Agricultural Industry Trusts Portfolio
The Industry Trusts are managed by board of trustees, in which the Minister is represented. The Ministerial trustees are entrusted to ensure that the Industry Trusts carry out the objectives of the Trust deeds, by aligning them to government transformation mandate. The Ministerial trustees will then report to the Agricultural Trusts division of the NAMC on the operation and financial performance of the Trusts in which the NAMC should communicated that to the Minister.
Moreover, the Industry Trusts portfolio, the division is also entrusted to monitor activities on transformation in the agricultural sector.
MANDATE
Marketing of Agricultural Product Act of 1996
Definition [Section 1 (xx) “Trust” – means a trust as defined in Section I of the Trust Property Control Act, 1988 (Act No. 57 of 1988).
Trust Property control Act of 1988
“Trust” means the arrangement through which the ownership in property of one person is by virtue of a trust instrument made over or bequeathed:
- To another person, the trustee, in whole or in part, to be administered or disposed of according to the provisions of the trust instrument for the benefit of the person or class of persons designated in the trust instrument of the object stated in the trust instrument; or
- To the beneficiaries designated in the trust instrument, which property is placed under the control of another person, the trustee, to be administered or disposed of according to the provisions of the trust instrument or for the achievement of the object stated in the trust instrument
Marketing of Agricultural Product Act of 1996
Section 26 (2) “From the date of commencement of this Act any property, whether movable or immovable, and whether corporeal or incorporeal, owned, hired or in which any such control board or similar body established by or under a law mentioned in the Schedule 40 has an interest, shall only be disposed of, alienated, let, hypothecated or otherwise dealt with in order to discharge the scheme’s or body’s liabilities or, with the approval of the Minister, be transferred to a trust, the purpose of which is not inconsistent with this Act”
