North New Georgia Timber Corporation (Amendment) Act 1980 (No. 4 of 1980)

37 SOLOMON ISLANDS NO. 4 OF 1980 Assented to in Her Majesty's name and on Her Majesty's behalf this 3rd day: of April 1980. B. DEVESI Governor-General AN ACT TO AMEND THE NORTH NEW GEORGIA TIMBER CORPORATION ACT 1980 Date of ] Commence ENACTED by the National Parliament of Solomon Islands. 38 Citation. Amendment to section 2 of No. 9 of 1979. Cap. 96. Amendment to section 3 of the princi pal Act. Amendment to section 6 of the principal Act North New Georgia Timber Co,poration (Amendment) Act 1980 -No. 4 of 1980 1. This Act may be cited as the North New Georgia Timber Corporation (Amendment) Act, 1980. 2. Section 2 of the North New Georgia Tim her Corpora tion Act 1979 (hereinafter called the principal Act) is amended by the insertion after the word ''timber" at the end of the definition of "extract" included therein of the follow ing words "and in the exercise of such rights, to quarry, extract,, move and use, sand, coral and stone or other road making or building material, and, subject to the provi sions of the River Waters Act, to take and use water". 3. Section 3 of the principal Act is amended in subsection (1) by the deletion of the words "for the public benefit''. 4. Section 6 of the principal Act is amended in subsection (1) by (a) the insertion after paragraph (d) of the following paragraphs . "( dA) to .create and maintain a fund to be known as the Reserve .Fund · to meet such running costs and other future liabilities as may be incurred from time to time or otherwise to meet contingencies in accordance with the best commereial practice; (dB) to invest or place upon deposit in accordance with best commercial practice any moneys stand ing to the credit of the Corporation in any fund or otherwise; and"; (b) in paragraph (e), by the insertion after the words "paragraph (d)" of the words "and such moneys as the Board may determine are required for the Reserve Fund created in accordance with para graph (dA)". North New Georgia Timber Corporation (Amendment) Act 1980-No. 4 of 1980 89 5. The First Schedule to the principal Act is amended by Amendment the deletion of all the words from the word "which" where to the First it appears in line 9 thereof to the end of the said Schedule :;i::::ule and the replacement therefor of the following words - principal "which lands are more fully delineated on a plan of the whole lands and by a description of tr.a Southern boundary of such lands marked "Plan of Lands and Description of Southern Boundary ftr First Schedule to North New Georgia Timber Corpo1~tion Act 1979" to be deposited in the office of the Co1nmissioner of Lands and, where there is any conflict between the plan of the lands and the description of the Southern bound ary, the description shall prevail for all purposes". Act. 6. The Second Schedule to the principal Act is amended Amendment by the deletion of paragraph 2 and the substitution therefor 5tohsedc0nd • c e ule of the f ollowmg paragraph - of the principal "2. The chairman of the Board (in the Schedules to Act. this Act :referred to as "the chairman") shall be elected by the Board . of Directors from amongst their number at its first meeting following the Annual General Meet ing and shall hold office until a chairman is elected at the meeting of the Board following the next Annual General Meeting or until the chairman ceases to be a director whichever is the earlier and in the event of the chairman losing office because he ceases to be a director the Board shall at its next meeting elect from amongst their number a chairman". 7. The Third Schedule to the principal Act is amended - Amendment of Third . h f h d I . Schedule (a) in Part I and m paragrap 2 thereo by t e e etion to the princi of the full stop at the end thereof and the addition pal, Act of the following words "together with such moneys as the Board may determine are required for the Reserve Fund created in accordance with section 6(l)(dA)"; and 40 North New Georgia Timber Corporation (Amendment)Act 1980-No. 4 of 1980 (b) by the deletion of paragraph 7 Part II and the substitution therefor of the following paragraphs "7. Before the annual statement of account is laid before the Corporation in general meeting · and submitted to the Minister it shall be examined by an independent auditor and the report thereon of the auditor shall be annexed to the annual statement of account laid before the Corporation in general meeti~"" and submitted to the Minister. 7A. The provisions of sections 153, 164, 155 and 166 of the Companies Act (Cap. 66) shall apply to the auditor appointed under para . graph 7 with such modifications, adaptions, qualifications and exceptions as may be necessary to bring them into conformity with this Act. ". Deposit of 8. The plan. of the lands and description of the Southern Plan referred boundary. of the lands referred to in the amendment to the to in First First .Schedule to the principal Act as set out in Section 5 Schedule of . the.principal of this. Act is at the date of coming into force of this Act Acfa~ amen7 deposited at the office of the Commissioner of Lands. ded section s. Declaration 9. For the avoidance of doubt it is hereby declared that for avoidance for all purposes of the principal Act including, without of doubt. prejudice to the generality of the foregoing, the purpospeo of subsection (8) of section 4 (which provides for the vestil.. .... of timber standing on the New Georgia lands together with the right to grant licences in relation to such timber) the lands described in the First Schedule of the principal Act as amended by this Act, shall be deemed to be and always to have been the New Georgia lands and, insofar as is necessary therefor, this Act shall have retrospective effect. Passed by the National Parliament of Solomon Islands this thirteenth day of March one thousand nine hundred and eighty. North New Georgia Timber Corporation (Amendment) Act 1980-No. 4 of 1980 This printed impression has beep. cfµ"efully compared by me with the Bill passed by Parliament and found by me to be a true and correct copy of the sajd jilJ. L.O. PO$,1,\NSKI Clerk of the National Parliament 41 Honiara, Solomon IslandS Printed by the Government Printing Office T. Kaieti, Government Printer