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NEW TIMES CORPORATION ACT, 1971
(ACT 363)
ARRANGEMENT OF SECTIONS
Section
PART I—ESTABLISHMENT OF NEW TIMES
CORPORATION
1. Establishment of Corporation
2. Compulsory acquisition of
property for Corporation where
there is hindrance
PART II—OBJECTS OF THE CORPORATION
3. Objects
4. Corporation to conduct its
affairs on sound commercial lines
PART III—THE BOARD
5. The Board
6. Qualifications, and vacation of
office of members of Board, etc.
7. Remuneration of Board members
8. Meetings of the Board
PART IV—MANAGEMENT AND STAFF OF
CORPORATION
9. Board to be in control of
general policy of Corporation
10. Execution of contracts, etc.
11. Staff of Corporation
12. Secretary of Corporation
13. Internal Auditor
PART V—FINANCIAL PROVISIONS
14. Capital and Funds of
Corporation
15. Estimates of revenue and
expenditure
16. Staff Welfare Fund
17. Depreciation Fund
18. Corporation to pay sums into
Consolidated Fund
19. Borrowing powers
20. Corporation to keep proper
books of account
21. Financial year of Corporation
22. Audit.
PART VI—MISCELLANEOUS
23. Annual Report, etc.
24. Quarterly reports
25. Minister's power of direction
26. Bye-laws or other Instruments
27. Exemption from taxes, etc.
28. Interpretation
29. Dissolution of New Times
Limited
THE THREE HUNDRED AND SIXTY-THIRD
ACT OF PARLIAMENT OF THE REPUBLIC
OF GHANA
ENTITLED
THE NEW TIMES CORPORATION ACT,
1971
AN ACT to establish the New Times
Limited as a statutory corporation
and to make other provision in
relation thereto.
DATE OF ASSENT: 9th July, 1971
BE IT ENACTED by the President and
the National Assembly in this
present Parliament assembled as
follows:—
PART I—ESTABLISHMENT OF NEW TIMES
CORPORATION
Section 1—Establishment of
Corporation.
(1) There is hereby established a
body corporate to be known as the
New Times Corporation in this Act
referred to as "the Corporation."
(2) The Corporation shall have
perpetual succession and a common
seal, may sue and be sued in its
own name, and may for the purposes
of its functions under this Act
acquire, hold and dispose of any
moveable or immoveable property
and enter into any transaction
whatsoever.
Section 2—Compulsory Acquisition
of Property for Corporation where
there is Hindrance.
Where there is any hindrance to
the acquisition by the Corporation
of any property, the property may
be acquired for the Corporation
under the State Property and
Contracts Act, 1960 (CA 6) or as
the case may be, under the State
Lands Act, 1962 (Act 125), and
each such Act shall, as the case
may be, apply in relation to any
such acquisition with such
modifications as may be necessary
to provide for the vesting of the
property acquired thereunder in
the Corporation and for the cost
of such acquisition to be defrayed
by the Corporation.
PART II—OBJECTS OF THE CORPORATION
Section 3—Objects.
The objects of the Corporation
are—
(a) to carry on the business of
newspaper proprietors, and of
newspaper and general printers and
publishers, advertisers, and
advertising agents and
contractors;
(b) to purchase or otherwise
acquire or start either wholly or
in part, and to print, publish,
edit, and sell any newspaper,
journal, magazine, periodical,
print, picture, engraving, musical
composition or book and to carry
on the business of publishers,
lithographers, electrotypers,
bill-posters, bookbinders,
booksellers, stationers,
papermakers, type founders,
typecutters, and dealers in type,
ink, paper, and other materials
required for or in connection with
the business of printers and
publishers;
(c) to collect and disseminate
news and information, and employ
correspondents, authors, writers
and others and to pay for news and
information however obtained;
(d) to carry on business as
shorthand writers and reporters,
and to sell and supply news and
information, or literary or
artistic productions, articles,
novels, books and other works;
(e) to carry on such other
business as may be conveniently or
profitably carried on therewith or
as may enhance the value of any of
the Corporation's property;
(f) to manufacture and deal in all
kinds of articles and things
required for the purposes of any
such business as aforesaid or
commonly dealt with by persons
engaged in any such businesses;
and
(g) to do such other things as may
appear to the Corporation to be
incidental or conducive to all or
any of the foregoing objects.
