GHANA INDUSTRIAL HOLDING CORPORATION (DISSOLUTION) ACT, 1993

P.N.D.C.L. 324 GHANA INDUSTRIAL HOLDING CORPORATION (DISSOLUTION) ACT, 1993 AN ACT to provide for the dissolution of the Ghana Industrial Holding Corpration, for the continued existence of its subsidiaries as limited liability companies and for related matters.

Legislation

Table of Content

1. Dissolution of the Corporation.

2. Transfer of assets and liabilities.

3. Status of the Corporation’s subsidiaries.

4. Corporation dissolution account.

5. Payment of terminal benefits.

6. Indemnity against court proceedings.

7. Abatement of pending proceedings.

8. Responsibility of the Minister.

9. Request for information.

10. Offences and penalties.

11. Offences by bodies of persons.

12. Interpretation.

13. Repeals.

14. Commencement.

Schedule Limited Liability Companies

1. Dissolution of the Corporation.

2. Transfer of assets and liabilities.

3. Status of the Corporation’s subsidiaries.

4. Corporation dissolution account.

5. Payment of terminal benefits.

6. Indemnity against court proceedings.

7. Abatement of pending proceedings.

8. Responsibility of the Minister.

9. Request for information.

10. Offences and penalties.

11. Offences by bodies of persons.

12. Interpretation.

13. Repeals.

14. Commencement.

Schedule Limited Liability Companies

Section 1

1. Dissolution of the Corporation

The Ghana Industrial Holding Corporation shall cease to exist as a body corporate.

Section 2

2. Transfer of assets and liabilities

(1) The assets, rights and obligations of the Corporation and of its subsidiaries are transferred to the Republic and shall be disposed of, or otherwise dealt with, in the manner directed by the President. (2) Despite anything to the contrary, the shares, debentures, securities and proprietary rights held by the Corporation before the commencement of this Act are hereby vested in the Republic free from any encumbrances. (3) The President may give the directives necessary for the discharge of the obli-gations and liabilities attached to the shares, debentures, securities and proprietary rights transferred to the Republic under this section.