NATIONAL TOBACCO CORPORATION ACT.

ARRANGEMENT OF SECTIONS

   Section

INTERPRETATION.

   1.   Interpretation.

ESTABLISHMENT AND SEAL OF THE CORPORATION.

   2.   Establishment and seal of the corporation.

   3.   Function of the corporation.

THE BOARD.

   4.   Board of the corporation.

   5.   Meetings of the board.

   6.   Remuneration of directors.

STAFF.

   7.   Managing director.

   8.   Deputy managing director.

   9.   Secretary of the corporation.

   10.   Staff of the board.

FINANCIAL PROVISIONS.

   11.   Funds of the corporation.

   12.   Borrowing powers.

   13.   Estimates.

   14.   Corporation to operate on sound financial principles.

   15.   Accounts and audit.

   16.   Annual reports.

MISCELLANEOUS.

   17.   Transfer of property and assets.

   18.   Minister's power of direction.

   19.   Regulations.

      Schedule   Property and assets transferred to the board.

CHAPTER 316
NATIONAL TOBACCO CORPORATION ACT.

Commencement: 1 July, 1978.

   An Act to establish a National Tobacco Corporation and to provide for other matters connected therewith or incidental thereto.

INTERPRETATION.

1.   Interpretation.

   In this Act, unless the context otherwise requires—

   (a)   "board" means the governing body constituted under section 4;

   (b)   "chairperson" means the chairperson of the board;

   (c)   "corporation" means the National Tobacco Corporation established under section 2;

   (d)   "director" means a director of the board and includes the chairperson;

   (e)   "financial year" means the period of 12 months ending on the 31st"> day of December, or such other period of 12 months as the Minister may, by writing under his or her hand, authorise the corporation to adopt as its financial year;

   (f)   "managing director" means the managing director of the corporation;

   (g)   "secretary" means the secretary of the corporation.

ESTABLISHMENT AND SEAL OF THE CORPORATION.

2.   Establishment and seal of the corporation.

   (1) There is established a body to be known as the National Tobacco Corporation.

   (2) The corporation shall be a body corporate having perpetual succession and a common seal and may sue or be sued in its corporate name and, subject to this Act, may do or suffer all such other things as bodies corporate may lawfully do or suffer.

   (3) The application of the seal of the corporation on any document shall be authenticated by the signature of the chairperson, a director and the managing director.

   (4) In the absence of the chairperson, two other directors may sign in his or her place, and the person performing the functions of the managing director may sign in the absence of the managing director.

   (5) The signatures of