Section 4—Corporation to Conduct
its Affairs on Sound Commercial
Lines.
(1) It shall be the duty of the
Corporation to conduct its affairs
on sound commercial lines, and in
particular, so to carry out its
functions under this Act as to
ensure that its revenues are
sufficient to produce on the fair
value of its assets, a reasonable
return measured by taking its net
operating income as a percentage
of the fair value of its fixed
assets in operation plus an
appropriate allowance for its
working capital.
(2) In determining what
constitutes a reasonable return,
all pertinent economic and
financial considerations shall be
taken into account, including but
not limited to the need for net
operating income in an amount
sufficient:—
(a) to meet interest payments on
borrowings;
(b) to provide for repayments to
be made each year in respect of
loans incurred by the Corporation
to the extent that such repayments
exceed the year's provision for
depreciation charged to revenue
account;
(c) to provide a reasonable
proportion of the funds needed for
expanding the Corporation's
activities and improving its
working;
(d) to provide reserves for
replacement, expansion or other
purposes if and to the extent that
the Board deems it necessary to
establish such reserves, and
(e) to make such reasonable
payments to the Consolidated Fund
from time to time as may be
determined under section 18 of
this Act.
(3) In this section, the words
"net operating income" mean the
amount of income remaining after
subtracting from total operating
revenues all charges which in the
normal conduct of business are
proper to be charged to revenue
account, including provision for
adequate maintenance and straight
line depreciation of assets, but
before deducting interest and
other charges on borrowings.
PART III—THE BOARD
Section 5—The Board.
(1) The governing body of the
Corporation shall be a Board.
(2) The Board shall consist of—
(a) a Chairman and not less than
four nor more than ten persons
appointed by the President acting
in consultation with the Council
of State; and
(b) the person appointed Managing
Director under section 9 of this
Act.
Section 6—Qualifications, and
Vacation of Office of Members of
Board, Etc.
(1) No person shall be qualified
to be a member of the Board who
has been sentenced to death or to
a term of imprisonment exceeding
twelve months without option of a
fine or has been convicted of an
offence involving dishonesty or
moral turpitude and has in each
case not been granted a free
pardon.
(2) No person shall be qualified
to be a member of the Board if
having been declared as an
insolvent or bankrupt under any
law for the time being in force in
Ghana or in any other country is
an undischarged insolvent or
bankrupt.
(3) The members of the Board other
than the Managing Director shall
hold office for one year.
(4) Any member of the Board other
than the Managing Director may
resign his office by notice in
writing addressed to the Minister
and without prejudice to the
general effect of subsections (1)
and (2) of this section, any
member of the Board may be removed
from office by the President
acting in consultation with the
Council of State.
(5) Where the office of a member
of the Board other than the
Managing Director becomes vacant
under subsection (1), (2) or (4)
of this section before the
expiration of his term of office
under subsection (3) of this
section or by his death, the
Minister shall notify the Prime
Minister of the occurrence of such
event and the President shall,
acting on consultation with the
Council of State and subject to
the provisions of this Act,
appoint another person in his
place and to hold office for the
unexpired portion of his term of
office.
(6) Subject to the provisions of
this Act where it appears to the
Prime Minister on the
recommendation of the Minister
that any member of the Board is
unable by reason of absence from
Ghana or illness or any other
sufficient cause from performing
the duties of his office the
President acting in consultation
with the Council of State shall
appoint another person to hold
office in his place until such
time as the Prime Minister is
satisfied that that person is
again able to perform such duties
or until the term of such member
expires, whichever first occurs.
(7) Every member of the Board
shall, on ceasing to be a member
be eligible for re-appointment.
Section 7—Remuneration of Board
Members.
