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VOLTA
RIVER PROJECT (SUPPLEMENTARY
PROVISIONS) ACT, 1962 (ACT
96)
ARRANGEMENT OF SECTIONS
Section
1. Sections 5 and 6 of Act 25 not
to apply to certain agreements.
2. Financial agreements.
3. Validity of certain agreements.
4. Interpretation.
SCHEDULES
First Schedule
Second Schedule
THE NINETY-SIXTH
ACT OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
THE VOLTA RIVER PROJECT
(SUPPLEMENTARY PROVISIONS) ACT,
1962
AN ACT to exempt certain
agreements relating to the Volta
River Project from the provisions
of sections 5 and 6 of the
Contracts Act, 1960 (Act 25) and
to provide for certain financial
matters connected with the
Project.
DATE OF ASSENT: 20th January, 1962
BE IT ENACTED by the President and
the National Assembly in this
present Parliament assembled as
follows:—
Section 1—Sections 5 and 6 of Act
25 not to Apply to Certain
Agreements.
The provisions of sections 5 and 6
of the Contracts Act, 1960 (Act
25) shall not apply to the
agreements specified in the First
Schedule hereto, except as
otherwise expressly provided
therein.
Section 2—Financial Agreements.
(1) In the name and on behalf of
the Republic, the President may in
writing so far as may seem to him
expedient in the public interest
to do so—
(a) enter into agreements
providing for the guarantee of any
obligations undertaken by the
Volta Aluminium Company Limited;
and
(b) enter into agreements
providing for loans by the
Government of Ghana to the Volta
Aluminium Company Limited, as
provided in Article 8 of the
Master Agreement.
(2) Moneys payable under any
agreement referred to in
subsection (1) are hereby charged
on the Consolidated Fund.
Section 3—Validity of Certain
Agreements.
No provision of any agreement
specified in the Second Schedule
hereto shall be illegal or void by
reason of any existing provision
or rule of the laws of Ghana other
than the Constitution.
Section 4—Interpretation.
(1) In this Act, the "Master
Agreement" means the Master
Agreement entered into between the
Government of Ghana and the Volta
Aluminium Company Limited in the
terms approved by the National
Assembly in January, 1962.
(2) The Agreements specified in
the Schedules hereto shall have
the same meanings as in the Master
Agreement.
FIRST SCHEDULE
The Master Agreement.
The Power Contract.
The Smelter Site Lease.
The Water Agreement.
The Port Agreement.
The Currency Agreement.
The Voting Trust Arrangements.
The Subscription Agreement.
SECOND SCHEDULE
The Master Agreement.
The Power Contract.
The Smelter Site Lease.
The Water Agreement.
The Port Agreement.
The Currency Agreement.
The Voting Trust Arrangements.
The Subscription Agreement.
The Long Term Tolling Contracts.
The Valco Current Accounts Trust.
The Management and Technical
Assistance Agreement.
The Exim-Valco Loan Agreement.
The IBRD. Loan Agreement.
The AID. Loan Agreement.
The Exim-Authority Loan Agreement.
The U.K. Loan Agreement.
Any guarantee of any of the
preceding Agreements specified in
this Schedule or of any part of
such Agreements by the Government
of Ghana.
Date of Gazette Notification: 18th
July, 1969.
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