CHAPTER 103
BOARD OF INTERNAL TRADE ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

   1.   Short title.

   2.   Interpretation.

   3.   Establishment of Board.

   4.   Composition and proceedings of Board.

   5.   Functions of Board.

   6.   Powers in relation to specified companies.

   7.   Minister may give directions to Board.

   8.   Funds of Board.

   9.   Appointment of employees.

   10.   Appointment of Director-General.

   11.   Remuneration and allowances of members.

   12.   Superannuation benefits.

   13.   Powers of Board to delegate.

   14.   Annual and supplementary budget.

   15.   Investment.

   16.   Power to borrow.

   17.   Accounts and audit.

SCHEDULE

CHAPTER 103
THE BOARD OF INTERNAL TRADE ACT

An Act to establish the Board of Internal Trade to supervise and co-ordinate the activities and management of certain parastatal companies.

[27th July, 1973]

Acts Nos.
15 of 1973
5 of 1991

1.   Short title

   This Act may be cited as the Board of Internal Trade Act.

2.   Interpretation

   In this Act unless the context otherwise requires–

   "appointing authority" means–

   (a)   in relation to the Chairman and the Director-General, the President;

   (b)   in the case of other member other than the Chairman and the Director-General, the Minister;

   "Board" means the Board of Internal Trade established by section 3;

   "Chairman" means the Chairman of the Board;

   "Director-General" means the Director-General of the Board;

   "member" means a member of the Board and includes the Chairman, Vice-Chairman and the Director-General;

   "Minister" means the Minister for the time being responsible for commerce;

   "parastatal organisation" means–

   (a)   any body corporate established by or under any written law other than the Companies Act *;

   (b)   any specified company;

   (c)   any company incorporated under the Companies Act * having not less than fifty per centum of the issued share capital of which is owned by another parastatal organisation;

   "specified company" means a company specified by the Minister for the purposes of this Act, by an order in the Gazette.

3.   Establishment of Board

   (1) There is hereby established a board to be known as the Board of Internal Trade.

   (2) The Board shall be a body corporate and shall–

   (a)   have perpetual succession and a common seal;

   (b)   in its corporate name be capable of suing and being sued;

   (c)   subject to this Act, be capable of purchasing and otherwise acquiring and of alienating, any movable or immovable property.

4.   Composition and proceedings of Board

   (1) The Board shall consist of–

   (a)   a Chairman, who shall be appointed by the President; and

   (b)   not less than seven and not more than ten other members appointed by the Minister.

   (2) The provisions of the Schedule to this Act shall have effect as to the proceedings of the Board.

   (3)   The Minister may, by order in the Gazette, amend, add to, vary or replace the Schedule to this Act.

5.   Functions of Board

   The functions of the Board shall be–

   (a)   to supervise and co-ordinate the trading activities and management of the specified companies;

   (b)   to ensure that each specified company carries on its trading activities in the national interest;

   (c)   to carry out market research and to make available to the specified companies, the conclusions and recommendations of the Board;

   (d)   to ensure that each specified company–

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