Any member appointed to the Board
under subsection (2) (a) of
section 5 of this Act as well as
any person co-opted to the Board
under section 8 of this Act may be
paid such remuneration (if any) as
the Board may, with the approval
of the Minister, and the Minister
responsible for Finance determine
in relation to him.
Section 8—Meetings of the Board.
(1) The Board shall ordinarily
meet for the despatch of business
at such times and at such places
as the Board may determine but
shall meet at least once in every
month.
(2) A special meeting of the Board
shall be called upon a written
request signed by the Chairman or
by a majority of the members of
the Board addressed to the
Secretary of the Corporation.
(3) At every meeting of the Board
at which he is present, the
Chairman shall preside and in his
absence a member of the Board
appointed by the members present
from among themselves, shall
preside.
(4) Questions proposed at a
meeting of the Board shall be
determined by a simple majority of
members present and voting and in
the event of any equality of votes
the person presiding shall have a
second or casting vote.
(5) The quorum at any meeting of
the Board shall be four, or half
the number of members of the Board
whichever is the greater.
(6) The Board may, at any time
co-opt any person or persons to
act as an adviser or advisers at
any of its meetings so, however,
that no person so co-opted shall
be entitled to vote at any such
meetings on any matter for
decision by the Board.
(7) The validity of any
proceedings of the Board shall not
be affected by any vacancy among
its members or by any defect in
the appointment of any of them.
(8) Any member of the Board who
has any interest in any company or
undertaking with which the
Corporation proposes to make any
contract or who has any interest
in any contract which the
Corporation proposes to make
shall, disclose in writing to the
Board the nature of his interest
and shall, unless the Board
otherwise directs, be disqualified
from participating in any
deliberations of the Board on the
contract and shall in any case be
disqualified from voting in any
decision of the Board on such
contract and any member who
infringes the provisions of this
subsection shall be liable to be
removed from the Board.
(9) The Board shall cause to be
recorded and kept minutes of all
proceedings of its meetings in
such manner and form as the
Minister may in writing direct.
PART IV—MANAGEMENT AND STAFF OF
CORPORATION
Section 9—Board to be in Control
of General Policy of Corporation.
(1) The Board shall, subject to
the provisions of this Act, have
general control of the management
of the Corporation on matters of
policy.
(2) The Corporation shall have a
Managing Director.
(3) Subject to the provisions of
Part III of this Act the Managing
Director shall be appointed by the
President acting in consultation
with the Council of State, and
subject to the said provisions
shall hold office upon such terms
and conditions as may be specified
in his instrument of appointment.
(4) Where the office of the
Managing Director becomes vacant
the Board shall notify the
Minister thereof and the Minister
shall in turn notify the Prime
Minister of the occurrence of the
vacancy.
(5) Where the Managing Director is
incapacitated from the performance
of his functions under this Act
the Board may, subject to
subsection (6) of section 6 of
this Act authorise any senior
employee of the Corporation to
perform those functions for the
duration of the incapacity.
(6) Subject to the provisions of
this Act, the Managing Director
shall be the Chief Executive of
the Corporation and shall, subject
to the general control of the
Board on matters of policy, and
subject in particular to such
rules as the Board may make in
that behalf under section 26 of
this Act, be charged with the
direction of the day-to-day
business of the Corporation and of
its administration and
organisation and control of all
the employees of the Corporation.
(7) Subject as aforesaid the
Managing Director may delegate to
any employee of the Corporation
any of his functions under this
Act and may impose such conditions
with respect to the exercise of
such delegated functions as he may
think fit:
Provided that nothing in this
subsection shall be construed so
as to absolve the Managing
Director from ultimate
responsibility for any act than by
any person in pursuance of any
such delegation.
Section 10—Executions of
Contracts, Etc.
(1) The application of the seal of
the Corporation shall be
authenticated by two signatures,
namely—
(a) the signature of the Managing
Director or some other member of
the Board authorised by the Board
to authenticate the application of
the seal, and
(b) the signature of the Secretary
or some other officer of the
Corporation authorised by the
Board to act in the Secretary's
place for that purpose.
