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Kenya Act or statute

Parliament of Kenya

Privatisation Act, 2023

This Act may be cited as the Privatisation Act, 2023. Section 2 provides definitions and interpretations of terms used in the Act. Provides for the establishment of the Privatisation Authority. De…

Jurisdiction
Kenya
Structure
71 provisions
Citation
Act No. 11 of 2023
Dates
As at 26 Apr 2024
More statute details
Dates
As at 26 Apr 2024

Source attribution: Source: Kenya Law

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01

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“This Act may be cited as the Privatisation Act, 2023.”

This Act may be cited as the Privatisation Act, 2023. Section 2 provides definitions and interpretations of terms used in the Act. Provides for the establishment of the Privatisation Authority. Defines "sale of shares in the secondary market" as "a financial market in which previously issued financial instruments such as shares and other marketable securities are traded". The Act incorporates the national values and principles of governance set out in Article 10 of the Constitution.

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Showing 71 of 71 provisions

Provision 56Commencement 7Offence 3Repeal 2

Part I

PRELIMINARY

§ 1PRELIMINARY - 1. Short titleShort title

This Act may be cited as the Privatisation Act, 2023.

Section 1. Short title Section This Act may be cited as the Privatisation Act, 2023.
Section 1Verify source
§ 2PRELIMINARY - 2. InterpretationInterpretation

Section 2 provides definitions and interpretations of terms used in the Act.

Section 2. Interpretation Section 2(1) In this Act, unless the context otherwise requires— "Authority" means the Privatisation Authority established under section 8 ; "Board" means the Board of the Authority ("the Privatisation Authority established under;") constituted under section 10 ; "Cabinet Secretary" means the Cabinet Secretary to the National Treasury; "Corporation Secretary" means the Corporation Secretary appointed in accordance with section 17 ; "Managing Director" means the Managing Director of the Authority ("the Privatisation Authority established under;") appointed under section 16 ; "national government-linked corporation" means a corporation in which the National Government or a national government entity is a shareholder with less than fifty per centum of the share capital of the corporation; "privatisation" means a transaction that results in a transfer, other than to a public entity , of the assets and or liabilities of a public entity including the shares in a public entity ; "privatisation programme" means the privatisation programme provided for under section 19 ; "privatisation proposal" means a proposal provided for under section 30 ; "public entity" includes— (a) a national government-linked corporation ; (b) a subsidiary of a national government corporation; (c) a state corporation within the meaning of the State Corporations Act ( Cap. 446 ); "Review Board" means the Privatisation Review Board established under section 47 ; and "secondary market" means a financial market in which previously issued financial instruments such as shares and other marketable securities are traded.
Section 2Verify source
§ 3PRELIMINARY - 3. Objects and purpose of the ActProvision

Provides for the establishment of the Privatisation Authority.

Section 3. Objects and purpose of the Act Section provide for the establishment of the Privatisation Authority ("the Privatisation Authority established under;") ; and
Section 3Verify source
§ 4PRELIMINARY - 4. Limitation of applicationProvision

Defines "sale of shares in the secondary market" as "a financial market in which previously issued financial instruments such as shares and other marketable securities are traded".

Section 4. Limitation of application Section sale of shares in the secondary market ("a financial market in which previously issued financial instruments such as shares and other marketable securities are traded") ;
Section 4Verify source
§ 5PRELIMINARY - 5. Guiding principles of the ActProvision

The Act incorporates the national values and principles of governance set out in Article 10 of the Constitution.

Section 5. Guiding principles of the Act Section the national values and principles of governance set out under Article 10 of the Constitution;
Section 5Verify source
§ 6PRELIMINARY - 6. Purpose ofprivatisationProvision

Purpose: encourage more participation of the private sector in the economy by shifting the production and delivery of products and services from the public sector to the private sector.

Section 6. Purpose ofprivatisation Section encourage more participation of the private sector in the economy by shifting the production and delivery of products and services from the public sector to the private sector;
Section 6Verify source

Part II

CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS

§ 10CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 10.Boardof theAuthorityProvision

Section 10 sets out the composition of the Authority's Board, the appointment authorities for members (including the President, Principal Secretaries, Attorney General, secretary to the State Corporations Advisory Committee, Cabinet Secretary-appointed persons, and the Managing Director as an ex-officio non-voting member), and that members appointed under subsection (1)(f) serve three-year terms and may be reappointed for one further three-year term; it also requires the appointing authority to ensure membership reflects gender and regional balance and an appropriate mix of skills and competencies.

Section 10.Boardof theAuthority Section 10(1)(a) a chairperson appointed by the President; Section 10(1)(b) the Principal Secretary to the National Treasury or a representative designated in writing; Section 10(1)(c) the Principal Secretary in the Ministry responsible for matters relating to investment promotion or a representative designated in writing; Section 10(1)(d) the Attorney General or a representative designated in writing; Section 10(1)(e) the secretary to the State Corporations Advisory Committee or a representative designated in writing; Section 10(1)(f) four other persons, not being public officers, appointed by the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") through a competitive process, each possessing a degree in either economics, accounting, finance or any other relevant degree from a recognized institution and having ten years of work experience of which five shall be at senior management level in a relevant field; Section 10(1)(g) the Managing Director ("the Managing Director of the Authority appointed under;") of the Authority ("the Privatisation Authority established under;") , who shall be an ex-officio member of the Board ("the Board of the Authority constituted under;") with no voting rights. Section 10(2) The chairperson and members of the Board ("the Board of the Authority constituted under;") appointed under subsection (1)(f) shall hold office for a term of three years and may be eligible for reappointment for one further term of three years. Section 10(3) In the appointment of the Board ("the Board of the Authority constituted under;") , the appointing authority shall ensure that the membership reflects gender and regional balance and an appropriate mix of skills and competencies required to achieve the functions of the Board ("the Board of the Authority constituted under;") .
Section 10Verify source
§ 11CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 11. Functions of theBoardProvision

Section 11 lists the Board’s functions: ensure the Authority performs effectively; set mission, vision, purpose and core values; set and oversee strategy and policies; ensure adequate resources; subject to Cabinet Secretary approval, invest unrequired funds; monitor performance; open and operate the Authority’s bank accounts in accordance with the Public Finance Management Act (No. 18 of 2012); receive grants, gifts, donations or endowments; and, in consultation with relevant agencies, determine staff appointment terms and emoluments.

