Diamonds Act, 1986 (Act No. 56 of 1986)Chapter IV : Licences and Permits35. Controlling interest in companies and close corporations |
| 1) | No person shall without the prior written approval of the Regulator acquire a controlling interest in any company or close corporation after a licence has been issued or transferred in terms of this Chapter to that company or close corporation. |
| 2) | The Regulator shall grant the approval referred to in subsection (1) only if it is of the opinion- |
| a) | that the person concerned or, where that person is a company, any director thereof or, where that person is a close corporation, any member thereof is a suitable person to carry on the activities authorised by the licence in question, or to be involved in such activities; or |
| b) | that the acquisition of a controlling interest by that person will be in the interest of the diamond trade in general. |