TUNNY FISHERY (SHARES) ACT (shares)

TUNNY FISHERY (SHARES)

CHAPTER 129

TUNNY FISHERY (SHARES) ACT

To enable the Government of Malta to subscribe part of the capital of a

proposed tunny fishing commercial company and to make other provisions

in respect thereof.

(20th February, 1950) *

ACT I of 1950, as amended by Ordinances: VI and VIII of 1959; Legal

Notice 46 of 1965; Acts XIII of 1983 and XVI of 1997; and Legal Notice

409 of 2007.

The short title of this Act is the Tunny Fishery (Shares)

Act.

(1) The Minister responsible for industry is hereby

empowered to represent the Government of Malta in the

constitution by it together with others of a limited liability

company in accordance with the law of Malta which shall have as

its object the capture, marketing and preservation of fish, and such

other business activities as are germane thereto.

(2) The capital of the Company shall be of nine thousand and

six hundred and sixty-six euro and ninety cents (9,666.90) divided

into eighty three fully paid up shares of one hundred and sixteen

euro and forty-seven cents (116.47) each. No increase of capital

may be made unless prior approval of the House of Representatives

be obtained.

(3) The Government of Malta shall subscribe forty-two shares

of the initial capital, which shares shall be of the total nominal

value of four thousand and eight hundred and ninety-one euro and

sixty-eight cents (4,891.68); this amount is hereby appropriated out

of the Consolidated Fund for the purpose. The Government shall

offer for sale to the public such shares at best after five years of

exercise of the Company.

(4) The Government of Malta shall at all times retain a

controlling interest in the company and the ratio between the

number of shares which the Government will hold after an

augmentation of capital or the issue of new shares and the total

augmented number of shares shall in no case be less than that

which the said amount of four thousand and eight hundred and

ninety-one euro and sixty-eight cents (4,891.68) bears to the initial

capital to be subscribed.

(5) The Minister responsible for industry shall at all times be

ex officio the Chairman of the Company and of the Board of

Directors until such time as the Government remains a shareholder

in the Company.

*See Government Notice No 87 of 22nd February, 1950.

TUNNY FISHERY (SHARES)

The Accountant General to the Government of Malta shall

receive and hold the shares aforesaid, on behalf of the Government

of Malta.

All moneys received by the Minister responsible for

industry as shareholder under the agreement to be entered into in

pursuance of this Act, or in respect of the shares aforesaid, shall be

paid into the Treasury, and be carried to the Consolidated Fund.

Until the Government remains a shareholder in the

Company the books and accounts of the Company shall be audited

by the Auditor General who, in respect of such books and accounts,

shall have the same powers as are vested in him by the Public

Finance Management Act.

The Minister responsible for industry shall cause to be laid

before the House of Representatives, within three months after the

31st March in each year, accounts showing the sums received under

the agreement to be entered into or in respect of the shares

aforesaid, and a duly audited balance sheet of the Company as on

the 31st March in each year.