TRANSFER OF ASSETS (GIHOC SUGAR ESTATES) ACT - 1973 (NRCD 169)

• Section - 1 - Assets And Liabilities Of The Sugar Estates At Komenda And Asutuare Are Transferred To Ghana Sugar Estates Ltd.

  • (1) With effect from the commencement of this Decree, and notwithstanding anything to the contrary, there shall be transferred to the Ghana Sugar Estates Limited all the assets and current liabilities (excluding overdrafts) of the Ghana Industrial Holding Corporation relating to the sugar business operated by the Sugar Division of the said Corporation at Komenda and Asutuare respectively.
    
    (2) Without prejudice to the generality of subsection (1) of this section, there are hereby vested in the said Ghana Sugar Estates Limited, free from all encumbrances whatsoever, the two sugar-cane estates (which form part of the assets referred to in subsection (1) of this section) described in the Schedule to this Decree, for the terms specified therein respectively.
    
    (3) The Ghana Sugar Estates Limited shall have full, exclusive and uninterrupted possession of the said sugar-cane estate at Komenda during the said term of years, and shall be entitled to carry on the business of sugar-cane production and processing thereon.

• Section - 2 - Commissioner May Take Measures Incidental To The Transfer.

  • The Commissioner responsible for Industries shall take all such measures as may appear to him to be reasonably incidental to the said transfer, and accordingly for that purpose the Commissioner may give such directions as he may consider necessary and it shall be the duty of any person concerned to comply with such directions.
    

• Section - 3 - Commencement.

  • This Decree shall come into force on such day as the Commissioner responsible for Industries may by legislative instrument appoint.