(2) The Corporation may by
instrument in writing under its
common seal empower any person
either generally or in respect of
any specified matters as its
attorney, to execute deeds on its
behalf in any place not situated
in Ghana; and every deed signed by
such attorney on behalf of the
Corporation and under his seal,
shall be binding on the
Corporation and have the same
effect as if it were under the
common seal of the Corporation.
(3) Any instrument or contract
which, if executed or entered into
by a person other than a body
corporate, would not require to be
under seal, may be executed or
entered into on behalf of the
Corporation by the Managing
Director or any member of the
Board if such person has
previously been authorised by
resolution of the Board to execute
or enter into that particular
instrument or contract:
Provided that if the Corporation
thinks fit it may by writing under
its common seal appoint any person
outside Ghana as agent to execute
or enter into the instrument or
contract and the instrument or
contract if executed or entered
into on behalf of the Corporation
shall have effect as if it had
been duly executed or entered into
as prescribed for the purposes of
this subsection.
(4) Every document purporting to
be an instrument executed or
issued by or on behalf of the
Corporation and to be:—
(a) sealed with the common seal of
the Corporation authenticated in
the manner provided by subsection
(1) of this section; or
(b) signed by and under the seal
of a person appointed as attorney
under subsection (2) of this
section, or
(c) signed by the Managing
Director or by a member of the
Board or other person authorised
in accordance with subsection (3)
of this section to act for that
purpose,
shall be deemed to be so executed
or issued until the contrary is
shown.
(5) The provisions of this section
shall have effect subject to the
provisions of section 9 of this
Act and of section 12 of the
Contracts Act, 1960 (Act 25).
Section 11—Staff of Corporation.
(1) The Corporation may from time
to time engage such employees as
may be necessary for the proper
and efficient conduct of the
business and functions of the
Corporation.
(2) The Corporation may also
engage the services of such
consultants and advisers as the
Board may upon the recommendation
of the Managing Director
determine.
(3) Subject to any delegation
effected under clause (2) of
article 140 of the Constitution
and subject also to the other
provisions of the Constitution the
employees of the Corporation,
other than the Managing Director,
shall be appointed by the
President acting in accordance
with the advice of the Public
Services Commission.
(4) Subject to the provisions of
the Constitution the employees,
consultants and advisers of the
Corporation shall be engaged on
such terms and conditions as the
Board may on the recommendations
of the Managing Director
determine.
(5) Public Officers may be
transferred or seconded to the
Corporation or may otherwise give
assistance thereto.
Section 12—Secretary of
Corporation.
(1) The Corporation shall have an
officer to be designated as the
Secretary of the Corporation.
(2) The Secretary shall act as
Secretary to the Board and shall,
subject to the directions of the
Board, arrange the business for
and be responsible for the
recording and keeping of minutes
of proceedings of the meetings of
the Board.
(3) The Secretary shall as soon as
practicable after each meeting of
the Board forward to the Minister
a copy of the minutes of that
meeting.
(4) The Secretary shall also
perform such functions as the
Board may by writing direct or as
the Managing Director may by
writing delegate to him and shall
be assisted in his functions by
such of the staff of the
Corporation as the Board may on
the recommendations of the
Managing Director direct.
Section 13—Internal Auditor.
(1) The Corporation shall have an
Internal Auditor.
(2) Subject to the provisions of
this Act, the Internal Auditor
shall be responsible to the
Managing Director for the
performance of his functions.
(3) As part of his functions
under this Act the Internal
Auditor shall, at intervals of
three months, prepare a report on
the Internal Audit work carried
out by him during the period of
three months immediately preceding
the preparation of the report, and
submit the report to the Managing
Director.
(4) Without prejudice to the
general effect of subsection (3)
of this section, the Internal
Auditor shall make in each report
such observations as appear to him
necessary as to the conduct of the
financial affairs of the
Corporation during the period to
which the report relates.
