Caroni (1975) Limited Vesting

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Caroni (1975) Limited Vesting
CARONI (1975) LIMITED VESTING ACT

CHAPTER 64:07

LAWS OF TRINIDAD AND TOBAGO

Current Authorised Pages
Pages Authorised

(inclusive) by L.R.O.
1–7 ..

L.R.O.

Act
40 of 1978

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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LAWS OF TRINIDAD AND TOBAGO

2 Chap. 64:07 Caroni (1975) Limited Vesting

Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.

UNOFFICIAL VERSION


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L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Caroni (1975) Limited Vesting Chap. 64:07 3

CHAPTER 64:07

CARONI (1975) LIMITED VESTING ACT

ARRANGEMENT OF SECTIONS

SECTION

1. Short title.
2. Interpretation.
3. Vesting of undertaking.
4. Effect of vesting.
5. Ch. 76:01 not to apply.

SCHEDULE.

UNOFFICIAL VERSION


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LAWS OF TRINIDAD AND TOBAGO

4 Chap. 64:07 Caroni (1975) Limited Vesting

CHAPTER 64:07

CARONI (1975) LIMITED VESTING ACT

An Act to vest the undertaking of Caroni Limited in Caroni
(1975) Limited and for matters incidental thereto.

[15TH NOVEMBER 1978]

WHEREAS Caroni Limited, a company incorporated in the United
Kingdom, has sold its undertaking to Caroni (1975) Limited, a
company incorporated in Trinidad and Tobago:

And whereas it is expedient to vest the undertaking of the said
Caroni Limited in the said Caroni (1975) Limited in the manner
hereinafter set forth:

1. This Act may be cited as the Caroni (1975) Limited
Vesting Act.

2. In this Act—
“appointed day” means 15th November 1978;
“Caroni” means Caroni (1975) Limited, a company incorporated

in Trinidad and Tobago, and having its registered office at
No. 20 Abercromby Street, Port-of-Spain;

“Company” means Caroni Limited a company incorporated in the
United Kingdom and having a place of business at No. 20
Abercromby Street, Port-of-Spain;

“the undertaking” means all the assets, liabilities and obligations
of the Company including those set out in the Schedule.

3. The undertaking is hereby transferred to and vested in Caroni.

4. (1) Without prejudice to the generality of section 3, the
effect of the vesting of the undertaking shall be that on and from
the appointed day—

(a) every contract existing immediately before the
appointed day to which the Company was a party,
whether in writing or not, shall be construed and
have effect as if—

(i) Caroni had been a party thereto instead of
the Company;

40 of 1978.

Commencement.

Short title.

Interpretation.

Schedule.

Vesting of
undertaking.

Effect of
vesting.

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Caroni (1975) Limited Vesting Chap. 64:07 5

(ii) for any reference to the Company
(whether express or implied) there were
substituted, as respects anything falling to
be done on or after the appointed day, a
reference to Caroni;

(iii) any reference (whether express or implied)
to the directors or to any director, officer,
clerk or servant of the Company were, as
respects anything falling to be done on or
after the appointed day, a reference (as the
case may be) to the directors of Caroni or
to such director, officer, clerk or servant of
Caroni as Caroni may appoint or, in default
of appointment, to the director, officer,
clerk or servant of Caroni who corresponds
as nearly as may be to any such director,
officer, clerk or servant of the Company;

(b) every collective agreement, within the meaning of
the Industrial Relations Act, in existence
immediately before the appointed day to which the
Company was a party shall be construed and have
effect as if Caroni were a party thereto and for the
purposes of that agreement and that Act Caroni shall
be deemed to be the successor to the Company;

(c) any account between the Company and another
shall become an account between Caroni and
that other;

(d) any instruction, direction, mandate, power of
attorney or consent given to the Company and in
existence immediately before the appointed day
shall have effect as if given to Caroni;

(e) any negotiable instrument or order for payment
of money which is expressed to be drawn on or
given to or accepted or endorsed by the Company
or payable to the Company shall have effect as if
it had been drawn on, or given to or accepted or
endorsed by Caroni or payable to Caroni;

Ch. 88:01.

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LAWS OF TRINIDAD AND TOBAGO

6 Chap. 64:07 Caroni (1975) Limited Vesting

(f) any security transferred to Caroni that
immediately before the appointed day was held
by the Company as security for the payment or
discharge of a debt or liability or obligation
(whether present or future, actual or contingent)
shall be held by and be available to Caroni as
security for the payment or discharge of that debt
or liability or obligation; and any such security
which extends to future advances or liabilities
shall, on and from the appointed day, be held by
and be available to Caroni as security for future
advances by, and future liabilities to, Caroni in
the same manner in all respects as future advances
by or liabilities to the Company were secured
thereby immediately before the appointed day;

(g) any security provided by or for the Company that
immediately before the appointed day was held
as security for the payment or discharge by the
Company of a debt or liability or obligation
(whether present or future, actual or contingent)
shall be held by and be available to a holder as
security for the payment or discharge by Caroni
of that debt or liability or obligation; and any such
security which extends to future advances or
liabilities shall, on and from the appointed day,
be held by and be available to the holder as
security for future advances to, and future
liabilities of, Caroni in the same manner in all
respects as future advances to or liabilities of the
Company were secured thereby immediately
before the appointed day;

(h) any judgment or award obtained by or against the
Company and not fully satisfied shall be
enforceable by or against Caroni;

(i) an officer, clerk or servant employed by the
Company immediately before the appointed day
shall become an officer, clerk or servant (as the

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Caroni (1975) Limited Vesting Chap. 64:07 7

case may be) of Caroni on the same terms and
conditions as those on which he was so employed
immediately before the appointed day and the
employment with the Company and Caroni
respectively shall be deemed for all purposes to
be a single continuing employment, save that no
director, secretary or auditor of the Company shall
by reason only of this Act become a director,
secretary or auditor (as the case may be) of Caroni.

(2) Subsections (1)(a)(ii) and (iii) shall apply to any
statutory provision,to any contract in existence immediately before
the appointed day to which the Company was not a party and to
any other document as they apply in relation to a contract to which
subsection (1)(a) applies.

5. The Stamp Duty Act shall not apply to the transfer and
vesting of the undertaking in Caroni.

SCHEDULE
PART I

PROPERTY AND RIGHTS TRANSFERRED
The right, title, claim or interest of the Company in all property, rights and

other things of every kind, real or personal, movable or immovable, corporeal
or incorporeal, in possession or in action comprising all the assets of the
producing, refining, marketing and other business of the Company as appear in
the final balance sheet for Trinidad and Tobago and are recorded in the books of
the Company as at the appointed day.

PART II

LIABILITIES AND OBLIGATIONS ASSUMED
All liabilities, obligations, debts and encumbrances incurred, undertaken,

assumed or accepted by the Company to the extent outstanding immediately
prior to the appointed day and recorded in the books for Trinidad and Tobago
of the Company as at the appointed day, including any accounts customarily
credited to the Head Office of the Company in London and not remitted by
the appointed day.

Ch. 76:01 not to
apply.

Section 2.

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