Section 11. Functions of theBoard Section 11(1)(a) ensure the proper and effective performance of the functions of the Authority ("the Privatisation Authority established under;") ; Section 11(1)(b) determine the mission, vision, purpose and core values of the Authority ("the Privatisation Authority established under;") ; Section 11(1)(c) set and oversee the overall strategy and approve policies of the Authority ("the Privatisation Authority established under;") ; and Section 11(1)(d) ensure availability of adequate resources for the achievement of the Authority ("the Privatisation Authority established under;") ’s objectives. Section 11(2)(a) subject to the approval of the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") , invest any of the Authority ("the Privatisation Authority established under;") ’s funds that are not immediately required for the purposes of this Act; Section 11(2)(b) monitor and evaluate the performance of the Authority ("the Privatisation Authority established under;") ; Section 11(2)(c) open and operate bank accounts for the funds of the Authority ("the Privatisation Authority established under;") in accordance with the Public Finance Management Act ( No. 18 of 2012 ); Section 11(2)(d) receive any grants, gifts, donations or endowments on behalf of the Authority ("the Privatisation Authority established under;") ; and Section 11(2)(e) in consultation with the relevant agencies, determine and specify the terms and conditions for the appointment and emoluments of the staff of the Authority ("the Privatisation Authority established under;") .
Section 11Verify source
§ 12CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 12. Vacancy in theBoardOffence

When a vacancy occurs on the Board, the appointing authority must appoint a new member in accordance with the Act.

Section 12. Vacancy in theBoard Section 12(1)(a) dies; Section 12(1)(b) resigns from office by notice in writing addressed to the appointing authority; Section 12(1)(c) absence from three consecutive meetings of the Board ("the Board of the Authority constituted under;") without a reasonable explanation; Section 12(1)(c)(i) absence from three consecutive meetings of the Board ("the Board of the Authority constituted under;") without a reasonable explanation; Section 12(1)(c)(ii) incapacitation due to prolonged physical or mental illness and inability to discharge the duties of his or her office; Section 12(1)(c)(iii) failure to comply with the provisions of this Act relating to disclosure of interest; Section 12(1)(c)(iv) being adjudged bankrupt or entering into a composition scheme or arrangement with his or her creditors; Section 12(1)(c)(v) being convicted of a criminal offence and sentenced to imprisonment for a term exceeding six months; or Section 12(1)(c)(vi) being otherwise unable or unfit to discharge the functions of his or her office. Section 12(2) Where a vacancy occurs in the membership of the Board ("the Board of the Authority constituted under;") , the appointing authority shall appoint a new member in accordance with the provisions of this Act.
Section 12Verify source
§ 13CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 13. Conduct of business and affairs of theBoardProvision

The Board must conduct its business and affairs as set out in the First Schedule.

Section 13. Conduct of business and affairs of theBoard Section The conduct of the business and affairs of the Board ("the Board of the Authority constituted under;") shall be as set out in the First Schedule.
Section 13Verify source
§ 14CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 14. Delegation by theBoardProvision

The Board may, by resolution, delegate any of its powers or functions to a subcommittee or to a member, officer, employee or agent of the Authority.

Section 14. Delegation by theBoard Section The Board ("the Board of the Authority constituted under;") may, by resolution either generally or in a particular case, delegate to a subcommittee of the Board ("the Board of the Authority constituted under;") or to a member, officer, employee or agent of the Authority ("the Privatisation Authority established under;") , the exercise of any of the powers or performance of any of the functions of the Board ("the Board of the Authority constituted under;") .
Section 14Verify source
§ 15CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 15. Remuneration of the membersProvision

The chairperson and members of the Board, other than the Managing Director, must be paid allowances or other remuneration from the Authority's funds as determined by the Cabinet Secretary on the advice of the Salaries and Remuneration Commission.

Section 15. Remuneration of the members Section The chairperson and members of the Board ("the Board of the Authority constituted under;") , other than the Managing Director ("the Managing Director of the Authority appointed under;") , shall be paid out of the funds of the Authority ("the Privatisation Authority established under;") such allowances or other remuneration as the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") , on the advice of the Salaries and Remuneration Commission , determines.
Section 15Verify source
§ 16CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 16.Managing DirectorProvision

Creates a Managing Director of the Privatisation Authority who is to be competitively recruited and appointed by the Board; sets duties, qualification and appointment term with possible reappointment.

Section 16.Managing Director Section 16(1) There shall be a Managing Director ("the Managing Director of the Authority appointed under;") of the Authority ("the Privatisation Authority established under;") who shall be competitively recruited and appointed by the Board ("the Board of the Authority constituted under;") on such terms as may be specified in the instrument of appointment. Section 16(2)(a) the day-to-day management of the affairs of the Authority ("the Privatisation Authority established under;") ; Section 16(2)(b) the exercise and performance of the objectives, functions and duties of the Authority ("the Privatisation Authority established under;") , and the general administration of the Authority ("the Privatisation Authority established under;") ; and Section 16(2)(c) performing such other duties as may be determined by the Board ("the Board of the Authority constituted under;") . Section 16(3)(a) holds a degree in either economics, accounting, finance, or any other relevant degree from a recognized institution; Section 16(3)(b) has ten years of work experience of which five shall be at senior management level in a relevant field; Section 16(3)(c) meets the requirements of Chapter six of the Constitution. Section 16(4) The Managing Director ("the Managing Director of the Authority appointed under;") shall be appointed for a term of four years and may be eligible for reappointment for one further term not exceeding four years.
Section 16Verify source
§ 17CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 17.Corporation SecretaryProvision

Establishes a Corporation Secretary appointed by the Board, and sets duties including providing secretariat services, recording minutes, informing Board members of relevant laws, performing functions assigned by the Board or Managing Director, and reporting to the Managing Director.

