DOCKYARD AND SHIPBUILDING YARD (RESTRUCTURING) ACT (restructuring)

DOCKYARD AND SHIPBUILDING YARD (RESTRUCTURING)

CHAPTER 466

DOCKYARD AND SHIPBUILDING YARD

(RESTRUCTURING) ACT

To make provision for the restructuring of Malta Drydocks and

the Marsa Shipbuilding Yard.

7th November, 2003

ACT XV of 2003.

The short title of this Act is the Dockyard and Shipbuilding

Yard (Restructuring) Act.

In this Act, unless the context otherwise requires

"Early Retirement Scheme" means the scheme established by

article 16A of the Malta Dockyard Act;

"dockyard lease" means the lease granted under the Authority of

the Malta Dockyard Emergency Ordinance, by a deed dated 28th

March, 1959, in the records of Notary Doctor Paul Pullicino, as

varied from time to time;

"Corporation" means Malta Drydocks, a corporation established

by the Malta Dockyard Act;

"Company" means the Malta Shipbuilding Company Ltd, a

company duly constituted and registered under the laws of Malta;

"Minister" means the Minister responsible for government

investments;

"transferee companies" means the Malta Shipyards Limited and

the Industrial Projects and Services Limited.

(1) With effect from the date of the coming into force of

this article all assets whether in Malta or abroad including all assets

of the Corporation and of the Company leased under the dockyard

lease, all real or other rights under any contract, all monies due by

any person to the Corporation or the Company and all shares in or

stocks of any other bodies in or stocks of any other bodies held by

them shall without any further assurance other than this Act vest in

the Government, and all liabilities of the Corporation and of the

Company including all liabilities and obligations under the Early

Retirement Scheme shall vest and be due by the Government.

(2) All actions pending before any court or tribunal instituted

by or against the Corporation or the Company shall be continued by

or against such public officer in the name of the Government as the

Minister may by notice in the Gazette, from time to time, establish.

(3) With effect from the date next following the date referred to

in subarticle (1), the Company shall be dissolved, liquidated and

wound up without the need of any further formality other than this

Act.

DOCKYARD AND SHIPBUILDING YARD (RESTRUCTURING)

(1) Notwithstanding the provisions of any other law all

persons in the employment of the Corporation and of the Company

immediately before the coming into force of this article shall be

transferred to and become employees of one or other of the

transferee companies as established by this article.

(2) The transferee companies shall take on all the rights and

obligations which the Corporation or the Company had prior to the

transfer towards the employees transferred to them, and each of

such employees shall, for all intents and purpose of any law, be

deemed to have been in the employment of the respective transferee

company, since the date on which he took up the employment with

the Corporation or the Company, as the case may be.

(3) The transfer of the employees aforestated to each of the

transferee companies shall be made in accordance with the

selection made by the Corporation and the Company.

Notwithstanding the provisions of the Disposal of

Government Land Act, the Government may under such title and

subject to such conditions as it may deem fit, transfer any land

vested in the Government under article 3 of this Act, and any other

asset vested under the same article to either of the transferee

companies for any of the purposes of the transferee companies or

any body corporate established by law, without any further

authorisation other than this article

Provided that the provisions of the Disposal of Government

Land Act shall upon such transfer continue to apply to such land as

if its transfer was authorised under the provisions thereof.