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

  Download original PDF

Air Tungaru Ltd (Special Provisions) Act 1990

THE REPUBLIC OF KIRIBATI
(No. 12 of 1990)

I assent,

I. Tabai
Beretitenti.
31/12/1990

AN ACT TO AUTHORISE THE TRANSFER OF THE NET WORTH OR NET AGGREGATE VALUE OF AIR TUNGARU CORPORATION TO AIR TUNGARU LTD; AND FOR CONNECTED PURPOSES

Commencement:

1990

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

Short title

1. This Act may be cited as the Air Tungaru Ltd (Special Provisions) Act 1990.

Commencement

2. This Act shall come into operation on such date as the Minister may by notice appoint.

Interpretation

3. (1) In this Act, unless the context otherwise requires -

"Air Tungaru Corporation" means the statutory corporation established by and/or under the Air Tungaru Corporation Ordinance (Cap. 1A);

"Air Tungaru Ltd" means the private limited liability company incorporated to take over the functions and/or business formerly being discharged and/or carried on by the Air Tungaru Corporation;

"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, unliquidated, certain or contingent, accrued or accruing;

"net worth or net aggregate value" means the excess of the value of the assets of Air Tungaru Corporation as a going concern over the value of its liabilities;

"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 Air Tungaru Ltd

4. All properties, assets and monies in the possession of the Air Tungaru Corporation and used or applied in the operations of the Air Tungaru Corporation immediately prior to the coming into operation of this Act shall, with effect from the date of the coming into operation of this Act, be deemed to have been transferred to and vested in, Air Tungaru Ltd.

Transfer of Liabilities of Air Tungaru Corporation

5. All liabilities of the Air Tungaru Corporation immediately prior to the coming into operation of this Act shall, with effect from the date of the coming into operation of this Act, be deemed to have been transferred to, and vested in, Air Tungaru Ltd.

Properties and Assets transferred to constitute consideration for Government Shareholding in Air Tungaru Ltd

6. The net worth or net aggregate value of the properties, assets and liabilities referred to in sections 4 and 5 shall constitute the consideration (either in cash or in kind) for the Government's shareholding in Air Tungaru Limited.

Repeal of Air Tungaru Corporation Ordinance (Cap. 1A)

7. The Air Tungaru Corporation Ordinance (Cap. 1A) and any Regulations made thereunder are hereby repealed.

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

AIR TUNGARU LIMITED (SPECIAL PROVISIONS) ACT 1990

EXPLANATORY MEMORANDUM

This Act seeks to authorise the transfer of the net worth of net aggregate value of Air Tungaru Corporation to the newly incorporated Air Tungaru Ltd as consideration for Government's shareholding in the said company.

2. The said Air Tungaru Ltd is a wholly-owned Government private limited liability company. The objects of the company are stated as "unrestricted" and initially the company will -

(a) provide and promote air transport services whether on charter terms of otherwise;

(b) provide travel agency services; and

(c) do anything or carry on any other businesses connected with or incidental to (a) and (b) above.

3. The assets and liabilities of Air Tungaru Corporation shall, on the coming into operation of this Act, and the consequent repeal of the Air Tungaru Corporation Ordinance (Cap. 1A), revert to the Consolidated Fund.

4. It has therefore become necessary to seek the authorisation of the Maneaba ni Maungatabu before the said transfer which is the main subject matter of this Bill.

5. Sections 4 and 5 of the Act therefore seek to transfer and vest the net worth of the assets and liabilities of Air Tungaru Corporation in the newly incorporated Air Tungaru Ltd on the date this proposed Act comes into operation.

6. Section 6 of the Act provides that net worth or net aggregate value of the said assets and liabilities shall constitute the consideration for Government shareholding in the Air Tungaru Ltd.

7. Section 7, on the other hand, provides for the repeal of the Air Tungaru Corporation Ordinance (Cap. 1A) and any Regulations made thereunder.

Michael Neaua Takabwebwe
Attorney General
18 October 1990