ACTS OF GHANA

GHANA INDUSTRIAL HOLDING CORPORATION (DISSOLUTION) LAW, 1993 (PNDCL 324)

ARRANGEMENT OF SECTIONS

Section

1. Dissolution of GIHOC.

2. Transfer of Assets and Liabilities.

3. Status of GIHOC Subsidiaries.

4. GIHOC Dissolution Account.

5. Payment of Terminal Benefit.

6. Indemnity Against Court Proceedings.

7. Abatement of Pending Proceedings.

8. Responsibility of Secretary for Industries.

9. Request for Information.

10. Offences and Penalty.

11. Offences by Bodies of Persons.

12. Interpretation.

13. Repeals.

14. Commencement.

SCHEDULE

Schedule—Limited Liability Companies

IN pursuance of the Provisional National Defence Council (Establishment) Proclamation 1981, this Law is hereby made—

Section 1—Dissolution of GIHOC.

The Ghana Industrial Holding Corporation (hereafter referred to in this Law as "the Corporation") shall cease to exist as a body corporate.

Section 2—Transfer of Assets and Liabilities.

(1) The assets, rights and obligations of the Corporation and all its subsidiaries are transferred to the State and shall be disposed of or otherwise dealt with in such manner as the Provisional National Defence Council may direct.

(2) Notwithstanding anything to the contrary, all shares, debentures, securities and proprietary rights held by the Corporation before the commencement of this Law are hereby vested in the State free from all encumbrances.

(3) The Provisional National Defence Council may give such directives as it considers necessary for the discharge of any obligations and liabilities attached to the shares, debentures, securities and proprietary rights transferred to the state under this section.

Section 3—Status of GIHOC Subsidiaries.

(1) The companies specified in the Schedule to this Law shall continue to exist as Limited Liability companies on the coming into force of this Law and shall cease to be subsidiaries of the Corporation.

(2) The Provisional National Defence Council may, in respect of the companies specified in the Schedule, give such further directions and for such purposes as it considers necessary.

Section 4—GIHOC Dissolution Account.

(1) The Executive Chairman of the State Enterprises Commission shall open and operate an account to be known as the GIHOC Dissolution Account into which shall be paid all monies realised from or relating to the dissolution of the Corporation.

(2) All obligations and payments required to be disbursed as a result of the dissolution of the Corporation shall be met out of the Dissolution Account.

Section 5—Payment of Terminal Benefit.

Subject to the provisions of this Law, an employee of the Corporation whose employment becomes terminated as a result of the dissolution of the Corporation may be paid such terminal benefit or any other award as the Provisional National Defence Council may direct.

Section 6—Indemnity Against Court Proceedings.

No action shall be brought against the Corporation, any of its divisions or subsidiaries, or against any person in respect of any obligation or liability arising out of the dissolution of the Corporation under section 1 of this Law.

Section 7—Abatement of Pending Proceedings.

Any action pending in any court before the commencement of this Law in respect of any obligation or liability arising out of the dissolution of the Corporation is hereby abated.

Section 8—Responsibility of Secretary for Industries.

Subject to the powers of the Provisional National Defence Council under this Law, the Secretary shall give such directions and take such measures as may be necessary to give full effect to the provisions of this Law.

Section 9—Request for Information.

The Secretary may request from any person any information that he thinks necessary for giving effect to the provisions of this Law.

Section 10—Offences and Penalty.

Any person who—

(a)  obstructs directly or indirectly the implementation of the provisions of this Law;

(b)  fails without reasonable excuse, proof of which shall be on him, to comply with any directive given by the Secretary under section 8 of this Law;

(c)  fails without reasonable excuse, proof of which shall be on him, to furnish any information requested from him by the Secretary under section 9 of this Law or furnishes in response to such request any information which he knows to be false or which he has no reason to believe to be true; or

(d) destroys, falsifies or mutilates any records or document with intent to frustrate the implementation of the provisions of this Law,

commits an offence and is liable on summary conviction to a fine not exceeding ¢500,000.00 or to imprisonment for a term not exceeding one year or to both.

Section 11—Offences by Bodies of Persons.

(1)  Where an offence under this Law is committed by a body of persons—

(a) in the case of a body corporate other than a partnership, every director, or an officer of that body shall also be deemed to be guilty of that offence, and

(b) in the case of partnership every partner or officer of the partnership shall also be deemed to be guilty of that offence.

(2)  No person shall be deemed to be guilty of an offence under subsection (1) if he proves that the offence was committed without his knowledge or connivance and that he exercised all due care and diligence to prevent the commission of the offence having regard to all the circumstances.

Section 12—Interpretation.

In this Law unless the context otherwise requires—

"GIHOC" means the Ghana Industrial Holding Corporation;

"Secretary" means the Provisional National Defence Council Secretary responsible for Industries, Science and Technology.

Section 13—Repeals.

The Ghana Industrial Holding Corporation Decree, 1967 (NLCD 207); and Ghana Industrial Holding Corporation (Amendment) Act, 1970 (Act 354) are hereby repealed.

Section 14—Commencement.

This Law shall be deemed to have come into force on 14th day of March, 1989.

SCHEDULE

LIMITED LIABILITY COMPANIES

1.  GIHOC Distilleries Company Limited

2.  GIHOC Bottling Company Limited

3.  GIHOC Pharmaceutical Company Limited

4.  GIHOC Cannery Company Limited

5.  GIHOC Steelworks Company Limited

6.  GIHOC Meat Products Company Limited

7.  GIHOC Nzema Oil Mills Company Limited

8.  GIHOC Central Advertising Company Limited

9.  GIHOC Paints Company Limited

10. GIHOC Fibre Products Company Limited

11. GIHOC  Footwear Company Limited

12. GIHOC Marble Works Company Limited

13. GIHOC Metal Industries Company Limited

14. GIHOC Paper Conversion Company Limited

15. GIHOC Electronics Company Limited

16. GIHOC Manufacturing Company Limited

17. GIHOC Motors & Machine Shop Company Limited

18. GIHOC Printing & Paper Products Company Limited

19. GIHOC Refrigeration & Household Products Company Limited.

20. GIHOC Mosquito Coil Company Limited

21. GIHOC Boatyards Company Limited

22. GIHOC Brick & Tile Company Limited

23. GIHOC Glass Manufacturing Company Limited

24. GIHOC Vegetable Oil Mills Company Limited

Made this 1st day of January, 1993.

JERRY JOHN RAWLINGS

Chairman of the Provisional National Defence Council

Date of Gazette Notification: 8th April, 1993.