Tourism in Trinidad and Tobago TIDCO

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As you want Tourism and Industrial Development Company of Trinidad and Tobago Limited (TIDCO) Vesting Act, so I am providing Act:

Tourism and Industrial Development Company of Trinidad and Tobago Limited (TIDCO) Vesting Act

PART I
VESTING OF ASSETS IN TIDCO
1. Short title.
2. Interpretation.
3. Vesting of undertakings.
4. Effect of vesting.
5. Transfer of other assets.

PART II
FUNCTIONS ASSIGNED TO TIDCO
6. Transfer of certain functions of I.D.C. and T.D.A.
7. Consultation.
8. Disclosure of interest.

PART III
FORMER STAFF OF DEFUNCT TRINIDAD AND
TOBAGO TOURIST BOARD
9. Separation.
10. Computation and payment of superannuation benefits.
11. Transfer to the Public Service.
12. Requirements of the Pensions Act.
13. Payments of deferred liabilities.

PART IV
MISCELLANEOUS
14. Repeal.
15. Chapter 75:02 amended.
16. Schedules.

TOURISM AND INDUSTRIAL DEVELOPMENT COMPANY OF TRINIDAD AND TOBAGO LIMITED VESTING ACT
An Act to repeal the Industrial Development Corporation Act, Chap. 85:50, the Trinidad and Tobago Export Development Corporation Act, Chap. 85:53 and the Trinidad and Tobago Tourism Development Authority Act, Chap. 87:53 and to make provision for the transfer of assets, liabilities and functions of the corporations established by these Acts, to the Tourism and Industrial Development Company of Trinidad and Tobago Limited.

WHEREAS the Industrial Development Corporation (hereafter called “the I.D.C.”), the Trinidad and Tobago Export Development Corporation (hereafter called “the E.D.C.”) and the Trinidad and Tobago Tourism Development Authority (hereafter called “the T.D.A.”) are companies incorporated under the Industrial Development Corporation Act, the Trinidad and Tobago Export Development Corporation Act, and the Trinidad and Tobago Tourism Development Authority Act respectively:

And whereas the Tourism and Industrial Development Company of Trinidad and Tobago Limited (hereafter called “TIDCO”) is a company incorporated under the Companies Act:

And whereas the shares of “TIDCO” are in the ownership of the Corporation Sole, a company incorporated under the Minister of Finance (Incorporation) Act:

And whereas it is expedient to vest the assets of the I.D.C., the T.D.A. and the E.D.C. in, and assign their liabilities to, TIDCO:

PART I
VESTING OF ASSETS IN TIDCO
1. This Act may be cited as the Tourism and Industrial Development Company of Trinidad and Tobago Limited Vesting Act

2. In this Act—
“appointed day” means the 1st May 1995;
“Minister” means the Minister to whom responsibility for industry is assigned, except where it is stated otherwise or the context otherwise requires;
“undertakings” means all assets, liabilities and obligations of the I.D.C., the T.D.A. and the E.D.C.

3. Subject to this Act, the undertakings are hereby transferred to and vested in TIDCO.

4. (1) Subject to section 3, the effect of the vesting of the undertakings shall be that from the appointed day—
(a) every contract existing prior to that day whether in writing or not, to which the I.D.C., T.D.A. or the E.D.C. was a party, shall be construed and have effect as if—
(i) TIDCO were a party instead of the I.D.C., the T.D.A. or the E.D.C. as the case may be;
(ii) any reference to either the I.D.C., the T.D.A. or the E.D.C. whether express or implied, were, in respect of anything falling to be done on or after that day, a reference to TIDCO;

(b) any account including funds therein or liabilities thereon held by the I.D.C., the T.D.A. or the E.D.C. and any other party shall become an account between TIDCO and that party;

(c) any instructions, directions, mandate, power of attorney or consent given to or by the I.D.C., the T.D.A. or the E.D.C. and in existence prior to that date shall have effect as though given to or by TIDCO;

(d) any negotiable instrument or order for payment of money, which is expressed to be drawn on, given to, accepted or endorsed by the I.D.C., the T.D.A. or the E.D.C. or payable to them, shall have effect as though it had been drawn on, given to, accepted or endorsed by TIDCO, or payable to TIDCO;

(e) any security transferred to and held by I.D.C., the T.D.A. or the E.D.C. before the appointed day, as security for the payment or discharge of a liability or obligation, whether present or future, actual or contingent shall be held by and be available to TIDCO as security for the payment or discharge of that liability or obligation, and any such security which extends to future advances, liabilities or obligations shall be held by and be available to TIDCO, as security for future advances and future liabilities or obligations in the same manner and in all respects as though future advances by or liabilities or obligations to the I.D.C., the T.D.A. or the E.D.C. were secured thereby, immediately prior to the appointed day;

(f) any security provided by or for the I.D.C., the T.D.A. or the E.D.C. that before the appointed day was held as security for the payment or discharge of a liability or obligation, whether present of future, actual or contingent, shall be held by and be available to the holder as security for the payment or discharge by TIDCO of that liability or obligation, and any such security which extends to future advances or liabilities shall be held by and be available to the holder as security for future advances to, and future liabilities of TIDCO in the same manner and in all respects as though future advances to or liabilities of the I.D.C., the T.D.A. or the E.D.C., were secured thereby, immediately prior to the appointed day;



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