Section 17.Corporation Secretary Section 17(1) There shall be a Corporation Secretary ("the Corporation Secretary appointed in accordance with;") who shall be competitively recruited and appointed by the Board ("the Board of the Authority constituted under;") on such terms as the Board ("the Board of the Authority constituted under;") , on the advice of the Salaries and Remuneration Commission , determines. Section 17(2)(a) provide secretariat services to the Board ("the Board of the Authority constituted under;") ; Section 17(2)(b) record and keep minutes and other records of the Board ("the Board of the Authority constituted under;") ; Section 17(2)(c) ensure that members of the Board ("the Board of the Authority constituted under;") are aware of all relevant laws affecting the Authority ("the Privatisation Authority established under;") ; and Section 17(2)(d) carry out such other functions as may be assigned from time to time by the Board ("the Board of the Authority constituted under;") or the Managing Director ("the Managing Director of the Authority appointed under;") . Section 17(3) The Corporation Secretary ("the Corporation Secretary appointed in accordance with;") shall be responsible to the Managing Director ("the Managing Director of the Authority appointed under;") .
Section 17Verify source
§ 18CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 18. Staff of theAuthorityProvision
Section 18. Staff of theAuthority Section The Authority ("the Privatisation Authority established under;") shall have such staff as it may require for the proper discharge of its functions under this Act, on such terms and conditions of service as the Board ("the Board of the Authority constituted under;") may determine.
Section 18Verify source
§ 7CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 7. Role ofCabinet SecretaryProvision

Provides policy direction on matters related to privatisation, defined as "a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;"

Section 7. Role ofCabinet Secretary Section providing policy direction on matters related to privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ;
Section 7Verify source
§ 8CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 8. PrivatisationAuthorityProvision

Establishes the Privatisation Authority and lists its powers including suing and being sued; acquiring, charging and disposing of movable and immovable property; entering into contracts; and performing other acts necessary for discharge of its functions.

Section 8. PrivatisationAuthority Section 8(1) There is established an authority to be known as the Privatisation Authority ("the Privatisation Authority established under;") . Section 8(2)(a) suing and being sued; Section 8(2)(b) taking, purchasing, charging and disposing of movable and immovable property; Section 8(2)(c) entering into contracts; and Section 8(2)(d) doing or performing all other things necessary for the proper discharge of its functions under this Act which may be lawfully done or performed by a body corporate.
Section 8Verify source
§ 9CO-ORDINATION AND OVERSIGHT OF PRIVATISATION MATTERS - 9. Functions of the AuthorityProvision

The Authority must advise the government on all aspects of privatisation of public entities.

Section 9. Functions of the Authority Section advise the government on all aspects of privatisation of public entities;
Section 9Verify source

Part III

PRIVATISATION PROGRAMME

§ 19PRIVATISATION PROGRAMME - 19. Privatisation programmeProvision

Section 19 establishes a privatisation programme.

Section 19. Privatisation programme Section 19(1) There shall be a programme to be known as the privatisation programme ("the privatisation programme provided for under;") . Section 19(2)(a) be formulated by the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") in accordance with this Act and approved by the Cabinet; Section 19(2)(b) be annually audited and reported on; Section 19(2)(c) specify the public entities identified and approved for privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; and Section 19(2)(d) serve as the basis upon which a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") shall be undertaken.
Section 19Verify source
§ 20PRIVATISATION PROGRAMME - 20. Consultation in formulation of the programmeProvision

During formulation of the privatisation programme, the Cabinet Secretary must consult persons likely to be affected by the privatisation of a public entity.

Section 20. Consultation in formulation of the programme Section 20(1) During the formulation of the privatisation programme ("the privatisation programme provided for under;") , the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall make appropriate consultations with persons who are likely to be affected by the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") of a public entity . Section 20(2)(a) persons with expertise in fields relevant to the entities to be included in the privatisation programme ("the privatisation programme provided for under;") ; Section 20(2)(b) organisations representing persons who are likely to be affected by the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; and Section 20(2)(c) members of the public.
Section 20Verify source
§ 21PRIVATISATION PROGRAMME - 21. Identification of entities for the programmeProvision

The Cabinet Secretary must identify and determine which entities will be included in the privatisation programme, taking into account a set of listed considerations.

Section 21. Identification of entities for the programme Section 21(1) The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall identify and determine the entities to be included in the privatisation programme ("the privatisation programme provided for under;") . Section 21(2)(a) the relevant government policies in respect of privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 21(2)(b) the strategic priorities and policy goals to be achieved by the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 21(2)(c) the strategic nature of the public entity to be privatised; Section 21(2)(d) the need to avoid a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") that may result in an unregulated monopoly; Section 21(2)(e) the need to avoid a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") that may accord the new owners’ special protection or access to credit on concessionary terms as a result of the National Government’s sovereign status; Section 21(2)(f) the extent of regulatory adjustments required; Section 21(2)(g) the need to reduce budget drain on government resources; Section 21(2)(h) the expected benefits to be gained from a proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; and Section 21(2)(i) any other relevant consideration.
Section 21Verify source
§ 22PRIVATISATION PROGRAMME - 22. Ratification by the National AssemblyProvision

The Cabinet Secretary must submit the approved privatisation programme to the National Assembly for ratification before implementation; the National Assembly must consider and may ratify or refuse (and must notify the Cabinet Secretary), and the Cabinet Secretary may resubmit after refusal.

