CHAPTER 386 - PRIVATISATION ACT: SUBSIDIARY LEGISLATION

INDEX TO SUBSIDIARY LEGISLATION

Privatisation (Sale or Disposal of Property) Regulations

Privatisation (Trade Sales and Management or Employee Buyouts (Sale Tender) Regulations

Privatisation (Oath of Secrecy) Order

Privatisation (Political Leaders and Public Officers) (Bidding) Regulations

PRIVATISATION (SALE OR DISPOSAL OF PROPERTY) REGULATIONS

[Section 49]

[RETAINED AS PER SECTION 15 OF THE INTERPRETATION AND GENERAL PROVISIONS ACT]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Application

   3.   Restriction of sale or disposal of property

   4.   Processing of applications

   5.   Returns on sale of property

   6.   Sale of disposal of real property

   7.   Restriction on lease of property

   8.   Lease information to be given to Agency

SI 41 of 1993.

[Regulations by the Minister]

1.   Title

These Regulations may be cited as the Privatisation (Sale or Disposal of Property) Regulations.

2.   Application

These Regulations apply to state owned enterprises scheduled for privatisation under the Act.

3.   Restriction on sale or disposal of property

   (1)   No state owned enterprise shall sell or otherwise dispose of property of state owned enterprise without the prior approval, in writing, of the Agency.

   (2)   The application for approval referred to in sub-regulation (1) shall be accompanied by—

      (a)   a board resolution of the applicant, authorising the sale or disposal of the property;

      (b)   a schedule containing a description of the property intended for sale or disposal;

      (c)   a statement indicating the manner in which the property will be sold or otherwise disposed of; and

      (d)   a statement showing that the property is–

      (i)   redundant, excess or obsolete; and

      (ii)   free, apart from these Regulations, from any prohibition or restriction on sale or disposal.

4.   Processing of applications

   (1)   The Agency shall process each application in the best interest of the state owned enterprise and on such terms and conditions as it thinks necessary or expedient.

   (2)   The decision of the Agency shall be communicated to the applicant not later than thirty days from date the application is received by the Agency.

   (3)   In granting an application for approval, the Agency shall in its absolute discretion satisfy itself that the sale or disposal of property is in the best interest of the applicant.

   (4)   The Agency may, in granting its approval, impose such terms and conditions as it may think fit and such conditions shall be binding on all persons.

5.   Returns on sale of property

As soon as a sale is completed, a state owned enterprise shall file with the Director information on the following–

      (a)   the date of completion;

      (b)   the amount realised;

      (c)   the date of removal of the property from the company register; and

      (d)   any other information the Agency may request.

6.   Sale of disposal of real property

Any sale or disposal of real property belonging to a state owned enterprise shall be conducted through a property management company, estate agent, auctioneer or such other class of persons the Agency may specify.

7.   Restriction on lease of property

   (1)   No state owned enterprise shall lease property for a period exceeding one year without the prior approval, in writing, of the Agency.

   (2)   An application for approval shall be accompanied by—

      (a)   a schedule containing the description of the property intended for letting;

      (b)   evidence that the intended lease is in the best interest of the state owned enterprise;

      (c)   a resolution by the state owned enterprise authorising the leasing of the property;

      (d)   a statement giving reasons for the proposed leasing; and

      (e)   a draft lease agreement.

   (3) This Regulation shall not apply to a state owned enterprise whose main business is the letting of property.

   (4) The Agency may, in granting an approval under this Regulation, impose such terms and conditions as it thinks fit and such conditions shall be binding on all persons.

8.   Lease information to be given to Agency

A state owned enterprise that signs an agreement for sale, disposal or letting of property after the coming into force of the Act but before the commencement of these Regulations shall communicate to the Agency the following information–

      (a)   the parties;

      (b)   the consideration;

      (c)   the duration of the lease;

      (d)   the date of expiration of the lease;

      (e)   the nature of the transaction;

      (f)   the reasons for the transaction;

      (g)   the description of the property;

      (h)   the effective date of the lease or date of sale of the property; and

      (i)   any other information the Agency may request.

PRIVATISATION (TRADE SALES AND MANAGEMENT OR EMPLOYEE BUYOUTS (SALE TENDER) REGULATIONS

[Sections 22 and 29]

[RETAINED AS PER SECTION 15 OF THE INTERPRETATION AND GENERAL PROVISIONS ACT]

Arrangement of Regulations

   Regulation

   1.   Title

   2.   Application for pre-qualification

   3.   Application by incorporated companies

   4.   Application for partnerships

   5.   Applications by individuals

   6.   Confidentiality agreements

   7.   References

   8.   Processing applications

   9.   Entitlement on pre-qualification

   10.   Submission of bids

   11.   Contents of bid documents

   12.   Evaluation and selection of bids

      FIRST SCHEDULE

      SECOND SCHEDULE

      THIRD SCHEDULE

SI 40 of 1993.

[Regulations by the Minister]

1.   Title

These Regulations may be cited as the Privatisation (Trade Sales and Management or Employee Buyouts) (Sale Tender) Regulations.

2.   Application for pre-qualification

   (1) Any person may participate in tenders relating to the privatisation of any state-owned enterprise by submitting an application for pre-qualification.

   (2) The Agency shall determine and publish the deadline for the submission of applications.

3.   Application by incorporated companies

   (1) An application by an incorporated company shall be in the form prescribed in the First Schedule to these Regulations.

   (2) An application by an incorporated company shall be submitted with certified copies of—

      (a)   the Board of Directors' resolution authorising the application;

      (b)   a certificate of incorporation;

      (c)   the memorandum and articles of association;

      (d)   the current annual returns;

      (e)   the Company Form No. 23; and

      (f)   a n audited financial statement.

4.   Application by partnerships

   (1) An application by a partnership shall be in the form prescribed in the Second Schedule to these Regulations.

   (2) An application for a partnership shall be submitted with certified copies of—

      (a)   the articles of partnership or a certificate of registration under the Registration of Business Names Act; and

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.