Export Promotion Act, 1959
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Number 20 of 1959. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
EXPORT PROMOTION ACT, 1959. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ARRANGEMENT OF SECTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Transfer of property and liabilities of the company to the board, etc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Number 20 of 1959. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
EXPORT PROMOTION ACT, 1959. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF A BOARD TO BE KNOWN AS CÓORAS TRÁCHTÁLA HAVING THE FUNCTIONS OF PROMOTING, ASSISTING AND DEVELOPING EXPORTS, TO PROVIDE FOR THE WINDING UP OF CÓRAS TRÁCHTÁLA TEORANTA AND TO PROVIDE FOR OTHER MATTERS CONNECTED WITH THE MATTERS AFORESAID. [29th July, 1959.] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Definitions. |
1.—In this Act— | |||||||||||||||||||||||||||||||||||||||||||||||||||
“the Board” means cóoras Tráchtála established by this Act; | ||||||||||||||||||||||||||||||||||||||||||||||||||||
“the Company” means Córas Tráchtála Teoranta; | ||||||||||||||||||||||||||||||||||||||||||||||||||||
“the establishment day” means the day appointed to be the establishment day for the purposes of this Act by order of the Minister made under section 2 of this Act; | ||||||||||||||||||||||||||||||||||||||||||||||||||||
“the Minister” means the Minister for Industry and Commerce. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment day. |
2.—The Minister may by order appoint a day to be the establishment day for the purposes of this Act. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Establishment of the Board. |
3.—(1) There shall, by virtue of this section, be established on the establishment day a board to be styled and known as Córas Tráchtála to fulfil the functions assigned to it by this Act. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The Board shall be a body corporate with perpetual succession and power to sue and be sued in its corporate name and to acquire, hold and dispose of land. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Powers and functions of the Board. |
4.—(1) It shall be the duty of the Board to promote, assist and develop exports in any manner which the Board considers necessary or desirable. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) It shall be the duty of the Board to advise the Minister on matters affecting or in any way connected with the development of exports. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) The Board shall have all such powers as are necessary for the purposes specified in subsections (1) and (2) of this section. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Without prejudice to the generality of the foregoing subsections and in addition to the powers conferred on the Board by any other provision of this Act, the Board shall have power— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) to purchase, take on lease or in exchange, or otherwise acquire any lands or buildings in the State or elsewhere and any estate or interest in and any rights connected with any such lands or buildings, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) to apply for and to receive, in the State or elsewhere, any trade marks, licences, protections or concessions and, in relation thereto, to do all such things as the Board considers necessary or desirable for the development of exports, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) to dispose of any lands or buildings held by the Board which appear to the Board to be no longer required by the Board for the exercise of its powers or the performance of its functions and duties. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) The Board shall, in respect of the promotion, assistance or development by the Board of the export of any product in relation to which a Minister exercises any function, act in consultation with, that Minister. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constitution of the Board. |
5.—(1) The Board shall consist of not less than three and not more than seven members, one of whom shall be chairman of the Board. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The first members of the Board and all subsequent members shall be appointed by the Minister after consultation with the Minister for Finance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) The Minister shall from time to time appoint a member of the Board to be the chairman of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Each member of the Board shall hold office on such terms (other than the payment of remuneration and allowances for expenses) as shall be fixed by the Minister at the time of his appointment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) (a) On each anniversary of the establishment day or, in any year in respect of which the Minister fixes an alternative date for the purpose, on such date, one-third of the members of the Board who are not whole-time members shall, if the number of such members is three or a higher number, retire from office. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) For the purpose of the calculation of the number of members of the Board who are to retire under paragraph (a) of this subsection, if the number of members who are not whole-time members is a number which is not evenly divisible by three, the number of members to retire under that paragraph shall be one-third of the number next below the number of such members which is evenly divisible by three. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) The members (if any) to retire under this subsection in each year shall be those who have been longest in office since their last appointment, and where there are members whose appointment was made on the same day and one of them is obliged to retire under this subsection, the member to retire shall, unless such members otherwise agree, be determined by lot. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) Where the Board consists of only three members the member (if any) who is obliged to retire under this subsection shall continue in office until his successor has been appointed or until he has been re-appointed a member of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) A member of the Board who retires shall be eligible for re-appointment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Remuneration and expenses of members of the Board. |
6.—Each member of the Board shall be paid out of moneys at the disposal of the Board such remuneration and allowances for expenses as the Minister, with the consent of the Minister for Finance, determines. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Removal of members of the Board. |
7.—The Minister may at any time, after consultation with the Minister for Finance, remove a member of the Board from office. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Resignation and disqualification of members of the Board. |
