its other activities; to ensure that relevant activities are performed; to make it clear that the company may raise or receive income from sources other than airport charges; to delete certain obsolete transitional and other provisions; to delete the requirement to submit a business plan to the Shareholding Minister; to delete the restriction on the sale of expropriated land and to further regulate expropriation in accordance with  the Expropriation Act, 1975; to refine the provisions regarding certain orders by the Minister and to decriminalise the breach of such order; to adjust the provisions regarding the economic regulation of the company, the sale or closure of certain airports and the curtailment of relevant activities by the company; to further regulate the acquisition or construction of an airport by the company; to enhance the provisions relating to the company’s failure to comply with the Act; to expand the Minister’s specific regulation-making powers; to limit the Minister’s general regulation-making powers; and to amend the long title; and to provide for matters connected therewith.

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