Overseas Resources Development Act 1954
| Jurisdiction | UK Non-devolved |
| Citation | 1954 c. 71 |
| Year | 1954 |
Overseas Resources Development Act , 1954
(2 & 3 Eliz. 2) CHAPTER 71
An Act to provide for the transfer to a statutory corporation constituted under the law of Tanganyika of the undertaking of the Overseas Food Corporation, and the dissolution of the last-mentioned Corporation; for the provision of funds under the Colonial Development and Welfare Act, 1940, in connection with the carrying on of the said undertaking; for the conclusion of fresh arrangements as to the obligations and rights of the last-mentioned Corporation in connection with the Southern Province port and railway; for the remission of interest on certain advances made under the Overseas Resources Development Act, 1948, to the Colonial Development Corporation; and for purposes connected with the matters aforesaid.
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Transfer of undertaking and dissolution of Overseas Food Corporation.
(1) On such date as the Secretary of State may by order appoint (in this Act referred to as the date of transfer) the undertaking of the Overseas Food Corporation shall be transferred to the Tanganyika Agricultural Corporation.
(2) The supplementary provisions contained in the First Schedule to this Act shall have effect in relation to the transfer of the undertaking of the Overseas Food Corporation under this section.
(3) For the purposes of subsection (2) of section nine of the Overseas Resources Development Act, 1948 (which provides for reports upon the activities of the Overseas Food Corporation during each financial year) and of section sixteen of that Act (which relates to accounts), the financial year of the Overseas Food Corporation current on the date of transfer shall be deemed to end on that date.
(4) As soon as the Secretary of State is satisfied that full effect has been given to the transfer of the undertaking of the Overseas Food Corporation under this section, and that the provisions of sections nine and sixteen of the said Act of 1948 have been complied with on the part of that Corporation in respect of the financial year current on the date of transfer, he shall by order dissolve that Corporation.
(5) In this Act ‘the Tanganyika Agricultural Corporation’ means the Corporation constituted under that name by an Ordinance of the Legislature of Tanganyika dated the first day of June, nineteen hundred and fifty-four, and known as the Tanganyika Agricultural Corporation Ordinance, 1954; and ‘the transferred undertaking’ means the undertaking transferred to that Corporation by this section.
(6) Any power of the Secretary of State to make orders under this section shall be exercisable by statutory instrument.
2 Grants for Tanganyika Corporation under Colonial Development and Welfare Acts.
(1) In relation to any scheme made under section one of the Colonial Development and Welfare Act, 1940 , for the purpose of providing funds required by the Tanganyika Agricultural Corporation for the purpose of carrying on the transferred undertaking, paragraph (b of that section (which, as amended by subsequent enactments, limits the period during which schemes under that section may continue in force) shall not apply.
(2) Any sums required by the Secretary of State in the period ending on the first day of October, nineteen hundred and fifty-seven, for making payments pursuant to a scheme made for the purpose aforesaid shall be left out of account for the purpose of paragraph (a ) of the said proviso (which, as so amended, limits the annual amount and the aggregate amount of the sums to be paid for the purposes of schemes under the said section one):
Provided that the amount to be paid out of moneys provided by Parliament in the period aforesaid for the purposes of any scheme or schemes made as aforesaid, together with the sums paid out of moneys so provided under subsection (2) of section three of the Overseas Resources Development Act, 1951 , in respect of expenses of the Overseas Food Corporation for the financial year current on the date of transfer, shall not in the aggregate exceed one million seven hundred thousand pounds.
3 Application and disposal of transferred property.
(1) It shall be the duty of the Secretary of State to make such arrangements with the Governor of Tanganyika as may from time to time be necessary for securing—
(a ) that...
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