Public Enterprises (Privatisation and Commercialisation) Act

PUBLIC ENTERPRISES (PRIVATISATION AND COMMERCIALISATION) ACT

ARRANGEMENT OF SECTIONS

PART I

Privatisation and commercialisation of public enterprises

SECTION

1. Enterprises to be privatised.

2. Mode of privatisation.

3. Further divestment of Federal Government’s shares.

4. Management of pri vatised enterprises.

5. Allotment of shares of pri vatised enterprises.

6. Partial and full commercialisation.

7. Annual report on privatisation and commercialisation of public enterprises.

8. Special provisions relating to commercialised enterprises.

PARTI II

National Council on Privatisation

9. Establishment and membership of the National Council on Privatisation.

10. Tenure of office of members of the Council.

11. Functions and powers of the Council.

PART III

Bureau of Public Enterprises Establishment, etc.

12. Establishment of the Bureau of Public Enterprises.

13. Functions: privatisation.

14. Functions: commercialisation.

15. Other functions of the Bureau.

16. Powers of the Bureau.

17. Appointment of the Director-General and other staff.

18. Service in the Bureau to be pensionable.

19. Establishment of Privatisation Proceeds Account.

20. Fund of the Bureau.

21. Estimates of expenditure and income.

22. Accounts and audit.

PART IV

Legal proceedings

23. Limitation of suits against the Bureau, etc.

SECTION

24. Service of documents.

25. Restriction on execution against property of the Bureau.

26. Indemnity of officers.

PART V

Public Enterprises Arbitration Panel, etc.

27. Establishment and membership of the Public Enterprises Arbitration Panel.

28. Powers of the Panel.

29. Proceedings of the Panel.

30. Other arbitration laws not applicable.

PARTVI

Miscellaneous

31. Regulations.

32. Savings, etc.

33. Interpretation.

34. Short title.

SCHEDULES

FIRST SCHEDULE PART I

Enterprises in which equity held shall be partially privatised

PART II

Enterprises in which equity held shall be fully privatised

SECOND SCHEDULE PART I

Partial commercialisation

PART Il

Full commercialisation

THIRD SCHEDULE

Supplementary provisions relating to the Council

PUBLIC ENTERPRISES (PRIV ATISATION AND COMMERCIALISATION) ACT

An Act to provide for privatisation and commercialisation of certain public enter- prises and to establish the National Council on Privatisation and the Bureau of Public Enterprises; and for matters relating thereto.

[1999 No. 28.]