STATE GOLD MINING CORPORATION (ACQUISITION OF ASSETS) ACT - 1967 (NLCD 204)

• Section - 1 - All Properties Belonging To Its Subsidiary Companies Are Vested In The Corporation.

  • Subject to the observance and performance by the Corporation and the contracting party of the terms and conditions contained in the said Agreement all the goodwill, undertaking and business of the contracting party, and all its assets and rights of whatever nature and wheresoever situate, including all freehold, leasehold, minerals, timber and other interests in any movable and immovable property, and all plant and machinery, stock in trade, investments, cash in hand, and at banks, book debts, patent and patent applications and trade marks, and the full benefit of all subsisting contracts and policies of insurance are hereby vested in the Corporation without any other assurance than this Decree.
    

• Section - 2 - Specific Concessions Are Also Vested In The Corporation.

  • Without prejudice to the general effect of paragraph 1 of this Decree the concessions specified in the second column of the said schedule are also hereby vested in the Corporation for all the unexpired residue of the several terms of years for which those concessions were originally respectively granted to the contracting party; together with all rights, easements, profits, advantages and appurtenances whatsoever to the said concessions belonging or appertaining thereto or with the same usually held, occupied and enjoyed or reputed to belong or to be appurtenant thereto; and all the estate rights, title, interest, claim and demand whatsoever of the contracting party, in, to and upon the same and every part thereof.
    

• Section - 3 - The Corporation Shall Pay Rents, Royalties, Etc.

  • The vesting in the Corporation of the properties specified under paragraphs 1 and 2 of this Decree shall, where necessary, be subject to the payment of the several rents and royalties, and performance and observance of the covenants, conditions, stipulations and encumbrances under which the said properties were held by the contracting party.
    

• Section - 4 - Every Person Who Possesses Property Of The Contracting Party To Report To The Managing Director Of The Corporation.

  • (1) It shall be the duty of any person who is in possession or control of any property belonging to the contracting party to notify in writing within thirty days after the date on which this Decree is published in the Gazette, or as the case may be, within thirty days after the property came into his possession or control, the Managing Director of the Corporation, to the best of his knowledge-
    
    (a) the nature of the property, and
    
    (b) the extent of the property.
    
    (2) Except as the Managing Director may otherwise direct, no person shall dispose of any property referred to in sub-paragraph (1) of this paragraph.

• Section - 5 - Penalty.

  • Any person who contravenes the provisions of paragraph 4 of this Decree is guilty of an offence and is liable on conviction to a fine, not exceeding Nc2,000.00 or to a term of imprisonment not exceeding two years, or to both such fine and imprisonment.
    

• Section - 6 - Interpretation.

  • In this Decree "concessions" and "certificate of validity" have the same meanings assigned to them by section 17 of the Concessions Act, 1962 (Act 124).
    

• Section - 7 - Commencement.

  • This Decree shall be deemed to have come into force on the 31st day of December 1965.