Section 22. Ratification by the National Assembly Section 22(1) Upon approval of the privatisation programme ("the privatisation programme provided for under;") by Cabinet, the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall submit the approved privatisation programme ("the privatisation programme provided for under;") to the National Assembly for ratification before implementation of the programme. Section 22(2)(a) a brief description of the public entity to undergo privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 22(2)(b) a brief explanation of the reasons for undertaking the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 22(2)(c) the benefits to be gained from the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") including the estimated revenue to be obtained; and Section 22(2)(d) any other relevant information. Section 22(3)(a) consider the programme guided by principles of good governance, the criteria for identification of entities specified under section 21 and any other relevant consideration; Section 22(3)(b) ratify part or all of the programme for implementation; or Section 22(3)(b)(i) ratify part or all of the programme for implementation; or Section 22(3)(b)(ii) refuse to ratify part or all the programme and notify the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") for reconsideration stating the reasons for the refusal; and Section 22(3)(c) notify the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") of its decision. Section 22(4) The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall, upon receipt of the refusal under subsection (3)(b)(ii), consider the decision and may resubmit the same privatisation programme ("the privatisation programme provided for under;") to the National Assembly for ratification. Section 22(5) Where the National Assembly does not make a decision under subsection (3) within ninety days, the privatisation programme ("the privatisation programme provided for under;") shall be deemed to have been ratified.
Section 22Verify source
§ 23PRIVATISATION PROGRAMME - 23. Publication of programmeProvision

The privatisation programme ratified under section 22 must be published in the Kenya Gazette.

Section 23. Publication of programme Section The privatisation programme ("the privatisation programme provided for under;") ratified under section 22 shall be published in the Kenya Gazette .
Section 23Verify source
§ 24PRIVATISATION PROGRAMME - 24. Validity of the programmeProvision

The Cabinet Secretary may extend a privatisation programme's validity; affected entities may be included in a subsequent programme if implementation is incomplete.

Section 24. Validity of the programme Section 24(1) A privatisation programme ("the privatisation programme provided for under;") shall be valid for a period not exceeding five years from the date of gazettement . Section 24(2) Notwithstanding subsection (1), the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") may extend the validity of the privatisation programme ("the privatisation programme provided for under;") for a period not exceeding twelve months. Section 24(3) If, on expiry of the programme under subsection (1) or at the expiration of the extended period under subsection (2), the implementation of the programme has not been completed, the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") may include the affected entities in another privatisation programme ("the privatisation programme provided for under;") formulated and approved in accordance with this Act.
Section 24Verify source
§ 25PRIVATISATION PROGRAMME - 25. Amendment of the programmeAmendment

The Cabinet Secretary may amend the privatisation programme.

Section 25. Amendment of the programme Section 25(1) The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") may amend the privatisation programme ("the privatisation programme provided for under;") and the provisions of this Part relating to formulation and approvals shall apply with respect to any such amendments. Section 25(2) A privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") that entails the transfer of a public interest in a public entity shall not be implemented unless it is included in the privatisation programme ("the privatisation programme provided for under;") .
Section 25Verify source

Part IV

IMPLEMENTATION OF THE PRIVATISATION PROGRAMME

§ 26IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 26. Implementation of the programmeProvision

The Authority must implement the privatisation programme in accordance with this Act.

Section 26. Implementation of the programme Section The privatisation programme ("the privatisation programme provided for under;") shall be implemented by the Authority ("the Privatisation Authority established under;") in accordance with this Act.
Section 26Verify source
§ 27IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 27. Eligibility in aprivatisationProvision

Generically, any person (Kenyan or non-Kenyan) is eligible to participate in a privatisation; national government-owned entities are not eligible; certain government-controlled funds may purchase shares despite that rule; other laws may restrict non‑Kenyan participation.

Section 27. Eligibility in aprivatisation Section 27(1) Any person, whether Kenyan or non-Kenyan, is eligible to participate in a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") : Provided that this section shall not affect the application of any other law imposing restrictions on participation by non-Kenyans. Section 27(2)(a) limit participation in any privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") to Kenyans; or Section 27(2)(b) ensure that there is a specified minimum level of participation by Kenyans in any privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") . Section 27(3) A national government-owned entity is not eligible to participate in a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") . Section 27(4) Subsection (3) shall not prevent a social security fund, compensation fund, superannuation fund, insurance fund or endowment fund under government control from purchasing shares for the benefit of its contributors.
Section 27Verify source
§ 28IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 28. Steering CommitteeProvision

For each privatisation there shall be a steering committee to implement the privatisation on behalf of the Privatisation Authority, subject to any directions of the Authority; the section also specifies who are members of that committee.

Section 28. Steering Committee Section 28(1) For each privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") , there shall be a steering committee to implement the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") on behalf of the Authority ("the Privatisation Authority established under;") subject to any directions of the Authority ("the Privatisation Authority established under;") . Section 28(2)(a) the members of the Authority ("the Privatisation Authority established under;") described in paragraphs (b) and (c) of section 10 (1); Section 28(2)(b) the Principal Secretary of the ministry with responsibility over the asset or service being privatised; and Section 28(2)(c) such members of the Authority ("the Privatisation Authority established under;") as the Authority ("the Privatisation Authority established under;") specifies.
Section 28Verify source
§ 29IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 29. Methods ofprivatisationProvision

Section title: Methods ofprivatisation

Section 29. Methods ofprivatisation
Section 29Verify source
§ 30IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 30. Privatisation proposalRepeal

The Authority must prepare a privatisation proposal when an entity is identified for privatisation.

Section 30. Privatisation proposal Section 30(1) Where an entity has been identified for privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") under this Act, the Authority ("the Privatisation Authority established under;") shall prepare a privatisation proposal ("a proposal provided for under;") on the entity. Section 30(2)(a) the purpose for the establishment or existence of the entity to be privatised and the extent to which that purpose or operation has been met including any inadequacies in meeting that purpose; Section 30(2)(b) any rights or other entitlements and resources that have been provided to meet the purpose for the establishment or existence of the entity to be privatised; Section 30(2)(c) any recommendations for continuing to meet the purpose for establishment or existence of the entity to be privatised; Section 30(2)(d) the financial position of the entity to be privatised; Section 30(2)(e) the recommended method of privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 30(2)(f) the estimated costs of implementing the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 30(2)(g) any recommendations for dealing with the employees directly affected by the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") including any benefits they are entitled to; Section 30(2)(h) where applicable, a recommendation on how to undertake socio-economic investments to the host community; Section 30(2)(i) the benefits to be gained from the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 30(2)(j) a work plan for the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 30(2)(k) any information relating to the repeal, amendment or enactment of any law for the proposed privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") to be carried out; Section 30(2)(l) any proposals on how Kenyans can participate in the transaction; and Section 30(2)(m) any other relevant information.
Section 30Verify source
§ 31IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 31. Approval ofprivatisation proposalProvision

The Privatisation Authority must make a specific privatisation proposal for each privatisation in the privatisation programme, and the Cabinet Secretary must present that proposal to the Cabinet for approval.

