Finance Act (No 2) 1988 Commencement Order 1998

1998/88

Finance Act (No 2) 1988 Commencement Order 1998


Note

This order is administered in the Treasury.


PURSUANT to section 6(1) of the Finance Act (No 2) 1988, His Excellency the Administrator of the Government, acting by and with the advice and consent of the Executive Council, makes the following order.

1 Title
  • This order may be cited as the Finance Act (No 2) 1988 Commencement Order 1998.

2 Commencement of provisions relating to Government Property Services Limited

MARIE SHROFF

Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 15 May 1998, section 13 of the Finance Act (No 2) 1988.

Subsection (1) removes Government Property Services Limited from Schedules 1 and 2 of the State-Owned Enterprises Act 1986. The company will thus cease to be subject to that Act on that date

Subsection (2) continues the application of sections 22 and 30 of the State-Owned Enterprises Act 1986 while the Crown holds shares in the company. Section 22 relates to the holding of shares by the Crown in State enterprises. Section 30 relates to the application of the Companies Act 1993 to State enterprises.

Subsection (3) provides that notwithstanding the coming into force of subsection (1), sections 23 to 29 of the State-Owned Enterprises Act 1986 continue to apply as if the company continued to be a State enterprise and a company named in Schedule 2 of that Act and as if the Minister of Finance and the Minister for State-Owned Enterprises continued to be the shareholding Ministers. Those sections relate to the transfer of assets and liabilities of the Crown to State enterprises.

Subsection (4) provides that the Crown may, while it holds shares in the company, exercise the rights and powers attaching to those shares.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 14 May 1998.