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Tuvalu Sessional Legislation |
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
|
Short Title of
Act
|
Amendment
|
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."
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