Section 31. Approval ofprivatisation proposal Section 31(1) For each privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") included in the privatisation programme ("the privatisation programme provided for under;") , the Authority ("the Privatisation Authority established under;") shall make a specific proposal for privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") to the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") . Section 31(2) The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall present the privatisation proposal ("a proposal provided for under;") specified in subsection (1) to the Cabinet for approval.
Section 31Verify source
§ 32IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 32. Implementation of a finalisedprivatisationProvision

After approval of a privatisation proposal, the approved method of privatisation must be carried out as specified; the method identified in section 29(d) must be carried out in the manner determined by the Cabinet.

Section 32. Implementation of a finalisedprivatisation Section 32(1) Upon approval of a privatisation proposal ("a proposal provided for under;") under section 31 , the determined and approved method of privatisation shall be effected in the manner specified in the Second Schedule. Section 32(2) The method of privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") specified in section 29 (d) shall be effected in the manner determined by the Cabinet.
Section 32Verify source
§ 33IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 33. Valuation required for eachprivatisationProvision

The Privatisation Authority must carry out a business and assets valuation for each privatisation, and the valuation must be performed by a qualified person appointed by the Authority.

Section 33. Valuation required for eachprivatisation Section 33(1) The Authority ("the Privatisation Authority established under;") shall undertake a business and assets valuation for each privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") , to assist in the implementation of the privatisation proposal ("a proposal provided for under;") . Section 33(2) The valuation shall be performed by a qualified person appointed by the Authority ("the Privatisation Authority established under;") .
Section 33Verify source
§ 34IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 34. Application of restrictionsProvision

The restrictions set out under this Part shall begin to apply upon publication of privatisation programme under section 23.

Section 34. Application of restrictions Section The restrictions set out under this Part shall begin to apply upon publication of privatisation programme ("the privatisation programme provided for under;") under section 23 .
Section 34Verify source
§ 35IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 35. General restrictionsProvision

General restriction: do not allow the assets of the public entity to be dissipated.

Section 35. General restrictions Section allow the assets of the public entity to be dissipated;
Section 35Verify source
§ 36IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 36. Control of investmentsProvision

A public entity undergoing privatisation shall not undertake any new capital investment or disposal unless approved by the Cabinet and ratified by the National Assembly.

Section 36. Control of investments Section A public entity undergoing privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") shall not undertake any new capital investment or disposal, other than those under ordinary course, had been approved prior to the entry into the privatisation programme ("the privatisation programme provided for under;") , or are critical to business continuity, unless approved by the Cabinet and ratified by the National Assembly.
Section 36Verify source
§ 37IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 37. No credit on sale of sharesProvision

A public entity undergoing privatisation shall not extend credit or provide financing for the purchase of the shares.

Section 37. No credit on sale of shares Section The public entity undergoing privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") shall not extend credit or provide financing for the purchase of the shares.
Section 37Verify source
§ 38IMPLEMENTATION OF THE PRIVATISATION PROGRAMME - 38. Obligation for record keepingProvision

Keep up-to-date business records and books of accounts.

Section 38. Obligation for record keeping Section keep up-to-date business records and books of accounts;
Section 38Verify source

Part IX

MISCELLANEOUS PROVISIONS

§ 58MISCELLANEOUS PROVISIONS - 58. Annual reportProvision

The Authority must prepare and submit to the Cabinet Secretary an annual report for the preceding financial year within three months after the end of each financial year.

Section 58. Annual report Section 58(1) Within three months after the end of each financial year, the Authority ("the Privatisation Authority established under;") shall prepare and submit to the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") an annual report of the Authority ("the Privatisation Authority established under;") for the immediately preceding financial year. Section 58(2)(a) the operations of the Authority ("the Privatisation Authority established under;") for the immediately preceding financial year; Section 58(2)(b) activities undertaken under the privatisation programme ("the privatisation programme provided for under;") in each financial year; and Section 58(2)(c) any other relevant information. Section 58(3) The annual report submitted under subsection (1) shall form part of the annual report on privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") which shall be tabled in Parliament by the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") .
Section 58Verify source
§ 59MISCELLANEOUS PROVISIONS - 59. RecordsProvision

The Authority (the Privatisation Authority) must maintain updated records of each privatisation undertaken under this Act.

Section 59. Records Section The Authority ("the Privatisation Authority established under;") shall maintain updated records of each privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") undertaken under this Act.
Section 59Verify source
§ 60MISCELLANEOUS PROVISIONS - 60. Protection from personal liabilityProvision

Members of the Board and officers, employees or agents of the Authority are not personally liable for acts done in good faith in executing the Authority's functions; subsection (1) does not relieve the Authority itself from liability to pay compensation or damages for injury or damage caused by exercise of powers or failure of works.

Section 60. Protection from personal liability Section 60(1) No matter or action done by a member of the Board or by any officer, employee, or agent of the Authority shall, if the matter or action is done in good faith in the execution of the functions, powers or duties of the Authority under this Act, render the member, officer, employee or agent personally liable to any action, claim or demand. Section 60(2) The provisions of subsection (1) shall not relieve the Authority of any liability to pay compensation or damages for any injury or damage caused by the exercise of any power under this Act or any other written law or by the failure, wholly or partially, of any works.
Section 60Verify source
§ 61MISCELLANEOUS PROVISIONS - 61. Information to theAuthorityOffence

Public entities to which the Act applies must provide the Privatisation Authority with necessary information to implement privatisation.