8.—(1) A member of the Board may at any time resign his office by letter addressed to the Minister and the resignation shall take effect as on and from the date of the receipt of the letter by the Minister. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) A member of the Board shall be disqualified from holding office and shall cease to hold office if he is adjudged bankrupt or makes a composition or arrangement with creditors or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude or ceases to be ordinarily resident in the State. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure by members of the Board of interest in proposed contract. |
9.—A member of the Board who has— | |||||||||||||||||||||||||||||||||||||||||||||||||||
(a) any interest in any company or concern with which the Board proposes to make any contract, or | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) any interest in any contract which the Board proposes to make, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
shall disclose to the Board the fact of the interest and the nature thereof, and shall take no part in any deliberation or decision of the Board relating to the contract, and the disclosure shall be recorded in the minutes of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Seal of the Board. |
10.—(1) The Board shall as soon as may be after its establishment provide itself with a seal. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The seal of the Board shall be authenticated by the signature of the chairman of the Board or some other member thereof authorised by the Board to act in that behalf and the signature of an officer of the Board authorised by the Board to act in that behalf. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Judicial notice shall be taken of the seal of the Board, and every document purporting to be an instrument made by the Board and to be sealed with the seal (purporting to be authenticated in accordance with this section) of the Board shall be received in evidence and be deemed to be such instrument without further proof unless the contrary is shown. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Meetings and procedure of the Board. |
11.—(1) The Board shall hold such and so many meetings as may be necessary for the due fulfilment of its functions. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The Minister may fix the date, time and place of the first meeting of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) The quorum for a meeting of the Board shall be such as may be fixed by the members and unless so fixed shall be two. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) At a meeting of the Board— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) the chairman of the Board, shall, if present, be chairman of the meeting, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) if and so long as the chairman of the Board is not present or if the office of chairman is vacant, the members of the Board who are present shall choose one of their number to be chairman of the meeting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) Every question at a meeting of the Board shall be determined by a majority of the members present and voting on the question and, in the case of an equal division of the votes, the chairman of the meeting shall have a second or casting vote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) The Board may act notwithstanding one or more vacancies among its members. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) Subject to the provisions of this Act, the Board shall regulate, by standing orders or otherwise, the procedure and business of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Officers and servants of the Board. |
12.—(1) Where the Company is dissolved under section 21 of this Act, every person who, immediately before such dissolution, was an officer or servant of the Company shall, on such dissolution, become an officer or servant of the Board on such terms and conditions as to tenure of office, remuneration, allowances and otherwise as the Board from time to time determines. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) The Board may appoint such and so many other persons to be officers and servants of the Board as the Board from time to time thinks proper. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) An officer or servant appointed by the Board shall hold his office or employment on such terms and conditions as the Board from time to time determines. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) The remuneration and allowances payable to persons who become officers or servants of the Board under subsection (1) of this section shall be paid by the Board out of funds at its disposal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) There shall be paid by the Board to the officers and servants appointed by the Board, out of funds at its disposal, such remuneration and allowances as the Board from time to time determines. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) The Board may at any time remove any officer or servant of the Board from being its officer or servant. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of functions of the Board. |
13.—The Board may exercise any of the powers and perform any of the functions and duties imposed on the Board by this Act through or by any member of the Board, any subcommittee of its members or any of its officers or servants authorised by the Board in that behalf. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Membership of either House of the Oireachtas by members, officers or servants of the Board. |
14.—(1) Where a member of the Board is nominated either as a candidate for election to either House of the Oireachtas or as a member of Seanad Éireann, he shall thereupon cease to be a member of the Board. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Where a person who is either an officer or a servant in the employment of the Board becomes a member of either House of the Oireachtas— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) he shall, during the period (in this section referred to as the secondment period) commencing upon his becoming entitled under the Standing Orders of that House to sit therein and ending either when he ceases to be a member of that House or, if it should sooner happen, upon his resignation or retirement from such employment or upon the termination of such employment by the Board, stand seconded from such employment, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) he shall not be paid by, or entitled to receive from, the Board any salary or wages, as the case may be, in respect of the secondment period, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) if there is in force a scheme made in pursuance of section 15 of this Act and the scheme establishes a fund to which the Board and the person pay contributions— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(i) the secondment period shall, for the purposes of the scheme, be deemed to be service of that person which is reckonable for superannuation benefits under the scheme if, but only if— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(I) he was in the permanent employment of the Board and was a contributor under the scheme immediately before the commencement of the secondment period, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(II) he elects, by notice in writing given to the Board within three months after the commencement of the secondment period, to pay