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Vanuatu Commodities Marketing Board (Repeal) Act 2010

REPUBLIC OF VANUATU

VANUATU COMMODITIES
MARKETING BOARD (REPEAL)
ACT NO. 7 OF 2010

Arrangement of Sections

REPUBLIC OF VANUATU

Assent: 15/07/2010
Commencement: 13/02/2020

VANUATU COMMODITIES
MARKETING BOARD (REPEAL)
ACT NO. 7 OF 2010

An Act to provide for the repeal of the Vanuatu Commodities Marketing Board Act [CAP 133] and for incidental purposes.

Be it enacted by the President and Parliament as follows-

1. Repeal

The Vanuatu Commodities Marketing Board Act [CAP 133] is repealed.

2. Definition

Board means the Vanuatu Commodities Marketing Board;

liquidator means a person appointed as the liquidator under section 3;

State Law Office means the State law Office established under the State Law Office Act [CAP 242].

3. Liquidation

The Minister responsible for the administration of the Vanuatu Commodities Marketing Board is to appoint a liquidator to the Board for the purposes of winding up the affairs of the Board and to perform incidental duties.

4. Custody of Property

The liquidator is to take into his or her custody or under his or her control any:

(a) book, account, statement, or any other records; and

(b) property and things in action,

to which the Board is or appears to be entitled and may for that purpose, bring or defend legal proceedings in the name of the “Vanuatu Commodities Marketing Board (in liquidation)”.

5. Inspection

(1) The liquidator may, by notice in writing, require any former officer or employee of the Board to deliver up to him or her for inspection, within 7 days of that person receiving the notice, any book, account, statement, or any other record relating to the Board, without prejudice to the ownership rights of any other person therein.

(2) A person who fails to comply with a written notice under subsection (1), commits an offence punishable on conviction by a fine of not more than VT500,000 plus an additional fine of VT10,000 for every day that the offence continues.

6. General Powers of the liquidator

The liquidator has the power to do all things as may be necessary for the winding up of the Board, including but not limited to the following matters:

(a) to do all acts, execute all documents and to bring or defend any action or other legal proceeding in the name and on behalf of the “Vanuatu Commodities Marketing Board (in liquidation)”, and to instruct the State Law Office in that connection;

(b) to instruct the State Law Office to assist him or her in the performance of his or her duties;

(c) to pay any particular class of creditors in full whether or not other creditors remain unpaid;

(d) subject to the approval of the Director General of the Ministry of Trade, to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages against the Board or where it may be rendered liable;

(e) to take any security for the discharge of any such debt, liability or claim and give a complete discharge in respect of the debt, liability or claim;

(f) subject to the approval of the Director-General of the Ministry of Trade, to sell the property and things in action of the Board by public auction or private contract, with power to transfer the whole property to any person or company or to sell the same in parcels;

(g) to appoint an agent to do any thing which the liquidator is unable to do himself or herself.

7. Duties of the liquidator

The liquidator has the following duties:

(a) to keep proper books of account and memoranda in which he or she make entries or minutes of proceedings at meetings, and of such other matters as may relate to the winding up of the Board; and

(b) upon the request of the Director-General of the Ministry of Trade, submit the records to which paragraph (a) relates for inspection or audit; and

(c) pay all monies received by him or her into a trust account to be directed by the Director General of the Ministry of Finance and Economic Management, and pay all outgoings by cheque from that account.

8. Limitation

(1) No action whatsoever is to be brought against the liquidator, the Vanuatu Commodities Marketing Board (in liquidation) or the State in respect of any cause of action which, but for this Act, could have been maintained against the Board, and which arose more than 3 years before the commencement of the action.

(2) No action whatsoever is to be brought against the liquidator, the Vanuatu Commodities Marketing Board (in liquidation) or the State in respect of any cause of action which, but for this Act, could have been maintained against the Board, and which has not been commenced within 3 months after the commencement of this Act.

9. Commencement

This Act commences on the day on which it is published in the Gazette.