Transitional provisions

Disestablishment of South African Inventions Development Corporation

18. (1) The South African Inventions Development Corporation established by section 2 of the Inventions Development Act, 1962 (Act No. 31 of 1962), (herein after referred to as the Corporation), is hereby disestablished.

(2) The Registrar of Companies must deregister the Corporation in terms of the Companies Act. 1973 (Act No. 61 of 1973).

(3) The board of directors of the Corporation contemplated in section 6 of the Inventions Development Act is hereby dissolved.

Transfer of employees, assets and liabilities

19 (1) As from the date of commencement of this Act

(a) all the rights. assets, obligations and liabilities of the Corporation vest in the Agency;

(b) all the employees of the Corporation which were seconded to the Corporation from the Council for Scientific and Industrial Research (the CSIR) in terms of section 5 of the Inventions Development Act, must be transferred to the CSIR; and

(c) anything done in terms of the Inventions Development Act prior to such commencement and which may be done in terms of this Act, must be deemed as having been done in terms of this Act.

(d) anything done by or on behalf of the Corporation, including the establishment of a company in terms of section 4 (1 )(a)(iv) of the Inventions Development Act, is deemed to have been done by the Agency, subject to this Act.

(e) the Registrar of Companies must do the necessary entries and endorsements in its register to give effect to paragraph (d).