THE ROLE AND FUNCTION OF CORPORATION SOLE

Transcript:THE ROLE AND FUNCTION OF CORPORATION SOLE:
THE ROLE AND FUNCTION OF CORPORATION SOLE “Corporate Governance Seminar– Promoting Effective State Enterprise Management” Ministry of Finance and the Economy Investments Division 1 OUTLINE THE MINISTER OF FINANCE INCORPORATION ACT POWERs AND FUNCTIONS OF CORPORATION SOLE AS DEFINED BY THE ACT POWER AND FUNCTIONS OF CORPORATION SOLE AS DEFINED BY OTHER LEGISLATION THE STATE ENTERPRISE SECTOR ROLE AND FUNCTION OF THE INVESTMENTS DIVISION ON BEHALF OF CORPORATION SOLE Ministry of Finance and the Economy Investments Division 2 THE MINISTER OF FINANCE INCORPORATION ACT The Minister of Finance Incorporation Act, act No. 5 of 1973 (chapter 60:03) incorporated the Minister of Finance as Corporation Sole. By virtue of the Act the Minister of Finance holds all property transferred or vested in trust for the State. Ministry of Finance and the Economy Investments Division 3 POWERS AND FUNCTIONS OF CORPORATION SOLE AS DEFINED BY THE ACT The Corporation sole has the same characteristics of a corporation that is the separation of the rights and the duties of the corporate body and perpetual succession. Therefore: The benefit of all Deeds, contracts, bonds, securities or things in action is vested in the person appointed to the office of Minister of Finance. The benefits of this office is transferred to and vested in the person appointed to the office. Ministry of Finance and the Economy Investments Division 4 POWERS AND FUNCTIONS OF CORPORATION SOLE AS DEFINED BY THE ACT To hold property : vested by the Act by virtue of any other written law as may from time to time in any other way be vested in it. To exercise corporate powers in a manner it thinks fit, subject to the special or general directions of the President from time to time. Ministry of Finance and the Economy Investments Division 5 POWERs AND FUNCTIONS OF CORPORATION SOLE AS DEFINED BY THE ACT With the permission of the President the Corporation has the power to: to acquire, purchase, take, hold and enjoy movable and immovable property of every description to convey, assign, surrender and yield up, mortgage, demise, re-assign, transfer or otherwise dispose of, or deal with any movable or immovable property vested in the Corporation upon such terms as to the Corporation seems fit. To accept surrenders, assignments or reconveyances and to exchange any property and enter into contracts. Ministry of Finance and the Economy Investments Division 6 POWERS AND FUNCTIONS OF CORPORATION SOLE