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Kumul Consolidated Holdings (Amendment) Act 2016

PAPUA NEW GUINEA


No.3 of 2016.

Kumul Consolidated Holdings (Amendment) Act 2016.


Certified on: 12 OCT 2016

ARRANGEMENT OF SECTIONS.

1. Directors of the corporation (Amendment of Section 11).

2. Directors of majority state owned enterprises (Amendment of Section 12).

3. Annual plan of majority state owned enterprises (Amendment of Section 46E).

4. Permitted expenditure by majority State owned enterprises (Amendment of Section 46F).


No.3 of 2016.


AN ACT


Entitled

Kumul Consolidated Holdings (Amendment) Act 2016,

Being an Act to amend the Kumul Consolidated Holdings Act 2002 and for related purposes,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with, the advice of the Minister.

1. DIRECTORS OF THE CORPORATION (AMENDMENT OF SECTION 11).

Section 11 of the Principal Act is amended -

(a) in Subsection (7) -
(b) in Subsection (8), by deleting the word "ten" and replacing it with the word "five"; and
(c) in Subsection (9) -
(d) in Subsection (10), by deleting the word "five" and replacing it with the word "two"; and
(e) in Subsection (12) -
(f) in Subsection (14), by repealing the words and comma "however, that no more than three Directors may be removed by the National Executive Council in any 12 month period".

2. DIRECTORS OF MAJORITY STATE OWNED ENTERPRISES (AMENDMENT OF SECTION 12).

Section 12 of the Principal Act is amended -

(a) in Subsection (7) -
(b) in Subsection (8), by deleting the word "ten" and replacing it with the word "five"; and
(c) in Subsection (9) -
(d) in Subsection (10), by deleting the word "five" and replacing it with the word "two"; and
(e) in Subsection (11) -
(f) in Subsection (13) -

3. ANNUAL PLAN OF MAJORITY STATE OWNED ENTERPRISES (AMENDMENT OF SECTION 46E).

Section 46E of the Principal Act is amended in Subsection (1) -

(a) by repealing the word "Corporation" and replacing them with the words "National Executive Council"; and
(b) by deleting the full-stop at the end of Paragraph (1), and replacing it with a comma; and
(c) by adding immediately after Paragraph (1), the following:

4. PERMITTED EXPENDITURE BY MAJORITY STATE OWNED ENTERPRISES (AMENDMENT OF SECTION 46F).

Section 46F of the Principal Act is amended in Paragraph (c), by deleting the word "Corporation" and replacing it with the following:

"Majority State Owned Enterprise".

I hereby certify that the above is a fair print of the Kumul Consolidated Holdings (Amendment) Act 2016 which has been made by the National Parliament.

Acting Clerk of the National Parliament

12 OCT 2016

I hereby certify that the Kumul Consolidated Holdings (Amendment) Act 2016 was made by the National Parliament on 12 August 2016.

Speaker of the National Parliament

12 OCT 2016


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