Trinidad and Tobago Oil Company Limited Vesting
TRINIDAD AND TOBAGO
OIL COMPANY LIMITED VESTING ACT

CHAPTER 62:05

LAWS OF TRINIDAD AND TOBAGO

Current Authorised Pages
Pages Authorised

(inclusive) by L.R.O.
1–8 ..

L.R.O.

Act
46 of 1980

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

2 Chap. 62:05 Company Limited Vesting
Trinidad and Tobago Oil

Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Company Limited Vesting Chap. 62:05 3
Trinidad and Tobago Oil

CHAPTER 62:05

TRINIDAD AND TOBAGO OIL COMPANY 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.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

4 Chap. 62:05 Company Limited Vesting
Trinidad and Tobago Oil

CHAPTER 62:05

TRINIDAD AND TOBAGO OIL COMPANY LIMITED
VESTING ACT

An Act to vest the undertaking of Trinidad and Tobago Oil
Company Limited, a company incorporated in the United
Kingdom, in Trinidad and Tobago Oil Company Limited,
a company incorporated in Trinidad and Tobago.

[1ST JANUARY 1981]

WHEREAS Trinidad and Tobago Oil Company Limited, a company
incorporated in the United Kingdom, has sold its undertaking to
Trinidad and Tobago Oil Company Limited, a company
incorporated in Trinidad and Tobago:

And whereas it is expedient to vest the undertaking of the
said United Kingdom incorporated company in the said Trinidad
and Tobago incorporated company in the manner hereinafter
set forth.

1. This Act may be cited as the Trinidad and Tobago Oil
Company Limited Vesting Act.

2. In this Act—
“appointed day” means 1st January 1981;
“Company” means Trinidad and Tobago Oil Company Limited

incorporated in the United Kingdom and having its Head
Office at Salvatori Building, 2, Frederick Street, Port-of-Spain;

“Trintoc” means Trinidad and Tobago Oil Company Limited, a
company incorporated in Trinidad and Tobago, and having
its registered office at Salvatori Building, 2, Frederick Street,
Port-of-Spain;

“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 Trintoc.

46 of 1980.

Commencement.

Short title.

Interpretation.

Schedule.

Vesting of
undertaking.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Company Limited Vesting Chap. 62:05 5
Trinidad and Tobago Oil

4. (1) Without prejudice to the generality of section 3, the
effect of the vesting of the undertaking shall be that on and as
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) Trintoc is a party thereto instead of the
Company;

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

(iii) any reference (whether express or
implied) to the directors or to any director,
officer, clerk or servant of the Company
were, as respect anything falling to be
done on or after the appointed day, a
reference (as the case may be) to the
directors of Trintoc or to such directors,
officers, clerk or servant of Trintoc as
Trintoc may appoint or, in default of
appointment, to the director, officer, clerk
or servant of Trintoc 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 Trintoc were a party thereto
and for the purposes of that agreement and that
Act, Trintoc shall be deemed to be the successor
to the Company;

(c) notwithstanding any provision of the Income Tax
Act or any other rule of law to the contrary, any

Effect of
vesting.

Ch. 88:01.

Ch. 75:01.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

6 Chap. 62:05 Company Limited Vesting
Trinidad and Tobago Oil

contract to which paragraph (a) applies and which
before the appointed day is an approved fund or
scheme under section 16 of the Income Tax Act
shall, after the appointed day, continue to be
treated as an approved fund or scheme for the
purposes of the Income Tax Act;

(d) any account between the Company and another
shall become an account between Trintoc and
that other;

(e) 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 Trintoc;

(f) 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 Trintoc or payable to Trintoc;

(g) any security transferred to Trintoc 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 Trintoc 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 Trintoc as security for
future advances by, and future liabilities to, Trintoc
in the same manner in all respects as future advances
by or liabilities to the Company were secured thereby
immediately before the appointed day;

(h) 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

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

L.R.O.

LAWS OF TRINIDAD AND TOBAGO

Company Limited Vesting Chap. 62:05 7
Trinidad and Tobago Oil

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 Trintoc 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, Trintoc in the same manner in
all respects as future advances to or liabilities of the
Company were secured thereby immediately before
the appointed day;

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

(j) an officer, clerk or servant employed by the
Company immediately before the appointed day
shall, unless he terminates his employment with
the Company, become an officer, clerk or servant
(as the case may be) of Trintoc on terms and
conditions not less favourable than those on which
he was so employed immediately before the
appointed day and the employment with the
Company and Trintoc 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 Trintoc.

(2) Subsection (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 Trintoc.

Ch. 76:01 not to
apply.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

LAWS OF TRINIDAD AND TOBAGO

8 Chap. 62:05 Company Limited Vesting
Trinidad and Tobago Oil

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 exploring,
producing, refining, marketing and other business of the Company as appear in
the final balance sheet 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 as at the appointed day.

Section 2.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt