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Palm Oil Industry Stabilization Funds (Amendment) Act 1992

PAPUA NEW GUINEA

Palm Oil Industry Stabilization Funds (Amendment) Act 1992,

No. 21 of 1992.
Certified on: 5.6.92

ARRANGEMENT OF SECTIONS.

1. Payments out of a Fund (Amendment of Section 22).
2. New Section 22A.

"22A. APPROVED PAYMENTS."

AN ACT

entitled

Palm Oil Industry Stabilization Funds (Amendment) Act 1992,

Being an Act to amend the Palm Oil Industry Stabilization Funds (Amendment) Act (Chapter 400),

MADE by the National Parliament.

1. PAYMENTS OUT OF A FUND (AMENDMENT OF SECTION 22).

Section 22(1) of the Principal Act is amended by adding the following new Paragraph:-

"(d) all repayments approved under Section 22A.",

2. NEW SECTION 22A.

The Principal Act is amended by inserting after Section 22 the following new section:-

"22A. APPROVED PAYMENTS.
(1) For the purposes of this section -

• 'registered small-holders' in relation to a stabilization fund, means the persons registered by the estate-holder as being (or having been) small-holders on the oil palm scheme in respect of which the stabilization fund was established, at any time on or after the date of establishment of the fund;
• 'three quarters absolute majority' means affirmative votes equal to not less than three quarters of the total number of registered small-holders.

"(2) Where the Board is of the opinion that a substantial number of registered small-holders in an oil palm scheme wish repayment of monies to be made from a stabilization fund for that scheme, the Board may arrange for the registered small-holders to vote on the matter in a manner approved by the Minister.
"(3) Where, on a vote taken under Subsection (2), a three quarters absolute majority of registered small-holders vote that the balance of monies in the stabilization fund (or any part of such balance) be repaid to the registered small-holders, the Board may approve that the balance of moneys in the stabilization fund (or any part of such balance) be so repaid in accordance with this section.
"(4) Repayment of monies approved under Subsection (3) shall be made to a registered small-holder in proportion to the amount of oil palm fresh fruit bunch sales made by that registered small-holder to the estate-holder during the period during which levies were deducted.".

I hereby certify that the above is a fair print of the Palm Oil Industry Stabilization Funds (Amendment) Act 1992 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Palm Oil Industry Stabilization Funds (Amendment) Act 1992 was made by the National Parliament on 26 February 1992.

Speaker of the National Parliament.