contributions under the scheme in respect of the secondment period in accordance with the provisions of this section, and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(III) he pays, at such times and in such manner as the committee duly appointed under the scheme to administer the scheme may specify, contributions under the scheme in respect of the secondment period equal in amount to the aggregate of the contributions which he would have paid and the contributions which the Board would have paid in respect of the secondment period if he had remained without secondment under this subsection in the service of the Board during the secondment period and had been in receipt of remuneration from the Board during that period, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(ii) the Board shall not pay any contributions under the scheme in respect of the secondment period, but that part of the contributions payable by him as aforesaid which is equal to the amount of the contributions which the Board would have paid under the scheme in respect of the secondment period if he had remained without secondment under this subsection in the service of the Board during the secondment period and had been in receipt of remuneration from the Board during that period shall, for the purposes of the scheme, be deemed to have been paid by the Board, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(iii) if the secondment period is terminated by his death or by his retirement from such employment, he shall, for the purposes of the scheme, be deemed to have died in or to have been retired from the service of the Board, as the case may be, and to have been in receipt of remuneration from the Board immediately before such death or retirement, as the case may be, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(iv) if he does not pay or if, having paid contributions under the scheme in accordance with the provisions of this subsection, he ceases to pay contributions as aforesaid, he shall, for the purposes of the scheme, be deemed to have resigned from such employment— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(I) in case he ceases to pay contributions as aforesaid, on the date of the last payment, and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(II) in any other case, immediately before the commencement of the secondment period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) If a person who is or was an officer or servant of the Board becomes entitled to a pension under the Ministerial and Parliamentary Offices Acts, 1938 to 1952— | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) he shall not be entitled to reckon the whole or any part of his period of pensionable service, within the meaning of those Acts, for any superannuation benefits payable under a scheme made in pursuance of section 15 of this Act, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) if he has paid any contributions in accordance with the provisions of subsection (2) of this section in respect of that period, so much thereof as is equal to the amount of the contributions which he would have paid in respect of that period under the scheme if he had remained without secondment under subsection (2) of this section in the service of the Board during that period and had been in receipt of remuneration from the Board during that period, shall be returned to him if and when a payment of benefit or a return of other contributions is made to him under the scheme. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) A reference in subsection (2) or subsection (3) of this section to the receipt by any person of remuneration from the Board shall be taken as a reference to the receipt by that person of remuneration from the Board at the rate at which he was being remunerated by the Board on the last day of his whole-time employment with the Board before his secondment under subsection (2) of this section. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) A person who is for the time being entitled under the Standing Orders of either House of the Oireachtas to sit therein shall, while so entitled, be disqualified from becoming a member of the Board or an officer or servant of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Superannuation of officers and servants of the Board. |
15.—(1) As soon as conveniently may be after the establishment day, the Board shall prepare and submit to the Minister a scheme or schemes for the granting of pensions or gratuities or pensions and gratuities to or in respect of such officers and servants of the Board as the Board may think fit. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) A scheme submitted to the Minister under subsection (1) of this section shall, if approved of by the Minister with the concurrence of the Minister for Finance, be carried out by the Board in accordance with its terms. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) (a) The Board may at any time submit to the Minister a scheme (in this section referred to as an amending scheme) amending a scheme approved of under subsection (2) of this section or a previous amending scheme. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) An amending scheme may be expressed to act retrospectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) An amending scheme submitted to the Minister under subsection (3) of this section shall, if approved of by the Minister with the concurrence of the Minister for Finance, be carried out by the Board in accordance with its terms. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) The Board, with the consent of the Minister, may revoke a scheme approved of under this section. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(6)If any dispute arises as to the claim of any person to, or the amount of, any pension or gratuity payable in pursuance of a scheme under this section, such dispute shall be submitted to the Minister who shall refer it to the Minister for Finance for his decision. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(7) Every scheme approved of under this section shall, as soon as may be after it is made, be laid before each House of the Oireachtas and if either House, within the next twenty-one days on which that House has sat after the scheme is laid before it, passes a resolution annulling the scheme it shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Grants. |
16.—(1) For the purpose of enabling the Board to exercise or perform its functions, the Minister, with the consent of the Minister for Finance may pay from time to time to the Board out of moneys provided by the Oireachtas such sums, not exceeding in the aggregate one million pounds, as the Board may require. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Sums paid under this section shall not be repayable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Power of the Board to borrow temporarily. |
17.—The Board may, with the consent of the Minister, given with the concurrence of the Minister for Finance, borrow temporarily by arrangement with bankers such sums as it may require for the purpose of providing for current expenditure. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts and audits. |
