Home | Databases | WorldLII | Search | Feedback Tuvalu Sessional Legislation

Statutory Corporations Reform Act 1995

TUVALU

STATUTORY CORPORATIONS REFORM ACT 1995
(Act No 2 of 1996)

I assent

Sir-Tulaga Manuella GCMG
Governor-General

15th April, 1996

AN ACT to amend the -

•Development Bank of Tuvalu Act

•National Bank of Tuvalu Act

•National Fishing Corporation of Tuvalu Act

•Tuvalu Electricity Corporation Act

•Tuvalu Philatelic Bureau Act

•Tuvalu Provident Fund Act 1984

•Tuvalu Telecommunications Corporation Act 1993

•Vaiaku Lagi Hotel Corporation Act 1988

and for connected purposes.

ENACTED by the Parliament of Tuvalu -

Short title and commencement

1. This Act may be cited as the Statutory Corporations Reform Act 1995 and shall come into operation on such date as the Minister shall by notice appoint.

Amendment of various Acts

2. The Acts listed in Schedule 1 are amended as set out in that Schedule.

SCHEDULE 1
(Section 2)

ACTS AMENDED

Development Bank of Tuvalu Act

In subsection 10(1) (Meetings of Board) repeal "3 months" and substitute "2 months".

In section 25 (Annual Report) -

(a) insert the subsection designation "(1)" after the section designation "25.", and;

(b) after subsection (1) insert the following subsections -

"(2) The report prepared under subsection (1) shall -

(a) include details of the financial performance and effectiveness of the Bank as judged by performance measures that are relevant to the banking and finance sector of the Tuvalu economy and are prescribed by the Minister by notice; and

(b) be submitted to the Minister as soon as practicable after it is prepared.

(3) The initial performance measures referred to in paragraph (2)(a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 25 insert the following sections -

"Corporate Plans

25A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

25B. Each corporate plan prepared under section 25A shall -

(a) set out the objectives of the Bank;

(b) outline the overall strategies and policies that the Bank will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Bank, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister

25C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

25D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan; the Board must immediately notify the Minister of its opinion and of the reasons for that opinion;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

National Bank of Tuvalu (Cap. 58)

In subsection 10(1) (Meetings of Board) repeal "6 months" and substitute "2 months".

In section 20 (Annual reports and financial statements) insert the following subsections after subsection (1) -

"(1a) The report prepared under paragraph (1)(a) shall include details of the financial performance and effectiveness of the Bank as judged by performance measures that are relevant to the banking and finance sector of the Tuvalu economy and are prescribed by the Minister by notice.

(1b) The initial performance measures referred to in subsection (1a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 20 insert the following sections –

"Corporate Plans

20A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

20B. Each corporate plan prepared under section 20(A) shall -

(a) set out the objectives of the Bank;

(b) outline the overall strategies and policies that the Bank will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Bank, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister

20C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

20D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

National Fishing Corporation of Tuvalu Act (Cap. 106)

In subsection 10(1) (Meetings of the Board) repeal "6 months" and substitute "2 months".

In section 17 (Annual Reports and Financial Statements) insert the following subsections after subsection (1) -

"(1a) The report prepared under paragraph (1)(a) shall include details of the financial performance and effectiveness of the Corporation as judged by performance measures that are relevant to the commercial fishing industry in Tuvalu and are prescribed by the Minister by notice.

(1b) The initial performance measures referred to in subsection (1a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 17 insert the following sections -

"Corporate Plans

17A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

17B. Each corporate plan prepared under section 17A shall -

(a) set out the objectives of the Corporation;

(b) outline the overall strategies and policies that the Corporation will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Corporation, including capital expenditure,

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Plans to the Corporate Minister

17C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

17D. If the Board forms the opinion that matters have arisen which may-

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

Tuvalu Electricity Corporation Act(Cap. 41)

In subsection 15(1) (Meetings of Board) repeal "6 months" and substitute "2 months".

In section 26 (Annual reports and accounts etc) -

(a) insert the subsection designation "(1)" after the section designation "26."; and

(b) after subsection (1) insert the following subsections -

"(2) The report prepared under paragraph (1)(a) shall-

(a) include of the financial performance and effectiveness of the Corporation as judged by performance measures that are relevant to the electricity industry in Tuvalu and are prescribed by the Minister by notice; and

(b) be submitted to the Minister as soon as practicable after it is prepared.

(3) The initial performance measures referred to in paragraph (2)(a) shall be prescribed by the Minister by notice no later 31 August, 1996."

After Section 26 insert the following sections -

"Corporate Plans

26A. (1) The Board shall prepare corporate plans.

(2) The first corporate plans-

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

26B. Each corporate plan prepared under Corporate Plans section 26A shall -

(a) set out the objectives of the Corporation;

(b) outline the overall strategies and policies that the Corporation will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Corporation, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister

26C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minster to the Board.

Notification of certain matters

26D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

Tuvalu Philatelic Bureau Act (Cap. 107)

In subsection 10(1) (Meetings of Board) repeal "six months" and substitute "two months".

