PRESS TRUST RECONSTRUCTION

CHAPTER 5:04
PRESS TRUST RECONSTRUCTION

ARRANGEMENT OF SECTIONS

    SECTION

    1.    Short title

    2.    Interpretation

    3.    Variation of original deed

    4.    Appointment of Trustees

    5.    Transfer of assets, liabilities, etc.

    6.    Freezing of the Trust Fund

    7.    Liquidation of Press (Holdings) Limited

    8.    Penalty

    9.    Rules

        first Schedule

        second Schedule

15 of 1995
26 of 2023

    An Act to make provision for the reconstruction of the Press Trust; to clarify the objects and status of the Press Trust and to provide for consequential changes relating to assets forming part of the Press Trust Fund and for matters connected with or incidental to the foregoing

1.    Short title

        This Act may be cited as the Press Trust Reconstruction Act.

2.    Interpretation

    In this Act, unless the context otherwise requires—

    “existing trustees” means the trustees of the Press Trust at the commencement of this Act;

    “initial trustee” means the person appointed as such in accordance with section 4;

    “original deed” means the Press Trust Deed dated the 10th day of February, 1982, and incorporated under the Trustees Incorporation Act on the 5th day of March, 1982, at the office of the Registrar General;

    “official receiver” has the meaning ascribed to it in the Companies Act;

    “Press (Holdings) Limited” means the company of that name incorporated under the Companies Act on 13th January, 1969, under company registration number 1210;

    “Press Trust” means the Trust established under the original deed;

    “Settlor” means the person referred to in the original deed as the Founder Trustee;

    “Trust Fund” has the meaning ascribed to it in the original deed and includes any sums wherever held on account of the Trust Fund.

3.    Variation of original deed

First Schedule

    For the better administration of the Press Trust, the original deed shall be deemed varied in the terms and form as set out in the First Schedule at the expiry of fourteen days from the date of publication in the Gazette of a notice to that effect given by the Minister of Finance and the terms and form as set out in the First Schedule are hereinafter referred to as the “Deed of Variation”.

4.    Appointment of Trustees

    (1) Upon the publication of the notice referred to in section 3, the President and the Settlor shall, within twenty days from the date thereof, each appoint, by notice in writing to the Attorney General, one person to hold office as initial trustee provided such person is qualified to be appointed a trustee under the Deed of Variation.

    (2) In the event that either the President or the Settlor fails for whatever reason within the twenty days to appoint the initial trustee under subsection (1), the Attorney General shall appoint such person as he thinks fit, being a person who is qualified under the Deed of Variation to be appointed a trustee, to be initial trustee and such appointment shall be valid for all purposes as if it had been made by the President or Settlor, as the case may be.

    (3) Upon the appointment of the second of the initial trustees, the existing trustees other than an initial trustee shall cease to hold office as trustee of Press Trust.

5.    Transfer of assets, liabilities, etc.

    Upon the appointment of the initial trustees all the assets or rights of the Trust Fund and all liabilities or obligations of the Trust Fund properly incurred by the existing trustees shall be deemed transferred from the existing trustees to the initial trustees.

6.    Freezing of the Trust Fund

    (1) During the period referred to in section 3, no withdrawal, transfer or disposal shall be made of, nor any overdraft, loan or other encumbrance shall be charged upon, any assets held on account of the Trust Fund without the prior written approval of the Attorney General who, in giving approval, shall at all times act in the best interest of the Press Trust having regard to the provisions of the Deed of Variation.

    (2) Any person acting in any capacity whatsoever who does anything contravening, or which has the effect of contravening, subsection (1) shall be guilty of an offence.

7.    Liquidation of Press (Holdings) Limited

    (1) Upon the publication of the notice referred to in section 3, all assets and liabilities of Press (Holdings) Limited shall, notwithstanding the provisions of the Companies Act or any other law, be placed in liquidation.

    (2) For the purposes of the liquidation of the Press (Holdings) Limited under subsection (1), the official receiver shall appoint a duly qualified person as liquidator to wind up the affairs of Press (Holdings) Limited and such costs of liquidation as may be reasonable shall be paid out of the Trust Fund.

8.    Penalty

    Any person guilty of an offence…