17.2.6 PROVISIONS OF THE ACT NOT APPLICABLE TO NPC
All provisions apply to an NPC subject to the limitations alterations or extensions as set out in Section 10 and Schedule 1.
The provisions that apply is Part D of Section 2 Capitalization of profit companies and Part E of Chapter 2 of Securities and registration transfer and remuneration and election of Directors in terms of Section 68 parts B and D of Chapter 3 of Secretarial and Audit Committees unless the NPC voluntary elects to appoint a company secretary or audit committee and in Section 42 or unless the Minister prescribes a category of nonprofit companies that must have their AFS audited in terms of the regulations in terms of Section 30(7). The whole of Chapter 4 Public Offerings of Securities, the whole of securities the whole of Chapter 5 of Take over and fundamental transactions, except to the extent as contemplated in Item 2 of Schedule 1(46)(d) and 152(3)(c). Rights of shareholders of business rescue plan except if the NPC is a shareholder of a profit company that is engaged in business rescue proceedings and Section 164 descending shareholders appraisal rights unless the NPC is a shareholder of a profit company.
Ss 58 to 68 Shareholder and meeting resolutions read with the changes required by the contents, only apply to NPC’S which has voting members and when applied as a subject to the provisions of Item 4 of Schedule 1. If there is a conflict between a provision of Item 4 of schedule 1 and any provision of Sections 58 to 65 the former prevails.