Indigenisation and Economic Empowerment Act updated as at 8th May 2015 (5)10 Where, following the approval by the line Minister of a transaction in terms of this section, the notifying party so requests in writing, the line Minister, shall issue a certificate of approval of the transaction no later than fourteen working days after such request is received by the line Minister, and the line Minister shall without delay transmit a copy thereof to the Board for inclusion in the prescribed register. (6) A statement issued by the Secretary to the Board as custodian of the prescribed register as to the existence or otherwise and contents of a certificate referred to in subsection (5) shall be conclusive as to the existence or otherwise of the certificate and its contents. 5 Enforcement of notification and approval requirements (1) In this section— “licensing authority” means⎯ (a) in respect of public service vehicles, the Commissioner of Road Transport referred to in section 3 of the Road Motor Transportation Act [Chapter 24:19] (Act No. 1 of 1997) or any Assistant Commissioner of Road Transport; (b) in respect of any financial institution, that is, any body or association licensed or registered under any law relating to asset managers, banks, building societies, unit trust schemes, insurers or pension funds, the licensing or registering authority appointed under that law; (c) in respect of the trades and businesses required to be licensed in terms of the Shop Licences Act [Chapter 14:17], the licensing authority as defined in that Act; (d) in respect of the persons who own, conduct or operate designated tourist facilities as defined in the Tourism Act [Chapter 14:20] or who provide or assist in providing any services which are such designated tourist facilities, the licensing authority as defined in that Act; (e) any other statutory person, body or authority charged with licensing any business or activity; “non-compliant business” means a business referred to in section 3(1)(b), (c), (d) or (e) in respect of which it is alleged that any transaction was concluded without either or both of the parties to the transaction timeously notifying the Minister in accordance with section 4(1)(a). (2) Subject to this section and section 20, the Minister may, issue a written order to the licensing authority of any non-compliant business ordering that the licensing authority concerned decline to renew the licence, registration or other authority to operate of the business concerned, or, where the licence, registration or other authority concerned is granted for an indefinite term, ordering that the licence, registration or other authority concerned be terminated no later than six months from the date when the Minister issued the order to the licensing authority concerned. (3) Before taking any action in terms of subsection (2), the Minister shall notify the noncompliant business in writing of his or her intention to issue an order in terms of subsection (2), and the reasons for doing so, and shall in such notice— 10 Subsections (5) and (6) inserted by section 27 of Act 11/2014 with effect from 1st January 2015. -9-