(5) The Internal Auditor shall
send a copy of each report
prepared by him under this section
to the Minister and also to each
of the following:—
the Minister responsible for
Finance,
the Auditor-General, and
the Chairman of the Board of
Directors.
PART V—FINANCIAL PROVISIONS
Section 14—Capital and Funds of
Corporation.
The Government may provide to the
Corporation as working capital and
also as moneys required for
carrying out the functions of the
Corporation such sums as the
Minister may after consultation
with the Cabinet agree, being sums
requested by the Board from the
Government.
Section 15—Estimates of Revenue
and Expenditure.
The Board shall not less than one
month before the commencement of
each financial year cause to be
prepared in such form as the
Minister may direct estimates of
revenue and expenditure for that
financial year and shall as soon
as possible after they are
prepared submit a copy of the
estimates to the Minister.
Section 16—Staff Welfare Fund.
(1) The Corporation shall have a
staff welfare fund.
(2) At the end of each financial
year, the Corporation shall
transfer to the staff welfare fund
such sum, not exceeding 5 per cent
of the net profits of the
Corporation as the Board may
determine.
(3) The Corporation may, with the
approval of the Minister, use the
staff welfare fund for the
provision of staff welfare
facilities such as canteens, low
interest bearing staff welfare
loans and for other purposes aimed
at enhancing the welfare of the
staff of the Corporation.
(4) The operation of the staff
welfare fund shall be subject to
such specific rules and
regulations as may be made by the
Board.
Section 17—Depreciation Fund.
(1) The Corporation shall have a
depreciation fund and for that
purpose the Corporation shall open
a Depreciation Reserve Account
with the Bank of Ghana.
(2) At the end of each financial
year, the Corporation shall
transfer to the credit of the
Depreciation Reserve Account all
amounts charged to profit and loss
account in respect of depreciation
for buildings, plant and
equipment, fixtures and other
fixed assets.
(3) Amounts so transferred to the
Depreciation Reserve Account shall
be utilised only to replace fixed
assets and equipment which are
worn out or have become obsolete.
(4) Expenditure in respect of
current repairs and in respect of
purchases of spare parts shall not
be met out of the Depreciation
Reserve Account but shall be
charged to the income and
expenditure account of the
Corporation for the financial year
during which the expenditure is
incurred.
Section 18—Corporation to Pay Sums
into Consolidated Fund.
Subject to section 4 of this Act
at the end of each financial year,
after the Corporation has made
provision for bad and doubtful
debts, depreciation of assets,
contributions to staff and
superannuation funds and for other
contingencies, if any, and after
appropriation has been made to the
staff welfare fund under section
16 of this Act such part of the
profits of the Corporation
remaining as the Minister after
consultation with the Board and
with the Minister responsible for
Finance may by writing direct
shall be paid into the
Consolidated Fund.
Section 19—Borrowing Powers.
(1) The Corporation may obtain
loans and other credit facilities,
on the guarantee of the Government
from the National Investment Bank
or from such other Bank as the
Minister and the Minister for
Finance may approve.
(2) Apart from the powers of the
Corporation under subsection (1)
of this section, the Corporation
may, with the prior approval of
the Minister and the Minister
responsible for Finance borrow
money from any other source.
(3) For the purpose of any
technical arrangements in
connection with the raising of any
loan under subsection (2) of this
section the Corporation shall, if
the National Investment Bank
agrees, use the services of that
Bank.
(4) The Corporation may borrow
temporarily by way of overdraft or
otherwise, such sums as it may
require for meeting its current
obligations or discharging its
functions.
(5) The Minister responsible for
Finance may on behalf of the
Government, guarantee the
performance of any obligation or
undertaking by the Corporation
under this section.
(6) The Minister responsible for
Finance may from time to time
prescribe the maximum sums which
the Corporation may borrow under
subsection (1) or (2) of this
section.
Section 20—Corporation to keep
Proper Books of Account.
The Corporation shall keep proper
books of account and proper
records in relation thereto and
the account books and records of
the Corporation shall be in such
form as the Auditor-General may
approve.