Section 61. Information to theAuthority Section 61(1) In the implementation of this Act, a public entity to which this Act applies, shall provide the Authority ("the Privatisation Authority established under;") with such information as may be necessary to effectively implement the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") . Section 61(2) The information given, furnished or maintained or required to be given, furnished or maintained under this Act shall be true, complete and accurate. Section 61(3) Any information required under subsection (1) shall be submitted to the Authority ("the Privatisation Authority established under;") within fourteen days of receipt of a request for information. Section 61(4) Any person who contravenes this section commits an offence and is liable, upon conviction, to a fine not exceeding five million shillings or to imprisonment for a term not exceeding five years or to both.
Section 61Verify source
§ 62MISCELLANEOUS PROVISIONS - 62. Confidential informationProvision

Information given to or obtained by the Authority is confidential; persons carrying out duties under the Act must not disclose confidential information except with the Authority's approval.

Section 62. Confidential information Section 62(1) Any information issued to or sought by the Authority ("the Privatisation Authority established under;") under this Act is confidential and shall not be disclosed unless with the written approval of the Authority ("the Privatisation Authority established under;") . Section 62(2) No person carrying out duties or responsibilities under this Act shall disclose any information or other data of a confidential nature obtained by virtue of their said authority, duties and responsibilities to any other person without the approval of the Authority ("the Privatisation Authority established under;") .
Section 62Verify source
§ 63MISCELLANEOUS PROVISIONS - 63. OffencesOffence

Offence: falsifies or omits material information from the privatisation proposal.

Section 63. Offences Section falsifies or omits material information from the privatisation proposal ("a proposal provided for under;") ;
Section 63Verify source
§ 64MISCELLANEOUS PROVISIONS - 64. RegulationsProvision

The Cabinet Secretary to the National Treasury may make regulations to better carry out this Act.

Section 64. Regulations Section The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") may make Regulations generally for the better carrying out of the provisions of this Act.
Section 64Verify source

Part V

PRIVATISATION AGREEMENT

§ 39PRIVATISATION AGREEMENT - 39. Privatisation agreementProvision

An agreement to implement a privatisation is not binding unless it is executed by the registered owner of the shares and countersigned by the Cabinet Secretary.

Section 39. Privatisation agreement Section Upon approval and implementation of a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") under Part IV, an agreement to give effect to a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") shall not be binding unless executed by the registered owner of the shares and countersigned by the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") .
Section 39Verify source
§ 40PRIVATISATION AGREEMENT - 40. Limits on when agreement may be signedProvision

Section 40(1) says an agreement to give effect to a privatisation "shall not be signed until the period for filing an objection has lapsed." Section 40(2) lists two conditions that relate to signing: (a) a determination on the objection or appeal has been made; and (b) the time for filing a notice of appeal has expired without such a notice being filed.

Section 40. Limits on when agreement may be signed Section 40(1) An agreement to give effect to a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") shall not be signed until the period for filing an objection has lapsed. Section 40(2)(a) a determination with respect to the objection or appeal has been made; and Section 40(2)(b) the time for filing a notice of appeal has expired without such a notice being filed.
Section 40Verify source
§ 41PRIVATISATION AGREEMENT - 41. Regulation of monopoliesProvision

An agreement to implement a privatisation must provide for regulation of the monopoly.

Section 41. Regulation of monopolies Section ensure that the agreement to give effect to the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") provides for the regulation of the monopoly; and
Section 41Verify source
§ 42PRIVATISATION AGREEMENT - 42. Publication of finalisedprivatisationProvision

When a privatisation agreement becomes binding on a public entity, the Privatisation Authority must promptly publish a notice of the privatisation in the Kenya Gazette.

Section 42. Publication of finalisedprivatisation Section 42(1) After an agreement to give effect to a privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") becomes binding on the public entity , the Authority ("the Privatisation Authority established under;") shall promptly publish a notice of the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") in the Kenya Gazette . Section 42(2)(a) a description of the entity being privatised; Section 42(2)(b) a summarised description of the transaction used to give effect to the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") ; Section 42(2)(c) the names and addresses of the persons to whom the shareholding is being transferred: Section 42(2)(d) such other information as the Authority ("the Privatisation Authority established under;") considers appropriate.
Section 42Verify source

Part VI

PROCEEDS OF PRIVATISATION

§ 43PROCEEDS OF PRIVATISATION - 43. Proceeds from sale of direct government shareholdingProvision

Proceeds from the sale of a direct National Government shareholding shall be paid into the Consolidated Fund.

Section 43. Proceeds from sale of direct government shareholding Section Any proceeds from the sale of a direct National Government shareholding shall be paid into the Consolidated Fund.
Section 43Verify source
§ 44PROCEEDS OF PRIVATISATION - 44. Proceeds from the sale of apublic entity’s shareholdingProvision

Proceeds from the sale of a public entity’s shareholding must be deposited in a special interest‑bearing account established for that privatisation and the proceeds must be credited into the Consolidated Fund Account within ninety days.

Section 44. Proceeds from the sale of apublic entity’s shareholding Section Any proceeds from the sale of a public entity ’s shareholding shall be deposited in a special interest-bearing account established for that public entity ’s privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") in order to protect the erosion of the balance sheet of the public entity and the proceeds shall be credited into the Consolidated Fund Account within ninety days.
Section 44Verify source

Part VII

OBJECTIONS AND APPEALS

§ 45OBJECTIONS AND APPEALS - 45. ObjectionsProvision

Any person aggrieved by the Authority's determination under the Act or by the implementation of the privatisation programme may lodge an objection; objections are to be lodged and determined in accordance with the Procedures in the Third Schedule.