18.—(1) The Board shall keep, in such form as may be approved by the Minister, with the concurrence of the Minister for Finance, all proper and usual accounts of all moneys received and expended by it and, in particular, shall keep, in such form as aforesaid, all such special accounts as the Minister may from time to time direct. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Accounts kept in pursuance of this section shall be submitted annually by the Board to the Comptroller and Auditor-General for audit at such time as the Minister, with the concurrence of the Minister for Finance, directs and the Board shall furnish a copy of the accounts as so audited, together with a copy of the report of the Comptroller and Auditor-General thereon, to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Report. |
19.—(1) The Board shall, in each year, at such date as the Minister may direct, make a report to the Minister of its activities during the preceding year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Whenever the Minister so directs, such annual report shall also include information on such particular aspects of the Board's activities under this Act as the Minister may specify. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Furnishing of information to Minister. |
20.—The Board shall submit to the Minister such information regarding the performance of its functions as he may from time to time require. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Winding up of the Company. |
21.—(1) The Company may resolve by extraordinary resolution to wind up the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Where the Company passes a resolution under subsection (1) of this section and, in pursuance of subsection (1) of section 70 of the Companies Consolidation Act, 1908, prints and forwards to the registrar of companies a copy of the resolution, the registrar shall register the copy of the resolution, certify the registration under his hand and forthwith forward a copy of the certificate to the Minister. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Upon receipt of the copy of the certificate forwarded by the registrar of companies under subsection (2) of this section, the Minister shall by order appoint a day (not being earlier than the establishment day) to be the day on which the Company shall stand dissolved and the Company shall, notwithstanding anything contained in the Companies Acts, stand dissolved on the day appointed by the order. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Sections 183 , 184 and 186 of the Companies Consolidation Act, 1908 , shall not have effect in relation to the winding up of the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) The provisions of the Schedule to this Act shall have effect on the dissolution of the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Existing powers of Ministers in relation to exports. |
22.—Nothing in this Act shall be construed as affecting or limiting in any manner the existing powers and functions of any Minister in relation to exports. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses. |
23.—The expenses incurred by the Minister in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Short title. |
24.—This Act may be cited as the Export Promotion Act, 1959. | |||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE. Transfer of property and liabilities of the Company to the Board, etc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Section 21 (5). | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The transfer date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1. In this Schedule “the transfer date” means the day appointed by the Minister by an order under subsection (3) of section 21 of this Act to be the day on which the Company stands dissolved. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Property. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2. (1) Subject to the provisions of this paragraph, all property whether real or personal (including choses-in-action) which immediately before the transfer date is vested in, belongs to or is held in trust for the Company and all rights, powers and privileges relating to or connected with any such property shall, on the transfer date and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company or authority, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, trust or interest for which the same immediately before the transfer date was vested in or belonged to or was held in trust for the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) All property transferred by this paragraph which, immediately before the transfer date, is standing in the books of any bank or is registered in the books of any bank, corporation, company or authority shall, upon the request of the Board made on or after the transfer date, be transferred in such books by such bank, corporation, company or authority into the name of the Board. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) On and after the transfer date every chose-in-action transferred by this paragraph to the Board may be sued upon, recovered or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by such chose-in-action of the transfer effected by this paragraph. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfer of Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
3. Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which, immediately before the transfer date, is owing and unpaid or has been incurred and is undischarged by the Company shall, on the transfer date, become and be the debt or liability of the Board and shall be paid or discharged by, and may be recovered from or enforced against, the Board accordingly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preservation of continuing contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4. Every bond, guarantee, mortgage or other security of a continuing nature made or given by the Company to any person, or by any person to the Company, and in force immediately before the transfer date, and every contract or agreement in writing made between the Company and another person and not fully executed and completed before the transfer date shall, notwithstanding the dissolution of the Company, continue in force on and after the transfer date but shall be construed and have effect as if the name of the Board were substituted therein for the name of the Company, and such security, contract or agreement shall be enforceable by or against the Board accordingly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuance of pending legal proceedings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5. In every action, suit or proceedings which is pending on the transfer date in any court or tribunal and to which the Company is a party, the Board shall on the transfer date become and be a party in the place of the Company and such proceedings shall be continued between the Board and the other parties thereto accordingly and no such proceedings shall abate or be discontinued or prejudicially affected by reason of the dissolution of the Company. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Exemption from stamp duty. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6. Section 12 of the Finance Act, 1895 , shall not apply to the vesting in the Board of the property of the Company. |