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PRESENTATION : SELECTION COMMTTEE ON LAND AND ENVIRONMENTAL AFFAIRS

PRESENTATION : SELECTION COMMTTEE ON LAND AND ENVIRONMENTAL AFFAIRS. SOUTH AFRICAN ABATTOIR CORPORATION ACT REPEAL BILL, 2005. INTRODUCTION. The South African Abattoir Corporation Act (hereinafter referred to as “the Act”) and its Purpose.

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PRESENTATION : SELECTION COMMTTEE ON LAND AND ENVIRONMENTAL AFFAIRS

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  1. PRESENTATION : SELECTION COMMTTEE ON LAND AND ENVIRONMENTAL AFFAIRS SOUTH AFRICAN ABATTOIR CORPORATION ACT REPEAL BILL, 2005

  2. INTRODUCTION • The South African Abattoir Corporation Act (hereinafter referred to as “the Act”) and its Purpose. • The Incorporation of South African Abattoir Corporation as a Public Company (ABAKOR). • Liquidation process of ABAKOR • Conclusion

  3. THE SOUTH AFRICAN ABATTOIR CORPORATION ACT AND ITS PURPOSE. • The South African Abattoir Corporation Act come into effect on the 10th July 1992. • Its purpose was to: 1. Abolish the Abattoir Commission. 2. Provide for the incorporation of the South African Abattoir Corporation as a Public Company and the disposal of shares held in the company by the State.

  4. THE INCORPORATION OF SOUTH AFRICAN ABATTOIR CORPORATION AS A PUBLIC COMPANY (ABAKOR). • Pursuant to the Act, South African Abattoir Corporation was duly registered and incorporated into a Public Company. • Upon incorporation of ABAKOR, all the assets, liabilities, rights and obligations of the Corporation passed to ABAKOR. • The State became the sole shareholder of ABAKOR. • The Minister of Agriculture was duly authorized to exercise on behalf of the State, the rights attached to ABAKOR shares. • The Directors of ABAKOR could only alter the share capital with the approval of the Ministers of Agriculture and Finance.

  5. LIQUIDATION PROCESS OF ABAKOR • ABAKOR was indebted to a number of creditors. • These include the Meat Board which later became the Meat Industry Trust. • ABAKOR could not manage to pay its debts. • The ABAKOR’s inability to pay its debts, resulted in the initiation of liquidation proceedings in the High Court. • On the 10th October 2000, a rule nisi was granted by the Transvaal Provincial Division of the High Court of South Africa and was published as ordered. • On the return date i.e. the 31st October 2000, no cause was shown why the rule nisi could not be made a final order. • ABAKOR was placed under final winding – up order on the 31st October 2000. • The final liquidation and distribution account was confirmed on the 11th of December 2003. • On the 16th January 2004, the final liquidation and distribution account was advertised in the Government Gazette No 25906. • The liquidation process has now been finalized.

  6. CONCLUTION • The objective of the Act was to provide for the incorporation of the South African Abattoir Corporation into a Public Company (ABAKOR). • ABAKOR has since been liquidated. • As the result of the liquidation of ABAKOR, the Act had become obsolete. • Therefore the Act must be repealed as the purpose for which it passed for no longer exists.

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