Onderstepoort Biological Products Incorporation Act 19 of 1999.pdf

Summary

The Onderstepoort Biological Products Incorporation Act of 1999 serves as the legal framework for transitioning a former South African government directorate into a state-owned public company. This legislation mandates the Minister of Agriculture to oversee the formal registration of the entity and establishes the procedures for appointing its first board of directors. While the Republic of South Africa begins as the sole owner, the Act outlines specific conditions under which the government may eventually redeem or sell shares. Furthermore, the text detail how existing employees, financial assets, and physical property are officially transferred from the Department of Agriculture to the new corporate body. Crucially, it ensures that the company remains the legal successor to all previous institutional obligations while maintaining specific pension and leave protections for the staff.