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South African Rail Commuter Corporation Limited Financial

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  • SouAfriRailComCorLimAct64.pdf
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To amend the Legal Succession to the South African Transport Services Act, 1989, so as to remove the power of the South African Rail Commuter Corporation Limited to borrow money, except for purposes of bridging finance in limited circumstances; to remove the power of the Corporation to guarantee or secure the debts or obligations of persons who are not wholly-owned subsidiaries of the Corporation; to subject the power of the Corporation to guarantee or secure the debts or obligations of wholly-owned subsidiaries of the Corporation, to the conditions and limitations imposed by the Minister of Transport; to provide for the State to take over, in a specified amount, all loan obligations and net liabilities of the Corporation; and to provide for matters connected therewith.

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