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Betio Shipyard Ltd (Special Provisions) Act 1988

REPUBLIC OF KIRIBATI
(No. 9 of 1988)

I assent,

I. Tabai

Beretitenti

9/9/88

AN ACT TO PROVIDE FOR THE TRANSFER OF THE ASSETS AND
LIABILITIES OF SHIPYARD DIVISION OF
MINISTRY OF TRANSPORT AND COMMUNICATIONS TO
BETIO SHIPYARD LTD AND FOR CONNECTED PURPOSES

Commencement:
1988

MADE by the Maneaba ni Maungatabu and assented to by the Beretitenti.

Short title

1. This Act may be cited as the Betio Shipyard Ltd (Special Provisions) Act 1988.

Commencement

2. This Act shall be deemed to have come into force on 5th February 1988.

Interpretation

3. In this Act, unless the context otherwise requires –

"liability" includes liabilities of every kind and obligations of every kind, whether arising under or by virtue of an instrument or otherwise and whether liquidated or unliquidated, certain or contingent, accrued or accruing;

"Shipyard Division" means the division, department or agency of the Government trading under the name and style "Betio Shipyard" responsible for the provision of Shipyard services in and for Kiribati;

"property" includes properties of every kind whether tangible or intangible, real or personal, corporeal or incorporeal and without limiting the generality of the foregoing, includes –

(a) choses in action; and

(b) rights interests and claims of every kind whether arising under or by virtue of an instrument or otherwise and whether liquidated or unliquidated, certain or contingent, accrued or accruing.

Transfer and vesting of assets in Betio Shipyard Ltd

4. All properties, assets and monies in the possession of the Shipyard Division and used or applied in the operations of the Shipyard Division immediately prior to the commencement of this Act are hereby transferred to, and vested in, Betio Shipyard Ltd.

Transfer of liabilities of Shipyard Division

5. All liabilities of the Shipyard Division immediately prior to the commencement of this Act are hereby transferred to, and vested in, Betio Shipyard Ltd.

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BETIO SHIPYARD LTD (SPECIAL PROVISIONS) ACT 1988

EXPLANATORY MEMORANDUM

This Act seeks to transfer the assets and liabilities of the Shipyard Division of the Ministry of Transport and Communications known as "Betio Shipyard" to the newly established Betio Shipyard Ltd.

The said Betio Shipyard Ltd was incorporated on 5th February, 1988 as a wholly-owned Government private limited liability company. The objects of the company are stated as "unrestricted and initially the company will carry on the business of the supply of shipyard services for the Republic of Kiribati". In other words, the new company will take over, among other things, the business presently being carried on by Betio Shipyard.

In view of the fact that the assets and liabilities of the said Betio Shipyard form part of and are a charge on the Consolidated Fund, it is necessary that the approval of the Maneaba ni Maungatabu should be obtained before the said transfer.

The transfer will also enable the newly formed Betio Shipyard Ltd to start off on a sound footing.

Section 4 and 5 of the Act seek to achieve the purposes outlined above.

Michael N. Takabwebwe
The Attorney General
29 February 1988