Indigenisation and Economic Empowerment Act updated May 2011 4 Power of Minister to review and approve indigenisation and empowerment arrangements (1) With effect from the date that the Minister, by notice in a statutory instrument, prescribes what is required to be prescribed for the purposes of section 3(1)(b)(iii), (1)(c)(i), (1)(d) or (e), no transaction referred to in section 3(1)(b), (c), (d) or (e) shall be concluded unless— (a) notice thereof is given to the Minister within the prescribed time and in the prescribed manner by either or both of the parties to the transaction (in this section called “the notifying party”); and (b) the Minister— (i) approves the transaction in writing to the notifying party; or (ii) does not indicate approval or disapproval of the transaction in writing to the notifying party; within forty-five days from the date when notification of the transaction is made within the prescribed time and in the prescribed manner as provided in paragraph (a): Provided if the Minister, at any time before the expiry of the forty-five days referred to in this paragraph, indicates in writing to the notifying party that he or she requires more time to consider the transaction, the Minister shall have a further fortyfive days to indicate his or her approval or disapproval of the transaction. (2) The Minister may, within forty-five days from the date when notification of the transaction is made within the prescribed time and in the prescribed manner as provided in subsection (1)(a), disapprove the transaction in writing to the notifying party, in which event subsection (3) shall apply to such transaction: Provided that the Minister shall not disapprove of a transaction referred to in subsection (1) except on the grounds that the transaction does not comply with the objectives specified in section 3(1)(b), (c), (d) or (e), as the case may be. (3) Where the Minister indicates his or her disapproval of a transaction in terms of subsection (2), he or she shall have further ninety days to specify in writing to the notifying party what must be done in order for the transaction to comply with the objectives specified in section 3(1)(b), (c), (d) or (e), as the case may be. Provided that the Minister shall not require anything to be done under this subsection which will result in the transaction in question being concluded on less favourable terms than those originally notified to him or her under subsection (1)(a). (4) The Minister shall, in the exercise of his or her powers under this section, have access to all public records relating to business shareholdings and controlling interests, notwithstanding anything to the contrary contained in any other law. 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; -7-