• The divestiture by the Republic of any of its interests in a statutory corporation or a corporate body incorporated under the Companies Act, 1963 (Act 179) or under the Incorporated Private Partnerships Act, 1962 (Act 152) shall be in accordance with the policy directives determined by the President.

    • There is hereby established a Divestiture Implementation Committee, which shall be the agency of the Government for the implementation of all Government policies in respect of divestiture programmes under this Act.

    • (1) The recommendations of the Committee in respect of any divestiture under this Act shall be submitted to the President for approval.

      (2) In the case of an interest of the Government created by statute, on the approval of the President of a recommendation made under subsection (1), the chairman of the governing council and the executive secretary shall sign on behalf of the Government instruments of transfer of the Government interest.

    • The Council may, on the terms that it may determine, appoint the sub-committees that it finds necessary for the effective performances of its functions under this Act.

    • (1) Members of the Council shall hold office for the periods and may be paid the allowances, determined by the President on the recommendation of the Minister responsible for Finance.

      (2) The members of a sub-committee appointed by the Council shall be paid allowances determined by the governing council.

    • (1) The Committee shall have an officer to be designated as the executive secretary who shall be appointed by the President in accordance with article 195 of the Constitution and on terms and conditions determined by the President.

      (2) The executive secretary is responsible, subject to the directives given by the Council, for the day-to-day management and administration of the affairs of the Committee and is accountable to the governing council.

      (3) The executive secretary shall submit recommendations on divestiture to the governing council for its consideration.

      (4) The President shall provide the Committee with any other staff as required by the Council for the effective performance of the functions of the Committee.

      (5) A person shall not be appointed to the professional staff of the Committee unless that person has the requisite qualification and experience in finance, accounting, economics, law or industrial relations.

    • Parliament shall provide the Committee with the funds necessary for the efficient performance of its functions.

    • (1) The Council may require shall ensure that proper books of account are kept in respect of the financial affairs and transactions of the Committee.

      (2) The accounts of the Committee shall be audited annually by the Auditor-General.

    • (1) The Council may require a person

      (a) to attend at the time and place indicated by the Council, to give evidence or to produce a document in the possession or control of that person which relates to a matter specified by the governing council, or

      (b) to give to the governing council information it may require for the purpose of a matter before it.

      (2) A person who appears before the Council under subsection (1) may be examined on oath and the Council may for that purpose administer the oath.

    • A person who

      (a) refuses or wilfully neglects to attend in obedience to a requirement by the governing council under subsection (1) (a) of section 12 or to give evidence as required under that provision, or

      (b) wilfully alters, suppresses, conceals, destroys or refuses to produce a document under subsection (1) (a) of section 12, or

      (c) refuses or wilfully neglects to furnish information required of that person under subsection (1) (b) of section 12, 

      commits an offence and is liable on conviction to a fine not exceeding two hundred penalty units or to a term of imprisonment not exceeding six months or to both the fine and the imprisonment.

    • The Council shall make periodic reports on its activities to the President who may at any time request the governing council to submit a report on a matter specified in the request.

    • An action shall not be brought and a Court shall not entertain any proceedings against the Republic, the Committee or a member of the Council or an officer of the committee in respect of an act or omission arising out of a disposal of any interest made or under consideration under this Act

    • In this Act, unless the context otherwise requires,
      "Committee" means the Divestiture Implementation Committee established under section 2;
      "Council" means the governing body of the Committee;
      "divestiture programme" means a programme for the disposal by the Government of any interests held by the Republic in a statutory corporation, company or partnership;
      "interests" includes ownership of shares, debentures, securities and any other property.

    • This Law shall be deemed to have come into force on the 1st day of January, 1988.
      Made this 5th day of January, 1993.