In section 19 (Annual Reports and Statements) insert the following subsections after subsection (1) -

"(1a) The report prepared under paragraph (1)(a) shall include details of the financial performance and effectiveness of the Bureau as judged by performance measures that are relevant to the philatelic industry in Tuvalu and are prescribed by the Minister by notice.

(1b) The initial performance measures referred to in subsection (1a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 19 insert the following sections -

"Corporate Plans

19A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September,

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

19B. Each corporate plan prepared under Corporate Plans section 19A shall -

(a) set out the objectives of the Bureau;

(b) outline the overall strategies and policies that the Bureau will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Bureau, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister

19C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

19D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

Provident Fund Act 1984(Cap. 86)

In section 9 (Functions of the Board) insert the following subsections after subsection (6)-

"(6a) The report prepared under subsection (6) shall include details of the financial performance and effectiveness of the Fund as judged by performance measures that are relevant to superannuation funds and are prescribed by the Minister by notice.

(6b) The initial performance measures referred to in subsection (6a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 9 insert the following sections -

"Corporate Plans

9A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

9B. Each corporate plan prepared under Corporate Plans section 9A shall -

(a) set out the objectives of the Fund;

(b) outline the overall strategies and policies that the Fund will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Fund, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister

9C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to, review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

9D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or prevent or significantly affect the forecasts of revenue and expenditure under corporate plan, or

(c) prevent or significantly affect forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

Tuvalu Telecommunications Corporation Act 1993

In subsection 15(1) (Meetings of Board) repeal "six months" and substitute "two months".

In section 29 (Annual reports and accounts etc) -

(a) insert the subsection designation "(1)" after the section designation "29."; and

(b) after subsection (1) insert the following subsections -

"(2) The report prepared under subsection (1) shall -

(a) include details of the financial performance and effectiveness of the Corporation as judged by performance measures that are relevant to the telecommunications industry in Tuvalu and are prescribed by the Minister by notice; and

(b) be submitted to the Minister as soon as practicable after it is prepared.

(3) The initial performance measures referred to in paragraph (2)(a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 29 insert the following sections -

"Corporate Plans

29A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

29B. Each corporate plan prepared under section 29A shall -

(a) set out the objectives of the Corporation;

(b) outline the overall strategies and policies that the Corporation will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Corporation, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plans to Minister.

29C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

29D. If the Board forms the opinion that matters have arisen which may -

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

Vaiaku Lagi Hotel Corporation Act 1988 (Cap. 101)

In subsection 10(1) (Meetings of Board) repeal "6 months" and substitute "2 months".

In section 21 (Annual reports and accounts etc) -

(a) insert the subsection designation "(1)" after the section designation "21."; and

(b) after subsection (1) insert the following subsections -

"(2) The report prepared under subsection (1) shall -

(a) include details of the financial performance and effectiveness of the Corporation as judged by performance measures that are relevant to the hotel industry in Tuvalu and are prescribed by the Minister by notice; and

(b) be submitted to the Minister as soon as practicable after it is prepared.

(3) The initial performance measures referred to in paragraph (2)(a) shall be prescribed by the Minister by notice no later than 31 August, 1996."

After Section 21 insert the following sections -

"Corporate Plans

21A. (1) The Board shall prepare corporate plans.

(2) The first corporate plan -

(a) shall be for a period of not less than 3 years and not more than 5 years; and

(b) shall be prepared and submitted to the Minister no later than 30 September, 1996.

(3) Each subsequent corporate plan shall be for a period of not less than 3 years and not more than 5 years, beginning immediately after the period of the previous corporate plan.

(4) The Board may review and revise a corporate plan at any time.

Contents of Corporate Plans

21B. Each corporate plan prepared under section 21 A shall -

(a) set out the objectives of the Corporation;

(b) outline the overall strategies and policies that the Corporation will follow to achieve its objectives and discharge its functions;

(c) include a forecast of the revenue and expenditure of the Corporation, including capital expenditure;

(d) include such performance indicators and targets as the Board considers appropriate;

(e) summarise aid-funded assistance received and planned; and

(f) include such other matters as may be prescribed by the Minister.

Presentation of Corporate Plant to Minister

21C. (1) As soon as practicable after the Board prepares or revises a corporate plan it shall submit a copy of the corporate plan to the Minister.

(2) Not later than 90 days after receipt of a corporate plan the Minister may direct the Board to review and revise the corporate plan in accordance with government policies and priorities as communicated by the Minister to the Board.

Notification of certain matters

21D. If the Board forms the opinion that matters have arisen which may-

(a) prevent, or significantly affect, the achievement of the objectives in a corporate plan;

(b) significantly affect the strategies and policies that are to be followed under the corporate plan; or

(c) prevent or significantly affect the forecasts of revenue and expenditure under a corporate plan,

the Board must immediately notify the Minister of its opinion and of the reasons for that opinion."

------------------------------------------