BEE Act definition

BEE Act means the Broad-Based Black Economic Empowerment Act 53 of 2003;

BEE Act means the Broad-Based Black Economic Empowerment Act, No. 53 of 2003 as amended from time to time;

BEE Act means the Broad-Based Black Economic Empowerment Act, 53 of 2003 and any regulations and codes of good practice published thereunder (including the BEE Codes);

Examples of BEE Act in a sentence

• In this Section any term, defined in the Broad-based Black Economic Empowerment Act, No. 53 of 2003 ("BEE Act"), or in terms of any Codes of Good Practice issued in terms of Section 9 of the BEE Act, when used in the scorecard below shall have the same meaning as there defined, save where such meaning may be in conflict with the provisions of the Tourism BEE Charter and Scorecard, in which case the provisions of the Tourism BEE Charter and Scorecard will prevail.

• In order to ensure that the charters are harmonised and achieve the objectives of the BEE Act, a sector transformation charter will need to be submitted to the dti, and the BEE Advisory Council.

• Once the content of the charter has been ratified by government, and the minister is satisfied that the requirements of s.12 of the Broad-based BEE Act are met, the dti will gazette the charter as a Code of Good Practice applicable to the specific sector.

• This has now finally been brought about by the recent promulgation of the Broad-based BEE Act 53 of 2003.

• According to section 12 of the Act, the Minister of Trade and Industry must publish the transformation charter for a particular economic sector in the Gazette, for general information and promote it only if he/she is satisfied that the charter:a) has been developed by major stakeholders in that sector; andb) advances the objectives of the Broad-based BEE Act.

More Definitions of BEE Act

BEE Act means the Broad-Based Black Economic Empowerment Act, 2003(Act No. 53 of 2003); “BEE certificate” means a certificate issued by a verification agency accredited by the accreditation body contemplated in the BEE Codes, certifying that the person identified in the certificate is a BEE compliant person; “BEE Codes” means the Broad-Based Black Economic Empowerment Codes of Good Practice gazetted from time to time under the BEE Act; “BEE compliant person” means as interpreted by the courts, from time to time –(a) as regards a natural person, one who falls within the ambit of the definition of “black people” in the relevant BEE ownership scheme [BEE Codes];(b) as regards a juristic person having a shareholding or similar member’s interest[s], one who falls within the ambit of the definitions of BEE controlled company or BEE owned company, using the [flow-through] principles for determining control or ownership as contemplated in the relevant BEE ownership scheme[BEE Codes];(c) as regards any other entity, any entity similar to a BEE controlled company or BEE owned company using the [flowthrough] principles for determining control or ownership as contemplated in the relevant BEE ownership scheme, [BEE Codes] which would enable the issuer of securities owned or controlled by such entity to claim points or obtain similar BEE recognition attributable to the entity’s ownership of the securities pursuant to the BEE Codes or applicable legislation imposing a BEE obligation; “BEE contract” means the prescribed contract which the proposed registered owner of BEE securities and, if the registered owner will act as a nominee on behalf of a beneficial owner, the proposed beneficial owner of those BEE securities must conclude, in terms of which, inter alia –(a) the registered owner or, if the registered owner will act as a nominee on behalf of a beneficial owner, the beneficial owner warrants that he is a BEE compliant person;

BEE Act means the Broad-Based Black Economic Empowerment Act, No. 53 of 2003, South Africa.

BEE Act means the Broad-Based Black Economic Empowerment Act 2003 (Act No. 53 of 2003), as amended from time to time, and any rules, regulations or codes of good practice promulgated thereunder, including any sectoral charter applicable, as amended from time to time;

BEE Act means the Broad-Based Black Economic Empowerment Act, No 53 of 2003, as amended from time to time;

BEE Act means the Broad-Based Black Economic Empowerment Act, 2003 and any regulations promulgated thereunder;

BEE Act means the Broad-Based Black Economic Empowerment Act, No. 53 of 2003, and any regulations promulgated thereunder;

BEE Act means the Broad-Based Black Economic Empowerment Act 53 of 2003 of South Africa, as amended;