Section 45. Objections Section 45(1) Any person aggrieved by the determination of the Authority ("the Privatisation Authority established under;") under this Act or implementation of the privatisation programme ("the privatisation programme provided for under;") may lodge an objection. Section 45(2) An objection under this section shall be lodged and determined in accordance with the Procedures set out in the Third Schedule.
Section 45Verify source
§ 46OBJECTIONS AND APPEALS - 46. AppealsProvision

Persons aggrieved by the Authority's determination under section 45 may appeal to the Privatisation Review Board; a person aggrieved by the Review Board's decision in such an appeal may further appeal to the High Court. Appeals are to be lodged and determined in accordance with the Procedures in the Third Schedule.

Section 46. Appeals Section 46(1) Any person aggrieved by the determination of the Authority ("the Privatisation Authority established under;") under section 45 may appeal to the Privatisation Review Board. Section 46(2) An appeal under this section shall be lodged and determined in accordance with the Procedures set out in the Third Schedule. Section 46(3) A person aggrieved by the decision of the Review Board ("the Privatisation Review Board established under; and") in an appeal under this section may appeal to the High Court.
Section 46Verify source
§ 47OBJECTIONS AND APPEALS - 47. Establishment of the PrivatisationReview BoardProvision

Establishes the Privatisation Review Board to determine disputes and appeals under this Act or any other written law.

Section 47. Establishment of the PrivatisationReview Board Section There is established a board to be known as the Privatisation Review Board ("the Privatisation Review Board established under; and") to determine disputes and appeals under this Act or any other written law.
Section 47Verify source
§ 48OBJECTIONS AND APPEALS - 48. Members of theReview BoardProvision

Section 48 specifies membership, qualifications and term lengths for the Review Board, including a chairperson who must be an accredited arbitrator with at least ten years’ commercial dispute resolution experience and other members with relevant privatisation experience; terms of appointment differ for chairperson and other members and members must meet citizenship, education, professional standing and leadership/integrity requirements.

Section 48. Members of theReview Board Section 48(1)(a) a chairperson who shall be an accredited arbitrator registered with the Chartered institute of Arbitrators (Kenyan Chapter) and with at least ten years’ experience in commercial dispute resolution; and Section 48(1)(b) four other persons, not being public officers or employees of the Authority ("the Privatisation Authority established under;") , possessing relevant knowledge and experience in privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") related matters. Section 48(2)(a) five years in the case of the chairperson; and Section 48(2)(b) three years in the case of any other member, and may be eligible for re-appointment for one further term. Section 48(3)(a) is a citizen of Kenya; Section 48(3)(b) holds a degree in a relevant field from a university recognised in Kenya; Section 48(3)(c) is a member in good standing of the relevant professional association; and Section 48(3)(d) meets the requirements of leadership and integrity set out in Chapter Six of the Constitution.
Section 48Verify source
§ 49OBJECTIONS AND APPEALS - 49. Vacancy in theReview BoardProvision

States that a vacancy in the Review Board occurs at the expiration of the term of office of the chairperson or a member.

Section 49. Vacancy in theReview Board Section at the expiration of the term of office of the chairperson or member;
Section 49Verify source
§ 50OBJECTIONS AND APPEALS - 50. Secretary to theReview BoardProvision

The Cabinet Secretary shall designate a public officer to serve as secretary to the Privatisation Review Board.

Section 50. Secretary to theReview Board Section The Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") shall designate a public officer to be the secretary to the Review Board ("the Privatisation Review Board established under; and") .
Section 50Verify source
§ 51OBJECTIONS AND APPEALS - 51. Conduct of proceedings of theReview BoardProvision

Unless otherwise provided, the Review Board shall regulate its own procedures.

Section 51. Conduct of proceedings of theReview Board Section Unless otherwise provided, the Review Board ("the Privatisation Review Board established under; and") shall regulate its own procedures.
Section 51Verify source
§ 52OBJECTIONS AND APPEALS - 52. Remuneration of theReview BoardProvision

The chairperson and members of the Review Board are entitled to be paid remuneration or allowances determined by the Cabinet Secretary in consultation with the Salaries and Remuneration Commission.

Section 52. Remuneration of theReview Board Section The chairperson and members of the Review Board ("the Privatisation Review Board established under; and") shall be paid such remuneration or allowances as the Cabinet Secretary ("the Cabinet Secretary to the National Treasury;") may, in consultation with the Salaries and Remuneration Commission , determine.
Section 52Verify source
§ 53OBJECTIONS AND APPEALS - 53. Conflict of interestProvision

If the chairperson or a member of the Review Board has a direct or indirect interest in a matter before the Board, they must declare that interest and must not participate in the Board's proceedings on that matter.

Section 53. Conflict of interest Section Where the chairperson or a member of the Review Board ("the Privatisation Review Board established under; and") has a direct or indirect interest in a matter before the Review Board ("the Privatisation Review Board established under; and") , the chairperson or member shall declare the interest and shall not participate in any proceedings of the Review Board ("the Privatisation Review Board established under; and") on the matter.
Section 53Verify source

Part VIII

FINANCIAL PROVISIONS

§ 54FINANCIAL PROVISIONS - 54. Funds of theAuthorityProvision

Monies appropriated by the National Assembly for the purposes of the Authority are funds of the Authority.

Section 54. Funds of theAuthority Section monies appropriated by the National Assembly for the purposes of the Authority ("the Privatisation Authority established under;") ;
Section 54Verify source
§ 55FINANCIAL PROVISIONS - 55. Financial yearProvision

The Authority's financial year is the twelve-month period ending on 30 June each year.

Section 55. Financial year Section The financial year of the Authority ("the Privatisation Authority established under;") shall be the period of twelve months ending on the thirtieth June in each year.
Section 55Verify source
§ 56FINANCIAL PROVISIONS - 56. Annual estimatesCommencement

The Board must cause the Authority's annual estimates of revenue and expenditure to be prepared at least three months before each financial year, in accordance with the Public Finance Management Act (No. 18 of 2012).