Section 21—Financial Year of
Corporation.
(1) The Corporation's financial
year shall end on the 31st day of
March in each year.
(2) For the purposes of this
section the period extending from
the commencement of this Act to
the 31st day of March, 1972 shall
be deemed to be a financial
year.
Section 22—Audit.
(1) The books and accounts of the
Corporation shall each year be
audited in accordance with article
135 of the Constitution by the
Auditor-General.
(2) The Corporation shall pay in
respect of such audit such fee (if
any) as the Auditor-General and
the Board may agree or in the case
of failure to agree, such fee as
the Minister may prescribe.
(3) It shall be the duty of the
Board as soon as possible upon
receiving the report of the
Auditor-General under this section
to forward a copy of such report
to the Minister.
(4) The Minister shall as soon as
practicable upon receipt thereof,
cause to be laid before the
National Assembly a copy of the
Auditor-General's report forwarded
to him under this section.
PART VI—MISCELLANEOUS
Section 23—Annual Report, Etc.
(1) The Corporation shall, as soon
as possible after the expiration
of each financial year but within
six months after the termination
of that financial year, submit to
the Minister an annual report
dealing generally with the
activities and operations of the
Corporation within that year which
shall, without prejudice to the
generality of the foregoing
include—
(a) a copy of the audited accounts
of the Corporation together with
the Auditor-General's report
thereon,
(b) each report submitted in
relation to that financial year by
the Internal Auditor under section
13 of this Act;
(c) a statement of all directions
given by the Minister to the
Corporation under section 25 of
this Act within that year,
(d) such other information as the
Minister may by writing request.
(2) A copy of the annual report of
the Corporation shall also be sent
by the Corporation to the
following:—
the Minister responsible for
Finance,
the Head of the Central Bureau of
Statistics.
(3) The Minister shall, as soon as
possible after receiving the
annual report of the Corporation,
cause the report to be laid before
the National Assembly.
(4) The Corporation shall also
submit to the Minister such other
reports on its financial affairs
as the Minister may by writing
request from time to time.
Section 24—Quarterly Reports.
The Board shall cause to be
submitted to the Minister as soon
as possible after the months of
June, September, December and
March in each year a statement
showing the revenue and
expenditure of the Corporation and
fluctuations in the number of
persons in employment of the
Corporation during the three
months immediately preceding and
the revenue and expenditure for
the corresponding period in the
year immediately preceding.
Section 25—Minister's Power of
Direction.
Subject to the provisions of
section 4 of this Act (which
requires the Corporation to
operate on sound commercial
lines), the Minister may give
general directions in writing to
the Corporation on matters of
policy and the Corporation shall
be bound to comply with such
directions.
Section 26—Bye-laws or other
Instruments.
(1) The Board may make bye-laws or
other instruments for the purpose
of carrying into effect the
provisions and principles of this
Act and for regulating any matter
falling within the scope of the
functions of the Corporation or
which is required or authorised by
this Act to be provided for by any
such instruments.
(2) Without prejudice to the
general effect of subsection (1)
of this section, the Board may,
subject to the provisions of the
Constitution and also to the
provisions of the Social Security
Act, 1965 (Act 279) make bye-laws
or other instruments under that
subsection for providing the
conditions of service of the staff
of the Corporation including, if
the Board thinks fit, the
operation of a contributory
provident fund.
Section 27—Exemption from Taxes,
Etc.
The Corporation shall be exempted
from such taxes and duties as the
Minister responsible for Finance
may, by writing direct.
Section 28—Interpretation.
In this Act, "Minister" means the
Minister responsible for
Information.
Section 29—Dissolution of New
Times Limited.
(1) The Company known immediately
before the commencement of this
Act as the New Times Limited is
hereby dissolved.
(2) All assets, property, rights,
liabilities and obligations of the
said company are hereby
transferred to the Corporation
established by this Act.
(3) The National Newspapers
(Guinea Press Limited) (Interim
Reconstitution) Decree, 1968 (N.L.C.D.
230) is hereby repealed.
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