Section 56. Annual estimates Section 56(1) At least three months before the commencement of each financial year and in accordance with the Public Finance Management Act ( No. 18 of 2012 ), the Board shall cause to be prepared the estimates of revenue and expenditure of the Authority for the financial year. Section 56(2)(a) the payment of salaries, allowances and other charges in respect of the staff of the Authority ("the Privatisation Authority established under;") ; Section 56(2)(b) the payment of pensions, gratuities and other charges in respect of the staff of the Authority ("the Privatisation Authority established under;") ; Section 56(2)(c) the maintenance of buildings, other equipment and other property of the Authority ("the Privatisation Authority established under;") ; and Section 56(2)(d) the acquisition, maintenance, repair and replacement of the equipment and other movable or immovable property of the Authority ("the Privatisation Authority established under;") .
Section 56Verify source
§ 57FINANCIAL PROVISIONS - 57. Accounts and auditProvision

The Board must ensure proper books of account are kept for the Authority's income, expenditure, assets, liabilities, undertakings, activities, transactions and other business.

Section 57. Accounts and audit Section 57(1) The Board ("the Board of the Authority constituted under;") shall cause to be kept proper books of accounts of the income, expenditure, assets and liabilities undertakings, activities, transactions and other business of the Authority ("the Privatisation Authority established under;") . Section 57(2) The accounts of the Authority ("the Privatisation Authority established under;") shall be audited in accordance with the Public Audit Act ( No. 34 of 2015 ).
Section 57Verify source

Part X

REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS

§ 65REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 65. Interpretation of PartCommencement

Defines terms "Commission", "repealed Act" and "Tribunal", and states that the Authority is the successor to the Commission that existed immediately before commencement of the Act.

Section 65. Interpretation of Part Section 65(1) In this Part— "Commission" means the Privatisation Commission established under the repealed Act; "repealed Act" means the Privatisation Act ( No. 2 of 2005 ); and "Tribunal" means the Privatisation Appeals Tribunal established under the repealed Act. Section 65(2) The Authority shall be the successor to the Commission existing immediately before the commencement of this Act.
Section 65Verify source
§ 66REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 66. Repeal of No. 2 of 2005Repeal

Repeals The Privatization Act (No. 2 of 2005).

Section 66. Repeal of No. 2 of 2005 Section The Privatization Act, (No. 2 of 2005) is repealed.
Section 66Verify source
§ 67REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 67. Transitional provisionsCommencement

Rights, obligations, assets and liabilities of the Commission vest in or are to be treated as references to the Authority (the Privatisation Authority).

Section 67. Transitional provisions Section 67(1) Any rights and obligations of the Commission existing at the commencement of this Act shall, by virtue of this subsection, vest in the Authority ("the Privatisation Authority established under;") . Section 67(2) Any reference in any written law, document or instrument to the Commission shall be deemed to be a reference to the Authority ("the Privatisation Authority established under;") . Section 67(3) Any rights and obligations vested in or enforceable by or against the Commission shall, by virtue of this subsection, be vested in, or become enforceable by or against the Authority ("the Privatisation Authority established under;") . Section 67(4) Any asset and liabilities held or imposed on the Commission shall, by virtue of this subsection vest in the Authority ("the Privatisation Authority established under;") .
Section 67Verify source
§ 68REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 68. Ongoing privatisationsCommencement

Upon commencement, the privatisations of entities published under Gazette Notice No. 8739 of 14th August, 2009 shall lapse; notwithstanding that, any ongoing privatisation under the repealed Act shall be determined and finalised in accordance with this Act.

Section 68. Ongoing privatisations Section 68(1) Upon commencement of this Act, the privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") of entities published under Gazette Notice No. 8739 of 14th August, 2009 shall lapse. Section 68(2) Notwithstanding subsection (1), any ongoing privatisation ("a transaction that results in a transfer, other than to a public entity, of the assets and or liabilities of a public entity including the shares in a public entity;") under the repealed Act shall be determined and finalised in accordance with this Act.
Section 68Verify source
§ 69REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 69. Members of theCommissionCommencement

Section 69. Members of theCommission Section Any person who was a member of the Commission immediately before the commencement of this Act shall be deemed to be a member of the Board ("the Board of the Authority constituted under;") of the

Section 69. Members of theCommission Section Any person who was a member of the Commission immediately before the commencement of this Act shall be deemed to be a member of the Board ("the Board of the Authority constituted under;") of the Authority ("the Privatisation Authority established under;") for the unexpired period of that person’s tenure.
Section 69Verify source
§ 70REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 70. Staff of theCommissionCommencement

Persons who were officers or employees of the Commission immediately before this Act commenced are deemed to be staff of the Authority.

Section 70. Staff of theCommission Section Any person who immediately before the commencement of this Act was an officer or employee of the Commission shall be deemed to be a member of staff of the Authority ("the Privatisation Authority established under;") based on the terms and conditions of engagement.
Section 70Verify source
§ 71REPEALS, SAVINGS AND TRANSITIONAL PROVISIONS - 71. Members of theTribunalCommencement

People who were Tribunal members immediately before this Act started are treated as members of the Review Board for the remainder of their tenure.

Section 71. Members of theTribunal Section Any person who was a member of the Tribunal immediately before the commencement of this Act shall be deemed to be a member of the Review Board ("the Privatisation Review Board established under; and") for the unexpired period of that person’s tenure.
Section 71Verify source

Legislative relationships

9 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

6 instruments

  • Act Provides for the establishment of the Privatisation Authority. Section 3. Objects and purpose of the Act

    Section 3

  • Act The Act

    Section 5

  • Authority under this Act

    Section 60

  • Commission existing at the commencement of this Act

    Section 67

  • Commission immediately before the commencement of this Act

    Section 69

  • Commission immediately before this Act

    Section 70

N–S

2 instruments

  • No. 2 of 2005 Repeals The Privatization Act

    Section 66

  • State Corporations Act

    Section 2

T–Z

1 instrument

  • Tribunal immediately before the commencement of this Act

    Section 71

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